Is Machine Learning future proof?
As per an estimate, globally, machine learning jobs are projected to be worth almost USD 31 billion by 2024. That's a tremendous annual growth rate of more than 40% over six years.
These statistics underscore the need for machine learning expertise, and if you're willing to put in the effort, you could be on your way to an exceptional new career. Also, the demand for proficient AI professionals already surpasses data scientists, and this trend is expected to continue for the foreseeable future.
Based on this, we can say yes, AI- ML will be a sought-after area in 2024 and later on too. But let's understand further why and how this will grow more in the future.
Manufacturing - With decreasing lead times and aggressive GTM (Go to Market) strategies, firms are applying ML to identify probable failures well in advance and fix them instead of suffering downtime. This is Predictive Analytics.
Healthcare - The healthcare sector uses advanced ML and Deep Learning techniques to identify tumors based on the medical imaging process. And in the future, this is going to be a game-changer to identify the signature profiles of Covid, Cancer, etc., accurately to get to an early diagnosis.
Retail - Big retailers like Amazon use object and image recognition techniques to prevent malicious content from being uploaded by retailers on their platforms. These are done through AI-ML techniques based on identifying abnormal patterns and pictures. In addition, as more and more people buy on the web, ML becomes a powerful tool to make the buying experience safer.
Financial/Credit Card Fraud - Banks and Finance companies use artificial intelligence and machine learning to identify irregular patterns based on transactions and account behavior to flag fraud.
As you can see, all of these are recognized and impactful applications of Machine Learning in addressing problems at a scale that humans cannot handle. There are many more such use cases in other sectors that need ML.
If you consider these statistics and numbers, there is no doubt that Machine Learning is a good career option and future-proof. There are also multiple reasons to back it, except for a high pay scale.
Firstly, Machine Learning has seen immense growth in the past few years, and it is still growing. Second, it is genuinely futuristic technology.
Machine Learning helps engineers solve multiple real-world issues faced by businesses. One such example is Predictive Analysis. It is now much more accessible than ever to predict a product's success or failure or decision.
Machine Learning options will only grow in the future, which will help you in moving forward. If you keep learning and developing, there is no way your career will hit a stagnation point.
Lastly, it's fantastic! Isn't it? Undoubtedly, the reason for asking the question was that you like something about Machine Learning and artificial intelligence; that's why you are here and reading this section. It is a technology in itself that inspires you and motivates you to achieve something more. This excitement will not run away. There are so many chances that you can explore ML.
So don't wait and sit ideal; let's dive into futuristic technology. To know more, get in touch with us.
