Westford, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Machine learning has been rapidly growing in popularity and adoption over the past few years, with many companies now employing it to aide in their various business needs. This growth has been seen across a variety of industries, including marketing, finance, technology, and healthcare. It is now becoming essential for businesses of all sizes to understand machine learning and how it can be used to improve their efficiency and effectiveness. For starters, machine learning can be used to analyze large data sets quickly and accurately. This allows businesses to make better decisions faster and optimize their operations accordingly. In fact, some believe that machine learning will become the key to unlocking true insights from big data sets.
Analysts at SkyQuest believe that machine learning market is expected to become an even more important part of heterogeneous information management and big data solutions. This is because machine learning algorithms can quickly and efficiently learn from data to improve predictions or automate tasks. Recent examples of how machine learning is being used include predictive maintenance for manufacturing plants and autonomous vehicles. There are also numerous commercial applications, such as financial forecasting and fraud detection.
As per SkyQuest analysis, global machine learning market is seeing a lot of popularity is in the marketing sphere. This is thanks to its ability to identify patterns and predict customer behavior. By automating this process, businesses can save a lot of time and money. Overall, there is no doubt that machine learning is quickly becoming an essential tool for businesses of all sizes. With its rapid growth and wide-ranging applications, it's sure to only continue growing in popularity in the years to come.
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SkyQuest Findings Suggests Machine learning is Becoming Essential in Decision Making and Data Pre-processing
Machine learning is becoming increasingly important in data preprocessing, decision making, and analysis. The machine learning algorithms can automatically discover relationships between inputs and outputs and can improve accuracy, speed, and sustainability of operations.
As per SkyQuest analysis, one of the most common uses of machine learning is fraud detection. In 2021, fraud detection and prevention market was valued at $25.1 billion and is projected to hit the value of $118.95 billion by 2028, at a CAGR of 24.89%. Machine learning algorithms can identify patterns in data that indicate fraudulent activity as banks and insurance companies face loss of billions each year due to increasing fraudulent activities. This is a crucial function for banks and other institutions that rely on trust to operate.
In marketing, machine learning is also being used to personalize offers for customers. For example, if you are a retailer and analyze customer behavior across different shopping channels (web, mobile, brick-and-mortar), you can create separate offerings for each channel based on the customer’s previous purchases or browsing history.
Another application for machine learning is image recognition. Images are a great way to capture information about events or experiences. By analyzing the images, you can understand what happened and make decisions based on that information. In the last few years, the global machine learning market has been witnessing a considerable surge in the demand for image recognition. In fact, SkyQuest’s market analysis suggests that the image recognition system market is projected to grow at a CAGR of over 26% and is likely to generates sales of around $53 billion by 2025.
Machine learning market has become an essential part of data pre-processing and decision making because it allows the end-users to automate tasks that would be time-consuming or difficult to do manually.
SkyQuest has published a report on global machine learning market. The report provides a detailed understanding about rapidly expanding applications of machine learning across different domains. In addition, the report provides insights about market size, market segmentation, pricing analysis, and company profiles and their market share. For more information.
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Top Trends in Machine Learning Market
SkyQuest has published a report on global machine learning market has covered a detailed analysis of the current market trends. Following are some of the top trends highlighting some of the most popular areas of study within the field and outlining what recent advancements suggest for the coming year.
- AI-powered Ride Hailing
As ride-sharing begins to become more popular, companies around the globe are turning to machine learning to handle the administrative tasks involved in running their services. Ride-hailing companies like Uber and Lyft are already using AI to recommend nearby rides, make payments, and handle customer service. Machine learning is also being used by other ride hailing companies, such as Grab and Ola, as they try to stay competitive in the market.
- Improved Natural Language Processing
As machines become better at understanding human language, many businesses are starting to use machine learning tools to improve customer service and interact with customers on a more personal level. This includes things like being able to understand customer complaints and suggestions, determining when a customer is being dishonest, and even detecting lies.
- Rise of 360° Video Content
As more people start using mobile devices to capture video content, businesses are beginning to adopt 360° video technology in order to create more immersive experiences for their customers. This allows them to sell products or services from a variety of different angles, add interactivity into videos, and even allow customers to buy products.
- Developing New Types of Algorithms
Machine learning is expanding beyond traditional supervised and unsupervised learning techniques into other areas, such as reinforcement learning and semi-supervised learning. This opens up new possibilities for using machine learning in practical applications.
- Increasing Adoption by BFSI for Fraud Detection
The rapid adoption of machine learning in the world of data analysis has contributed to the growth of fraud detection. A recent study by SkyQuest found that 79% of banks are using some form of machine learning to fight fraud. This is in line with earlier reports that say machine learning can improve the speed and accuracy of decision making in a wide range of fields.
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Top Players in the Global Machine Learning Market
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- IBM Corporation (New York, U.S.)
- SAP SE (Walldorf, Germany)
- Oracle Corporation (Texas, U.S.)
- Hewlett Packard Enterprise Company (Texas, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Amazon, Inc. (Washington, U.S.)
- Intel Corporation (California, U.S.)
- Fair Isaac Corporation (California, U.S.)
- SAS Institute Inc. (North Carolina, U.S.)
- BigML, Inc. (Oregon, U.S.)
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