Machine Learning, a sub-branch of Artificial Intelligence, has established itself as the new go-to technology for businesses worldwide. Whether it is e-commerce or healthcare, almost all industries are using Machine Learning extensively to make futuristic solutions and products. Machine Learning depends heavily on programs and algorithms that help machines self-learn without having to be instructed explicitly. Machine Learning is pretty much dictating our daily lives- how do you wonder? Let’s look at the top applications of Machine Learning to understand how it is shaping the digital economy.
Dynamic Pricing
As crucial as it is, pricing strategy is one of the oldest puzzles of the modern economy. Whether it is the entertainment industry or the consumables industry, efficient product pricing is essential for profit margins and affordability. Depending on the objective, there are several pricing strategies that businesses can choose for sales and marketing.
Transportation and Commuting
All the taxi-booking, and vacation planning apps that you use run on machine learning. Whether it is customer experience or demand-supply gap, machine learning systems use data to manage and optimize the booking process. While using a ride-booking app, you must have come across recommended destinations.
Fraud Detection
While the vast amount of data available on the internet makes for a great case of data studies and analysis, it also increases the chances of fraudulent activities. Machine learning is emerging as an effective technology to secure our cyberspace. Supervised and unsupervised ML models are being used to detect different kinds of online frauds, ranging from spotting anomalous behavior to preventing money laundering.
Virtual Personal Assistant
Virtual personal assistants have surfaced as one of the most significant finds of the 21st century. Machine learning algorithms have done phenomenal work in the field of speech recognition, natural language processing, text-to-speech, and speech-to-text conversion. Once you ask them a question, they scan through the internet to find relevant answers.
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