The value of machine learning and artificial intelligence technology has been recognized by companies across several industries that deal with huge volumes of data. By leveraging insights obtained from this data, companies are able to work in an efficient manner to control costs as well as get an edge over their competitors. This is how some sectors/domains are implementing machine learning -
Financial Services
Companies in the financial sector are able to identify key insights in financial data as well as prevent any occurrences of financial fraud, with the help of machine learning technology. The technology is also used to identify opportunities for investments and trade. Usage of cyber-surveillance helps in identifying those individuals or institutions which are prone to financial risk, and take necessary actions in time to prevent fraud.
Marketing and Sales
Companies are using machine learning technology to analyze the purchase history of their customers and make personalized product recommendations for their next purchase. This ability to capture, analyze, and use customer data to provide a personalized shopping experience is the future of sales and marketing.
Government
Government agencies like utilities and public safety have a specific need FOR Ml, as they have multiple data sources, which can be mined for identifying useful patterns and insights. For example sensor data can be analyzed to identify ways to minimize costs and increase efficiency. Furthermore, ML can also be used to minimize identity thefts and detect fraud.
Healthcare
With the advent of wearable sensors and devices that use data to access health of a patient in real time, ML is becoming a fast-growing trend in healthcare. Sensors in wearable provide real-time patient information, such as overall health condition, heartbeat, blood pressure and other vital parameters. Doctors and medical experts can use this information to analyze the health condition of an individual, draw a pattern from the patient history, and predict the occurrence of any ailments in the future. The technology also empowers medical experts to analyze data to identify trends that facilitate better diagnoses and treatment.
Transportation
Based on the travel history and pattern of traveling across various routes, machine learning can help transportation companies predict potential problems that could arise on certain routes, and accordingly advise their customers to opt for a different route. Transportation firms and delivery organizations are increasingly using machine learning technology to carry out data analysis and data modeling to make informed decisions and help their customers make smart decisions when they travel.
Oil and Gas
This is perhaps the industry that needs the application of machine learning the most. Right from analyzing underground minerals and finding new energy sources to streaming oil distribution, ML applications for this industry are vast and are still expanding.
