Top 6 Industries being Revolutionised by Machine Learning
Machine learning has been a hot topic for years, but has only recently become a widely adopted technology. No longer is large data management restricted to technology experts: more and more companies are turning to automation consulting services to see if their business could benefit from the powers of artificial intelligence (AI) and machine learning. In fact, any company that handles large amounts of data can take advantage of modern machine learning technologies to learn more about their business, streamline their processes and better serve their stakeholders. Here are just a few industries currently being revolutionised by machine learning.
1. Manufacturing
Back in 2019, IDC predicted that 20% of leading manufacturers would rely on machine learning and AI by 2021. Fast forward those two years and it seems like machine learning is going from strength to strength in the manufacturing industry. Machine learning is doing what it does best: speeding up and streamlining every phase of production, from inbound shipping through to order fulfilment.
And it’s not just efficiency: there are multiple ways in which manufacturing can benefit from the power of machine learning. Deloitte found that machine learning improved product quality by 35%, and the Boston Consulting Group saw how using AI can reduce costs by boosting workforce productivity.
2. Cybersecurity
“Cybersecurity is one of the industries that will have multiple AI use cases,” says Saket Modi, co-founder and CEO of Safe Security. Using machine learning both internally and externally in cybersecurity management will allow systems to become more dynamic to the shifting landscape of cyber crime.
In fact, in the case of cybersecurity, the thinking is to fight fire with fire. According to Gaurav Banga from cybersecurity software producers Balbix, “the enterprise attack surface is massive.” Banga goes on to say “there are countless permutations and combinations” where a cybercriminal can get into a company’s system. That’s why cyber criminals are currently using AI and machine learning in order to test security systems for any potential weak spot. As it stands, it’s impossible for humans to combat this level of attack. Using machine learning to fight cybercriminals is the next logical step for defeating this new style of attack.
3. Healthcare
“Healthcare is only at the start of its AI journey,” says Florian Quarré from healthcare data management company Ciox Health. They say that machine learning could help to find patterns within a population, leading to better prediction models and more breakthroughs for patients.
Divyabh Mishra, of CrowdANALYTIX, predicts that there are two key areas where machine learning will revolutionise the healthcare sector. Firstly, machine learning will massively improve our ability to predict the emergence of life-threatening diseases earlier, based on patterns from previous patients with the same disease. Secondly, drug and clinical trials will be accelerated, reducing the cost of healthcare and the time to develop and release new lifesaving drugs.
4. City Planning
As cities continue to expand, building efficient infrastructure becomes increasingly complicated. Some are saying that machine learning can be put to use analysing existing city infrastructure around the world and use that information to suggest successful city plans. “So much data can be processed and organized to help understand urban areas and how they are changing,” says Chalmers Brown CTO of Due.
Take, for example, public transportation. Arnie Gordon of Arlyn Scales points out that ride share companies and GPS apps are already using AI-based technology to predict traffic and plan routes. Why not apply that technology to public busses and trains? Machine learning can not only help make existing public transport more efficient, but could even suggest new, more effective routes to reduce strain on city transit.
5. Retail
If there is one industry that manages huge swathes of data, it’s retail. Retail is growing at an exponential rate, with retail spending expected to reach $7.3 billion by 2022. Both online and brick-and-mortar retailers process and record data on their customers, transactions, products, deliveries and more. All of this data is valuable, because each piece can provide a unique insight into a buying experience. Machine learning can help to unlock trends in this data like never before, building detailed and complex pictures of customers so that brands can develop and market products like never before.
Online fashion retailers are one great example of a sector that could benefit from machine learning. Amit Ojha, Director of Engineering at North America’s largest ebike brand Rad Power Bikes, suggests that “Using AI to learn about buying patterns of users across the world and predict fashion trends would be a great implementation.” Similar systems are already being used to power prediction engines, providing customers recommendations based on previous purchases or similar products.
6. Entertainment
Over the past decade, the trend in media and entertainment has moved towards boutique, unique experiences specially selected for customers. This explains everything from the decline of cinema in favour of streaming, to the popularity of virtual reality and role playing video games. Machine learning has the potential to hypercharge the personalisation of entertainment, and we know that it can because it’s already happening.
Friederike Schüür, Senior Data Scientist and Researcher at Fast Forward Labs says that “within media and entertainment, the bulk of the data work today is dedicated to audience understanding; who reads, listens to, and watches your media and entertainment content?” By feeding the data generated by these questions into machine learning systems, entertainment platforms are able to inform all aspects of the pipeline, from content creation right through to search functionality.
The Bottom Line
This is just a handful of the ways in which machine learning is revolutionising industries across the world. As machine learning becomes more embedded in our lives, its potential will only increase, and it’s ability to adapt to new scenarios will grow along with it. If you are wondering how automation can benefit your business, take a look at our automation consulting services.
Cover Image by Pete Linforth from Pixabay
