TOP 10 MACHINE LEARNING APPLICATIONS AND USE CASES IN OUR DAILY LIFE Posted on : Nov 09 - 2020

Machine learning uses algorithms and statistical models to perform specific tasks without human interaction

Humans are living in a truly global revolution of technology. Thanks to the advancements on computational power and machine learning applications. The first two decades of the 21st century have witnessed dramatic advancements in artificial intelligence (AI) research. Machine learning has proven to be one of the most successful and widespread applications of technology, affecting a wide range of industries and impacting billions of users every day. Machine learning is a subset of artificial intelligence that involves the study and use of algorithms and statistical models for computer systems to perform specific tasks without human interaction. Machine learning utilisation opens door to futuristic technologies that people use in their daily life. Henceforth, Analytics Insight brings you the top 10 use cases that everyone should know about.

Voice Assistant

Voice assistants are ubiquitous right now. Popular voice assistants like Apple’s Siri, Google Assistant, Amazon’s Alexa, etc. are paving the way to be part of people’s general conversation. Machine learning algorithm works behind all these voice assistants to recognize the speech using Natural Language Processing (NLP). Then, it converts the speech into numbers using machine learning and formulates a response accordingly. NLP is also used to translate unclear legalese in contracts into plain language to prepare information. Researchers expect it to become phenomenally smarter in future as machine learning techniques get more advanced.

 Personalised Marketing

Technology is gaining ground in the marketing system. Using machine learning features, marketing industry segments customers based on behavioural and characteristic data. The digital advertisement platforms allow marketers to focus on the set of audience with relevant product influence. They understand customer requirements and serve with better product promotion accordingly.

Fraud Detection

Big companies involved in financial engagements and banks are using machine learning for fraud detection. This helps companies to keep consumers safe. Machine learning can also be valuable to companies that handle credit card transactions. The technology is trained to flag transactions that appear to be fraudulent based on certain criteria according to the company’s rules. By detecting such mishaps, companies can be prevented from falling prey to a big loss. Besides, an enterprise can also gain insights into its competitive landscape and consumer loyalty and forecast sales or demand in real-time with machine learning.

Self-Driving Cars

Self-driving cars are one of the fascinating technologies where machine learning is leveraged on a high-level. The beauty of self-driving cars is that all the three main aspects of machine learning namely supervised, unsupervised and reinforcement learning are used throughout the car’s design. Smart cars use machine learning features like detecting objects around the car, finding the distance between the car in the front, where the pavement is located, and traffic signal, evaluating the condition of the driver and scene classification. Machine learning can also give real-time advice about road conditions and traffic. View More