India is aiming at a trillion dollar digital economy by 2025 and being the fastest growing economy she has the potential to do so. Through the many initiatives and boosters provided by the government, industries across the country slowly but steadily are increasingly embracing technologies like the AI and Machine Learning. As digital transformation is the trend of the hour, it is very interesting to understand how a cutting edge technology like Machine Learning can have a deep impact on India’s economy.
How can Machine Learning have an impact on the economy?
Understanding Machine Learning (ML)
We are living in the age of Industry 4.0 and digital automation has transformed economies worldwide. Machine Learning is that subset of AI which has enabled machines to come a step closer to us human beings. An ML enabled system is able to learn from experience (data) like us and is instrumental in automation. An ML based system is often used to take the work load off the humans as such a system can easily perform mundane and time consuming tasks without human supervision. Thus, the human resource can be utilized for more creative jobs and machines and humans can come together for a powerful and effective force. Moreover, ML has found application in a variety of sectors like banking, healthcare, e-commerce, education and entertainment.
How various industrial sectors utilize ML?
• Any business enterprise can utilize ML for- better customer satisfaction, increasing efficiency of the entire business model and reducing wastage of time and resources. For instance, online movie streaming platform Netflix take the help of ML enabled systems for making personalized recommendations which in turn helps them to retain valuable customers.
• The banking sector can utilize ML for better serving the consumers and for better security. Now a days banks have chatbots to help consumers in the banks’ online portals. For instance, SIA the chat bot of SBI addresses customer enquiries efficiently. Moreover, as online transactions have increased significantly in India, the banking sector also utilizes ML to check fraudulent activities and provide a secure banking experience.
• The Health care sector of India suffers due to lack of skilled manpower. ML can really help here with help of automatic diagnosis systems and also with tagging and identifying pathogens automatically. It is important to note here that such ML systems have been found to be more accurate than their human counter parts.
How can it impact the employment scenario?
The demand for Machine Learning experts is already high in India and is estimated to keep on rising as more and more companies adopt AI and ML. Moreover, because of the encouraging atmosphere provided by the Indian government many AI and ML based startups have been coming up in India, thus generating more employment. This is why Machine Learning online courses have become very popular. A good Machine Learning online course can definitely let anyone to secure a lucrative job in India because of the high demand.
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