Machine Learning and Artificial Intelligence go hand in hand. Machine Learning is the study of computer algorithms that enhances Artificial Intelligence to mimic human capabilities such as speech, thinking, and analysis. AI has a wide number of applications and is used extensively in the form of home and personal assistants in phones or devices such as Alexa, in data sciences and data analysis, and even booking a ride home.
The demand for Machine Learning and AI has exploded in the past few years. An increasing number of organizations and industries are making the transition from manual labor to automation. It is estimated that the Machine Learning and AI industry will have a value of $19 billion by the year 2025. According to statistical data of 2019, there has also been an increase in job growth- with a growth rate of 344 percent last year. These are astounding numbers that promise a bright and secure career with a good standard of living. Another perk of pursuing Machine Learning in 2020 is the industry-wide application from transportation to healthcare, finance to banking, and advertising to manufacturing industries.
Important Trends in Machine Learning in 2020 and Beyond:
- Labeled data is a massive barrier to the adoption of deep learning. It is one of the subsets of Machine Learning that includes collecting and organizing data intelligently. This particular field has seen tremendous development.
- Another challenge to overcome would be controllable generative models of images, text, and other data sources. Extrapolation of the data would capture the limelight. Accurate uncertainty estimates will be another challenge that Machine Learning will focus on.
- Applications with autonomous systems that are also critical from a safety point-of-view must become reliable. For this, simulated AI testing must be improved.
- Synthetic data is another trend that will prevail in 2020. Robotics and self-driving cars use synthetic data and simulations. This will be fortified and fine-tuned for heightened accuracy in the real world.
- Algorithms need to be able to swiftly adapt to different changes in the data and real-time conditions such as the environment. Data privacy is another aspect to work on alongside the algorithms.
Industries that Depend on Machine Learning and Use AI Extensively
- Healthcare – Artificial Intelligence is used extensively in healthcare. Electronic records are kept with the help of AI, and algorithms have been developed which detect and treat illnesses such as breast cancer. An example of this is IBM’s supercomputer that detected an extremely uncommon type of Leukemia that the doctors failed to detect.
- Transportation – According to statistical data, the application of AI in the transportation industry was only 8% in 2015. By 2025, this is expected to jump to a staggering 109%. Self-driving cars like Tesla are already developed. AI is used to navigate, automatically drive the car, and even inform the driver about damaged parts.
- Finance – The finance industry is dependent on Machine Learning and AI for several reasons. It can be used for addressing issues like fraudulent transactions, scams, transactional security, and storage of important data. Apart from this, AI can also help financial advisors by accurately predicting the disturbances in stock values.
- Manufacturing – Complicated machinery, automated assembly lines, supply chain and logistics, and transportation through air and water are some of the manufacturing problems that AI has fixed or at least improved. Using AI has allowed the companies to automate menial jobs and utilize the resources for more important tasks.
- Advertising – AI can predict sales and help make precise decisions by analyzing the past data of the business. AI is also used to advertise products through the internet to the interested target audience by personalizing their search results. It can even predict the market share of a new product or service.
- Entertainment – The entertainment industry has adopted AI and is exploding in the present scenario. AI is used to analyze patterns of individual customers and suggest adequate content on various streaming networks. It is also used in video games.
Benefits of Pursuing Machine Learning in 2020
- Good Salary and Standard of Living – Machine Learning engineers are some of the highly paid professionals in the IT sector. It is estimated that an engineer can earn up to $140K. With a few years of experience, you can easily earn a hefty salary of $190K annually. A good salary will also improve your living standard.
- Better Career Prospects – Several organizations are transitioning to Machine Learning and AI which has led to tremendous growth in career prospects. A huge market like this is guaranteed to bring forth well-paying careers such as Data Scientists and Machine Learning engineers. Organizations are looking to hire trained professionals. The demand for professionals is skyrocketing, but there are not enough people to fill the demand.
- Skyrocketing Demand – The applications of AI are extremely wide and versatile. This has led to an increase in demand for trained professionals who can lead the organization to success and help them gain an edge over their competitors.
- Transition to AI by Organizations – Machine Learning and AI is proficient in dealing with large volumes of data that the organizations must manage every day. It also helps the organization with risk analysis and precise predictions and decisions that are imperative for the success of an organization.
Machine Learning and AI are promising fields to pursue in 2020 because of ever-increasing demand and tremendous potential for growth. The field offers excellent job opportunities and there is a myriad of training courses and certifications that can help you achieve this goal. Getting a Machine Learning certification will not only help you increase your knowledge, but it will also help increase your salary. It will also make your resume stand out among hundreds of applicants. According to PayScale.com, the average salary for a Machine Learning Engineer in India is INR 686281. An entry-level Machine Learning Engineer can expect INR 501,058. An experienced Machine Learning Engineer with 10-19 years of experience earns an average total compensation of INR 1,999,619.
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