Machine learning is a branch of Artificial Intelligence which allows machines to learn and improve from experience automatically, giving computers the ability to develop without being programmed.
It’s one of the most important developments in the modern working industry and is used in many ways, such as analysing large chunks of data, data extractions and interpretations.
In healthcare, machine learning enables providers to generate large volumes of data and carry out critical clinical decisions. Its algorithms can detect patterns associated with diseases and health conditions by studying thousands of healthcare records and other patient data.
A Market Size Rise Of $12.61 Billion Is Expected For Machine Learning By 2030
The market size in machine learning is projected to reach US $6.41bn in 2023 and show an annual growth rate of 16.81%, resulting in a market volume of US $19.02bn in 2030.
In addition, the integration of machine learning with other technologies such as natural language processing and computer vision is expected to create new growth opportunities in the coming years.
Potential challenges for this market do exist however, with a lack of skilled talent and concerns around data privacy looming like a grey cloud.
China Projected The Highest Growth In Market Size With a 385% Increase By 2030
China’s automotive market stands as the largest in the world, with the number of vehicles in use surpassing the US and machine learning could have the greatest potential impact on this sector.
There are a number of security risks to machine learning which includes training data poisoning, adversarial inputs, or model inversion and adversarial inference attacks which can expose model parameters or training data.
Bias can creep into machine learning systems and ethics concerns remain at the forefront of the industry, which is poised for incredible growth in the forthcoming years.