10 Machine Learning Trends To Help Your Business Grow
July 5, 2021
9 min read
Technology is advancing at lightning speed. The development is so rapid that before we get the hang of it, technology is obsolete.AI ML that is Artificial Intelligence (AI) and Machine Learning (ML )trends will define business growth in the coming years.
Technology evolved on the parameters of affordable cost, compactness, flexibility, and adaptability. Current business models will have to adapt themselves to tech trends for sustainability. We all are familiar with tech jargon like 5G, AI or Robotics. Nevertheless, what do these terms mean to us? How are they going to affect our lives? And most importantly, are we ready to adapt to change?
Here are the ten machine learning trends that will help businesses grow.
- Artificial Intelligence (AI) in Business.
AI is the engineering of developing intelligent machines. These machines are made by integrating computer programs capable of understanding human intelligence. AI received a lot of fanfare in the past decade, yet it is here to stay. Market experts predict the AI industry will touch the $200 billion mark by 2025. Students aspiring to this area have a tremendous scope of growth.
AI is incorporated in games, speech recognition, navigation, and research. Architecture, heuristic classification, engineering designs, and understanding behavioral patterns will depend on AI in the coming years.
By using AI, businesses can understand and engage customers. It helps knowing customer preference and maintain competition with other brands. Today businesses are characterized by complex tasks that machines can only do. AI automates the process for increased productivity and revenue generation.
Customer service is another example of ML in businesses. It replaces humans with chatbots and virtual assistants. According to research, more than 90% of customer interaction will be managed without humans by 2024. AI will also play a vital role in business intelligence, predictive analysis, and fraud detection.
Here are a few ways by which AI will help businesses.
- AI will enable companies to automate communications like e-mails, online chats, social media communication, and customer locality scales.
- AI is valuable for businesses that communicate with high volumes of customers like airports, railway stations, and transport companies.
- Cloud-based AI is helpful in data mining to find relevant processes in big data.
- AI also helps in predicting outcomes of data analysis.
- AI is helping businesses and companies in their recruiting process.
- AI-Driven Cyber Security.
Technology has made life easy for us; at the same time, we are now vulnerable to cyber-attacks. Cybersecurity may not be a trend-setting technology, but it is growing rapidly to counter cyber threats. Reports show cybercrime is growing by 15% every year. Many big and small businesses are targeted by a cyberattack and affected by a data breach.
In a research conducted by BullGuard, 60% of businesses do not feel the threat of cyber-attack. It is high time all businesses should view cybersecurity as an important aspect of their business models. In the future, since everything will depend on data, a hack and loss of data may shut down businesses that are not secured and don’t have backups.
Here are the big five reasons why businesses must adopt cybersecurity measures.
- Cyber-attacks will continue to increase in numbers and intensity. It is better to safeguard your business rather than picking up shattered pieces of glass.
- Adopting a secure system will save you much more expenditure in repair and reorganizing your business.
- Cybersecurity will go a long way in supporting your business growth.
- A secured network gives confidence and trust to linked investors and clients.
- Companies need to comply with certain security standards mandatory for possessing digital assets.
There is a constant threat of malware, hackers, and phishing attacks. From the state department to simple citizens, all are under threat. Hackers are constantly developing new techniques to break into our domain. At the same time, developers are upgrading the technology to combat hackers. As long as technology is in place, hackers will be on the prowl, and so will be the growth of cybersecurity technology.
- Reinforced Learning.
Reinforced learning has established itself in achieving superhuman performance in gaming. Although, it still needs implementation in the real world. Reinforced learning is the adoption of machine learning applications to carry out a sequence of decisions. The machine employs a trial-and-error method to solve a problem. With the help of AI, the machine gets rewards or penalties while performing the desired task.
Many businesses are adopting reinforced learning to improve their productivity. One good example is how Netflix is using this technique to recommend movies and series to its users. The machine analyzes the genre the viewer is watching to suggest similar high-rated programs. Spotify adopts the same technique in music trends.
In e-commerce and trading businesses the recommender system is used by adopting reinforced learning. Amazon, e-bay, and many other online retailers are using this system for generating sales. According to research conducted by McKinsey, 35% of sales are generated by Amazon by recommending products based on reinforced learning. Recommending algorithms helps companies establish an advantage over other competitors.
Machine Learning algorithms, particularly reinforced learning, are also helpful in stock trading. It is used to analyze the performance of big companies and future trends in investments. In the coming years, there will be extensive use of reinforced algorithms to predict stock market prices. J.P. Morgan is already showing promising results post adopting this technique since 2019.
Here are some business adoptions of reinforced learning.
- Reinforced learning is helpful in the medical industry for deciding the treatment of a patient based on long-term benefits.
- In the security industry, reinforced learning permits network integrity with speed.
- Reinforced learning is applied to robotics for performing several redundant duties.
- E-commerce relies heavily on product promotion; reinforced learning helps to communicate and promote products to target customers.
Automation is a term that we have been hearing for quite some time now. All businesses need to look into automation more seriously if they want to survive. Automation investments are expected to increase in the future. Businesses will depend less on human involvement and more on automated processes.
Business automation is the configuration of business processes with an ML interface. Automation gives way to digital transformation to allow businesses to increase efficiency and reduce costs. It is also a proven strategy to bring businesses and IT partners together.
Business Process Automation software generates a simplified process to speed up processes by implementing ML and AI. These applications help businesses collaborate, build and share AI-generated content to improve efficiency.
Business process automation is not restricted to a few inherent functions. It also involves high volumes of tasks, timed events, audit trails, and help desk support. It also increases the transparency and performance of the company. A few examples of Business Process Automation are employee onboarding, remote hiring, and purchase orders.
Some advantages of automation are.
- Reduces cost and increases productivity.
- Makes the business process simple yet efficient.
- Saves time and minimizes effort.
- Ensures compliance and manages all auditable records.
- Propagation of 5-G in ML Applications.
Even before we realized the potential of 4G, 5-G is already setting trends. Research shows 5-G technology will increase faster data transmission speed than 4-G VoLTE. It will enable virtual reality, cloud-based operations, and real-time connectivity.
As data is becoming more and more critical for businesses, most companies are gearing up to embrace 5-G. According to an independent survey conducted on network performance, more than 75% of businesses are gearing up for 5-G by 2022. Using shorter and higher frequency bands, 5-G is expected to have a speed 20 times more than 4-G. It will provide businesses lightning-fast data transfer and a reliable network.
Businesses and company offices are relying on more and more tech devices for their operations. Experts believe 5-G can handle 1 billion devices in an area of .38 square miles. Businesses adopting IoT marketplace are looking forward to reduced latency rate with 5-G to improve functionality. If 5-G delivers its promise, it will be a game-changer in supercharging business models.
Many mobile companies are coming up with 5-G applications. Tech trends reveal 5-G is replacing 4-G; if you plan to buy a new mobile phone, make sure it is 5-G enabled. In a nutshell, 5-G enables all other tech trends we are witnessing in this article.
Some benefits of 5-G in businesses are.
- It provides faster connection and speed.
- Enables high drive capability
- It will enable AI, IoT, VR, and hyper-automation
- 5-G will enhance online education and classroom interaction.
- Virtual Reality in Businesses.
Virtual Reality (VR) may sound like an oxymoron, yet it is beyond a literary device. Virtual reality is a simulation of a 3-D environment with the help of a computer. This simulation affects our brain to believe it’s real. In virtual reality, the subject (person) becomes a part of the simulated environment, and his actions are accordingly manipulated.
Video games and movies are common examples of VR. However, its application also includes sports, arts, medicine, architecture, and much more. In the coming years, the technology will be cheaper and used in many areas. It will enable a simulated environment for communication, businesses, and training.
In research conducted by Goldman Sachs, business models in ML coupled with VR will grow to the US $ 95 billion by 2025. The major chunk will be video entertainment, retail, the gaming industry, and live telecasts. Trends also indicate VR application in other fields like healthcare, education, military, and real estate.
Businesses are adopting VR to come up with new techniques. Incorporating VR, many businesses are increasing productivity and efficiency. For instance, VR is extensively used in conferences, inventory management, and generating data for analyzing future trends. VR is even effective in marketing since it helps establish connections with consumers and analyze their purchasing behavior.
Here are a few ways in which VR will help businesses.
- VR gives the advantage of building prototype design much faster and with accurate models.
- In healthcare, it provides surgeons with navigational X-ray vision to carry out complex surgeries.
- VR has revolutionized gaming zones with a virtual 3-D environment.
- In the retail industry, VR allows a more engaging and stimulating experience for customers with intelligent designs.
- The intersection of ML and the Internet of Things (IoT)
Everything in today’s world generates data. IoT uses data to determine behavior and influence business strategy. It aims to collect data from various sources and use it to study the pattern of consumers. In the business world, IoT devices record and transfer data to analyze important processes. It allows businesses to make more informed decisions to boost their efficiency.
According to research conducted by Future Businesses, IoT is expected to grow to $ 520 billion by the end of 2021. It will include software, hardware, system generation, and telecom services. Research also shows that the industrial Internet of Things or IIoT is expected to cross the $ 175 billion mark by 2022.
Here are five ways in which IoT will transform businesses.
- IoT will improve customer experience and business insight. The major influence will be visible in aviation, agriculture, supply chain, and healthcare.
- It will reduce downtime and operational costs. It will be beneficial to the energy sectors, oil and gas, and the supply chain.
- IoT will increase productivity and efficiency by connecting key business processes.
- Linked to efficiency and production, IoT will help reduce wastes and tracking resources.
- IoT will help to build a new business model based on information about their customers and their preferences.
IoT benefits are to analyze customer buying habits, the interaction of people with internet devices, resolving customer issues, and influencing the target audience towards a product. In the future, marketing and businesses will rely on IoT clubbed with an ML interface.
- Distributed Cloud Application.
Cloud applications integrate sets of interconnected virtual machines over a remote server. In the IT context, it means shared among many systems in different geographic locations. In a distributed cloud database, data is processed using computing modules having their independent processing capability.
Distributed cloud provides dependability at a reduced cost. It is easier to compensate for the failure of individual components in a distributed cloud. It increases flexibility to optimize business processes with better security and performance.
Here are some ways Distributed Cloud Application will help businesses.
- It allows local processing over your region or country to provide better bandwidth and less latency.
- Shutting down one module for maintenance or cyber-attack will not affect business operations.
- In case of a disaster, user data is accessible in a redundant cloud.
- Gives businesses central management with decentralized processing.
In this technology, quantum is used for computing. Quantum phenomena such as quantum entanglement and superposition are making a buzz in current tech trends. This technology is a game-changer in pandemic prediction like coronavirus and future pandemic; it can track, interpret, analyze and act on acquired data.
Quantum computing is also used in the finance sector and banking to analyze credit scores and fault detection. Quantum computers are high speed and, in the future, will require cloud-based data and 5-G speed for enhanced performance.
Here are a few ways by which quantum computing will help businesses.
- In the Aviation industry, quantum technology will enable complex computer modeling to optimize aeronautical setups.
- In data analytics, quantum computing will simplify complex calculations. It will be helpful for astronauts for safer space travel.
- Quantum computing will enable accurate prediction of weather. At present, nearly 30% of US GDP is affected by the weather.
- Car companies are developing driverless cars with the help of quantum computing.
- Hyper Automation.
Hyper automation is end-to-end computerization done by connecting many technologies. It includes binding business processes to bots to automate multiple tasks. With the integration of AI, robotics, and machine language, hyper-automation gives a new dimension to business processes.
Hyper automation provides high speed to businesses for increased productivity and real-time solution to complex problems. It also reduces cost and human resources with increased efficiency. Tech trends indicate hyper-automation in insurance, healthcare, banking, manufacturing, and public sectors.
Here are some benefits of hyper-automation for businesses.
- Hyper automation relies on digital technology, which provides flexibility to businesses in operations.
- Employees can get more work done with reduced resources.
- Businesses can integrate technology across their processes to access real-time data and faster processes.
- Hyper automation reduces cost and boosts revenue.
ML tools can give meaningful insight to big and small businesses. Data being an important instrument, can be structured to the meaningful algorithm of ML. Across the globe, analytics play an important part in benefiting businesses through variants of ML Applications.
These were the top ten ML and AI trends and that will affect businesses in the future. Businesses must gear up to adopt these technologies in their businesses for enhanced growth. Advancement in connectivity, data processing, and computing will continue to fuel businesses with the rise of AI technology.
Testimonials What people have to talk about us
Vere360 – VR based Immersive LearningReading Time: < 1 min
Day One helped Vere360 “fill skill gaps” and build a platform that would cater to their niche and diverse audience while seamlessly integrate the best of #AI and #VR technology.
Ms. Adila Sayyed Co-Founder
1TAM – Video Blogging ReimaginedReading Time: < 1 min
‘1TAM’ was only for iOS with gesture-based controls, advanced video compression techniques, and a simple architecture that allowed actions to be completed in 2-3 taps. The real challenge for ‘1TAM’ was to keep it distinct which bought brilliant results with all the strategies and approaches implied for best video compression techniques.
Anwar Nusseibeh Founder
Fit For Work – The Science of Workplace ErgonomicsReading Time: < 1 min
Day One Technologies came with the expertise that was required and helped in building a platform that is edgy, functional, and smart, delivering engagement and conversions at every step.
Ms. Georgina Hannigan Founder
Finch (previously Trio) – Growth with Investing, with benefits of CheckingReading Time: < 1 min
The Finch (previously Trio), one of our clients today has reached this level with our expertise and with a great team of developers in Day One, who have made every stone unturned in making this project a big success.
Neel Ganu Founder
SOS Method Meditation for ‘Busy Minds’Reading Time: < 1 min
Day One Technologies helped in building an innovative mobile app (for #iOS and #Android) that’s easy-to-use, engaging, and data-driven to help users reap the most at every point.