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The significance of artificial intelligence and machine learning (AIML) has increased by much in technology in recent years. It has gone to a point where they are helping businesses gain an advantage over their competitors.
With the ever-increasing volumes of data generated each day, it becomes essential to process it in real-time.
This is where AIML comes into the picture as the technology can help process and analyze volumes of data within minutes. The relevance of IoT devices, too, has been on the rise.
More and more people are making use of cloud storage, wearables, sensor-enabled devices, and other IoT devices. AI and ML have thus occupied a large chunk of technological developments in the past few years.
The growth of AI has also prompted premium Edu-Techs like Great Learning to nurture the upcoming talent that meets the demands of the industry.
Through an industry-relevant curriculum, they are creating a talent pool that will be ready to meet the challenges and help the industry grow.
It gives aspiring IT professionals a solid foundation to boost their career prospects by learning AI and ML. Both technologies are bringing about a significant transformation in the digital space through continuous innovation.
As technology continues to grow, it presents the best opportunity for IT professionals to advance their career in AI and ML. In this article, we will take an in-depth look at the different applications of technology, the latest trends, its future, and how you can get started to learn artificial intelligence & machine learning.
AI and ML have revolutionized the way we look at technology. Here are some examples of their applications.
1. Banking : Most banks have adopted AI-based systems for detecting discrepancies, providing customer support, and identifying frauds. Chatbots are a common example of customer service that helps answer millions of queries without the need for human intervention.
The system only evolves as it learns from the data it gets on a regular basis. With the help of endpoint access and card usage, it has become possible to prevent fraudulent transactions.
Deep learning is another technology that helps detect fraudulent transaction patterns by studying the behaviors of transactions. Gone are the days when hacking banking systems did not take much effort for hackers.
The added layers of security has only made it difficult for them to continue with their deceitful work.
2. Finance : When it comes to trading, a lot depends on how one can predict the future correctly. By training machines to observe patterns in historical data and how they can repeat in the future, it is possible to identify future market patterns.
Many financial organizations are adopting AI to boost their stock trading performance for better profits. By storing price and trading data, it becomes possible to identify current market conditions in comparison to what was the situation a few weeks back.
It helps in accurately predicting the change in the prices of shares.
3. Marketing : Product recommendations based on the usage pattern of a user is one of the best examples of the use of AI and ML in marketing. Most OTT and entertainment platforms have such systems in place where you get recommendations based on your browsing history and usage pattern.
It is simplifying the lives of users in many ways as they would get recommendations to consume content according to their liking. As technology advances, it is also likely that you would be able to buy anything online by uploading a picture of it.
4. Healthcare : Healthcare organizations and professionals are making increased use of artificial intelligence in the medical field to innovate. The quest to find a cure for the dreaded disease cancer with the help of AI has been one of the most talked-about projects in recent years.
Similarly, support systems got developed to give doctors a warning of patients who have the risk of heart strokes. One of the biggest benefits of AI and ML in healthcare is you do not need new medications. By making use of technology and existing medication, it is possible to save a lot of lives.
During the current coronavirus pandemic, we have already seen how robots have replaced human nurses in some hospitals around the world. It has helped reduce human intervention and also safeguarding the lives of crucial health workers.
5. Social Media : The rise of social media in recent times has been phenomenal, which has also led to a tremendous increase in the amount of data that gets generated each day. There are numerous messages, posts, videos and photos that people share with each other daily. Facebook is making use of AI for face verification and ML and deep learning for detecting facial features.
The feed also gets enhanced based on a user’s preferences with the help of ML algorithms. Twitter is also using AI, ML, NLP (natural language processing) and deep learning to identify offensive content and hate speech.
As the technology continues to grow, we are also witnessing newer trends. Here are some latest ML and AI trends.
Hyper-Automation : Many organizations are taking the help of AI companies to automate their legacy business processes. With the coronavirus pandemic, it has only further accelerated the process in order to digitize the systems for intelligent use. AI and ML, along with robotic process automation tools, help in hyper-automation.
It also calls for the processes to remain flexible to adverse situations. It is in such cases, AI, ML, and deep learning come handy. They help the system to adjust itself and respond to changing requirements and business processes.
Cyber Security : Cybersecurity is an upcoming field that is making use of AI and ML technology. Whether it is for personal or business security, AI and ML are aiding the development of useful software. With the evolving technology, the risks of cyberattacks, ransomware and malware are at an all-time high.
It has led to cybersecurity developers to make use of AI and ML to identify threats and overcome them. AI algorithms are beneficial in identifying patterns from historic data to prevent system and data breach.
IoT : Just like AI and ML, IoT has grown fast in recent times and is only expected to continue that steady growth in the coming years. AI and ML are complementing IoT for better and more secure devices that meet all the safety standards. AI and ML also benefit from IoT sensors and devices that offer a large amount of data.
AI systems can use operational and performance data in industries to improve the system performance, efficiency and maintenance schedules.
Ethics : IT giants like Amazon, Microsoft, and IBM have announced that they would limit the use of facial recognition systems by police departments because of the fight against racism in recent times. It gave rise to questions surrounding the ethical use of technology.
The threat of deep fake misinformation and cyberattacks always exists. There is also a concern about the increasing usage of AI by government and federal agencies for surveillance. Similarly, there is a concern about businesses using AI widely for marketing purposes.
According to a report, the global AI market will continue to grow because of the increasing use of cloud-based applications. Connected devices and their increased usage will also contribute to the growth of AI and ML.
The projected global AI market size could be USD 202.57 billion by 2026. It is almost a ten-fold jump as compared to 2018, where the market size was USD 20.67 billion.
AI and ML have contributed a lot to the digital disruption we are witnessing in recent times. Most sectors today are making wide use of these technologies to automate their businesses and gain a competitive advantage in the market. It has also led to a widespread belief that AI will steal jobs.
However, being far from the truth, technology is contributing to the job pool. Experts in the field have already identified new AI jobs in the existing and emerging industries.
According to a WEF (World Economic Forum) report, AI careers will only get better in the coming future. Out of every 10,000 opportunities, there are 78 related to AI and ML in today’s times. The number will increase from 78 to 123 by 2022.
USA will continue to remain one of the major markets for AI & ML. States like New York, California, and Texas have the most jobs according to the search results of Indeed. California has the maximum number of jobs for AI and ML professionals, which is understandable because of the presence of most IT giants. It is followed by other states like San Francisco, Santa Clara, Virginia, and Arlington.
The other prominent states in the list of top 10 states with maximum AI and ML jobs are Washington and Massachusetts. Just like many other remote opportunities for IT professionals, there are several such roles for AI and ML professionals as well. California, New York, Texas, Massachusetts and Virginia are the top states with maximum remote jobs.
When it comes to job opportunities for entry-level professionals, California, Massachusetts, New York, Virginia, and Washington are the top states. AI jobs continue to grow rapidly, and will spread to other territories in the coming years. There continues to remain a good demand for entry-level roles, which is a good sign for AI and ML enthusiasts looking to make a career in this field.
Here is a list of some AI and ML roles and their corresponding average salaries in the US. The figures have been resourced from salary data posted on Indeed.
Machine Learning : $147,134 per year
Software Engineer : $107,365 per year
Research Scientist : $109,214 per year
Data Scientist : $123,144 per year
Scientist : $100,677 per year
Senior Software Engineer : $132,018 per year
Research Engineer : $96,044 per year
Machine learning and artificial intelligence future are bright as the technology will continue to grow, leading to the creation of new jobs. If you are someone who is a technology enthusiast and keen about learning AI and ML, it is advisable to opt for AI and machine learning courses. It will help you learn about the technology comprehensively and make a rewarding career in this field.
The knowledge of artificial intelligence for managers is essential as it will help them upgrade their knowledge and also guide the junior members of their teams for better results. Similarly, the knowledge of artificial intelligence for business leaders is also important as it will help them make better decisions.
AI is the future of the business world and organizations that make the best use of it will emerge as winners in the coming years. It thus goes without saying how business leaders need to value AIML as a long-term investment.
You can opt for the PG program of Great learning, which has consistently ranked as the number one AI program in India for five years. The artificial intelligence course has a comprehensive curriculum, specially designed for working professionals.
You can get to learn about various technologies like ML, deep learning, neural networks, python through the artificial intelligence online course. There is also a personalized mentorship program where experts from the industry will guide you.
Experts from institutions like Great Lakes and The University of Texas at Austin-McCombs have designed the curriculum, keeping in mind the industry requirements.
Also, experts from IIT Bombay and other institutions have designed the learning content and assessments. With the artificial intelligence certification from UT Austin and Great Lakes, you can successfully make a career transition or even enter the field as a fresher.
The future of AI is brighter than ever, so you can expect a rewarding career for yourself.
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