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Growth and Future of Machine Learning

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Growth and Future of Machine Learning

Machine Learning is growing at a tremendous rate and we will soon be able to see its applications across all of the major domains. Various reports regarding machine learning have all pointed to an upward growth curve for this domain. According to IFI Claims Patent Services (Patent Analytics), Machine Learning patents witnessed a growth of 116% CAGR between 2017 and 2018, of which the major patent producers included companies like IBM, Microsoft, Intel, Samsung, Google etc.

A survey by MIT and Google Cloud demonstrates that 60% of the organisations have already been using Machine Learning strategies and one-third of them are at an early stage of development. This report by Forrester predicts huge growth for Machine Learning, which forecasts that the Predictive Analytics and Machine Learning (PAML) market will grow at 21% CAGR through 2021.

According to a study by Preqin, 1,360 quantitative funds are known to use computer models in their trading process, representing 9% of all funds. Firms organise cash prizes for an individual's machine learning strategy if it makes money in the test phase and in fact, invest their own money and take it in the live trading phase. Thus, in the race to be one step ahead of the competition, everyone, be it billion dollar hedge funds or the individual trade, all are trying to understand and implement machine learning in their trading strategies. Companies are encouraging their employees to start learning machine learning basics.

Businesses and other major domains are not just adopting new technologies but are adopting new machine learning technologies to automate many of the processes which are helping them increase their productivity. We are now entering into the age of Artificial Intelligence and Machine Learning, thus, making it a domain impossible to ignore and a lot to explore!