We all the time talk about big technology trends like artificial intelligence and machine learning. As if we feel like they’re futuristic trends, they’re coming closer, but they’re not still here. However, they’re already in our lives. We just usually don’t notice them in our everyday lives. Especially, machine learning is transforming leading industries globally and in the United States during 2021.
Machine learning (ML) is a disruptive technology that is currently shaping our future. Putting it in simple words, machine learning is a discipline that refers to programming a computer to learn from experience.
When we’re young, our parents teach us how to speak and how to walk. However, as we grow up, we start learning things from ourselves. With passing time, we learn many things through experience.
This is comparable to what machine learning is, in true essence. The most accurate example of machine learning is our mobile keyboard, which is getting more accurate with time.
Nowadays, machine learning and artificial intelligence are changing the way businesses work. You can take the help of experienced AI & ML experts to improve your business processes. They can build intelligent solutions to streamline your business operations.
5 Industries that are transformed by Machine Learning
According to Forbes, half of the people who use artificial intelligence don’t even realize they’re using it. The same is the case with machine learning and the internet of things. Today we’ll show you how machine learning is transforming leading industries.
Now, we discuss in detail the ways machine learning is transforming leading industries in 2021.
When we think about disruptive technology and education, we may be thinking about robots substituting teachers. However, that is far from reality. Although robots can show and follow instructions, they’re not empathic, and they don’t understand social rules.
Let’s remember that in school you do not only learn math and science. Essentially, you also develop social skills. Therefore, the role of a teacher is still indispensable. Unless we think about Elon Musk’s prediction of the city of the future.
In Musk’s city prototype, artificial superintelligence (machines that are smarter than humans) will be already a thing. Therefore, the way we learn something will be way different. He believes that in the future we’ll download information to our brains in a matter of seconds. Consequently, in the future teachers won’t be necessary.
The city of the future is not here yet. However, we still have disruptive technologies that are changing the education industry. One of such transformative technologies is machine learning (ML). Today, children interact more with technology inside the classroom.
They have interactive smartboards, tablets, and laptops, etc. Therefore, they can be evaluated through technology. Yet, the task of evaluating students is still exhaustive.
Many teachers have started to use machine learning and AI-driven software that help them optimize the process of evaluation. Some even create tasks and exams with artificial intelligence. This means that teachers can prioritize their time with more relevant activities that will improve education quality.
At first, you’re probably hesitant to put your health in a robot’s hands. But you must be already doing it anyway, or at least with your doctor’s help. Many tech trends are disrupting the healthcare industry such as VR surgery simulation or smart pills. Machine learning also plays a huge role in today’s healthcare dynamic.
Medical diagnosis is a crucial aspect of the healthcare industry. However, it sometimes takes too much time for doctors to diagnose rare medical conditions. This wasted time usually takes many lives because people don’t receive the treatment they need.
With machine learning, on the other hand, doctors can diagnose medical conditions in less time than usual. This means a better quality of life for patients and a more efficient healthcare system. COVID-19 has led to an increased usage of ML, VR & AI in medical care; worldwide and in the USA.
Machine learning is removing intermediaries in the financial industry amid 2021. Moreover, it’s also improving the efficiency of financial services.
In the past, we needed the opinion of a financial officer to analyze financial risks when applying for a loan. They needed to calculate the risks based on data science and statistics. However, machine learning has eased this process and there is no need to hire a financial officer.
Many banks today use machine learning-driven software to analyze loan risks. They approve or deny loan applications based on the results from the software. This is great not only because it makes the process smoother, but also because the results are more accurate.
Self-driving cars are here to stay. Although most of them are still in the initial phase, they’ll probably be common in the future. Self-driving cars work with machine learning techniques because they act according to environmental factors. For example, they can react to rain, fog, and dust.
Self-driving cars can prevent road accidents. Because they have driver condition analysis, detection units, engine control, and camera vision. Therefore, they can lower speed if needed or switch from one lane to the other lane.
However, in the first test of automated cars with Uber, there was a major problem. These self-driving cars were caught driving through red traffic lights. Eventually, this will change with the invention of smart traffic lights powered by AI.
These AI-driven traffic lights are meant to change signals depending on the traffic flow. They might be connected to the Internet. With an IoT integrated system, self-driving cars will be able to respect traffic lights. Therefore, transportation will be safer in the future.
The translation industry is highly affected by disruption by machine learning. When there was no automated translation, people used to hire professionals to translate their texts. This used to take a lot of time and usually, the texts were very accurate.
Now that we have translation software, it’s so much easier to translate texts from one language to another. Therefore, there’s no need to hire a human translator. Though, some business cases are exceptions, like legal and medical transcripts, etc.
This technology has significantly impacted the translation industry. Because the actual effort of translators is 30 percent, as per Forbes. However, it’s not only machine learning that’s making a change in this industry. Deep learning is also impacting the translation industry big time.
The difference between machine learning and deep learning is that the latter is more advanced. Deep learning understands the context in a better manner. This makes the process of translation more accurate.
However, online translators don’t understand jokes or local sayings. Therefore, we still need humans to fix some little details.
Machine learning, just like many other tech trends, is itself disruptive. It has the potential to change almost every single industry. However, the most affected ones today are transportation, healthcare, education, and others.
The best way to face disruptive innovation is to embrace it and be resilient. A perfect example of this approach is financial services. The translation industry is one of the most affected by machine learning.
Do you need ML-powered solutions to transform your industry? Connect with Techliance to make technology disruption beneficial for your business. Embrace the future and stay robust.