What Is Machine Learning Used for?
The entire word echoes with words such as artificial intelligence, natural language processing, and machine learning. Out of many modern innovations the world has seen over the past few years – machine learning is so prominent simply because of so many different applications it can be used for.
ML has already helped enhance a vast range of professional and industrial processes, and it also advanced everyday living by making it more streamlined and convenient.
We know that machine learning is a subset of artificial intelligence. It works by utilizing statistical and data-driven techniques to develop computational intelligence to gather, analyze, and learn from real-world examples and scenarios.
It is designed to provide comprehensive solutions to real-life problems by learning from databases available to it. Because of its unique abilities, machine learning has been used in multiple industries and fields. Let’s delve deeper into the best real-life examples of machine learning.
Image Recognition
The most common use case of machine learning is image recognition. Many different real-life scenarios require professionals to classify various objects as digital images. In the case of face detection, machine learning is used for facial recognition in an image.
It uses the intensity of pixels as one of the recognizing parameters. The technology is also used for character recognition in writing and can help discern printed and handwritten letters.
Speech Recognition
Machine learning excels at translating spoken words into text format, which can be very useful for speech recognition, also known as automatic or computer speech recognition.
In this real-life scenario, a machine learning software can recognize the spoken words from an audio file or clip and then use its computational and learning power to subsequently translate the speech into a text file.
Speech recognition is used in applications like voice searches, voice user interface, appliance control, call routing, voice dialing, and more. It can also be used for simple data entries and categorizing documents.
Statistical Arbitrage
Arbitrage is extremely important in finance, and it refers to the automated trading strategies that involve multiple securities and are issued for a short term.
These strategies allow the user to use the basis of quantities, such as the general economic variables and historical correlations, to implement the trading algorithm for a particular set of securities.
Machine learning methods allow the user to create an automated way of obtaining an index arbitrage strategy. That’s how the prices of streams of stocks are being determined, among many other things.
Learning Associations
Developing and creating insights into a wide range of different applications between the products from the same category is known as learning associations. The best example of learning associations is how unrelated products can be associated with one another.
In such an example, machine learning can be used to study the existing associations between popular products with consumers. If a consumer buys a product regularly, they will receive personalized recommendations of similar products due to the existing relationship between the purchased product and other products coming from the same category.
Each time a business launches a new product in the market, they associate new products with the existing offer to attract a wider audience and increase sales.
Classification
The best way to study many different classes of objects, especially large sets of data, is to classify them. It is the process of placing matching objects or data sets under study in matching classes.
This classification process is extremely helpful in analyzing the measurements and parameters of an object to identify the category (class) to which it belongs. However, analysts need accurate data to successfully establish an efficient relation or matching.
The best way to accurately analyze the necessary data is to harness the potential of machine learning. That’s how banks decide whether to distribute a loan to a borrower or not.
By going through their financial history, savings, and earnings, banks can determine the level of risk associated with distributing loans to a particular group of borrowers. This type of decision-making would not be possible without insight into all the related data on the end-user.
Prediction
The prediction systems are an excellent area for various machine learning applications. It all comes down to sheer computational power and complex mathematics to classify the available data in the existing groups.
The prediction system uses the gathered data in groups to create a set of rules that will calculate the probability of an error, fault, or whatever it is that the analysts are after. What matters is that you can apply this power of machine learning across all the sectors for varied purposes. That’s how businesses use machine learning to predict demand, forecast sales, monitor competitors, and so much more.
Financial Services
The entire banking and financial sector rely on the computational power of machine learning to thrive and evolve. It is the driving force behind the entire banking/financial system, services, products, etc.
Machine learning helps financial and banking institutions make smarter and better decisions. These brands can offer a more personalized service to their customers thanks to machine learning and its many capabilities.
However, while machine learning helps these institutions hone in everything from service to security, its biggest benefit is tracking, monitoring, and analyzing the spending pattern of the clients and performing a complex and detailed market analysis to predict opportunities, etc.
Conclusion on What Machine Learning is Used For
When it comes to machine learning, it’s safe to say that it’s an outstanding and quite a promising breakthrough in the area of artificial intelligence. These applications are just the tip of the iceberg. The truth is that machine learning has immense potential for improving our everyday lives – how we use it to achieve that goal is up to us.