As the field of machine learning is progressing with spontaneous growth, Analytics Insight estimates machine learning to reach US$80.3 billion in revenue by the year 2023, with a CAGR of 33.6% from 2020.
Machine learning-powered solutions and processes have infiltrated into diverse sectors that include healthcare, information technology (IT), agriculture, education, electronics, and many more. Additionally, there has also been a surge in profit maximization, cost management, swiftness, customer loyalty, and retention.
Healthcare has been a major factor in fuelling the growth of machine learning
Reportedly, the growth of machine learning technology from 2020 to 2021 has been majorly fuelled by the healthcare sector. To talk on obvious lines, the healthcare sector saw a massive crowd since the breakout of the Covid-19 pandemic. This caused an inadequacy of medical professionals and staff to provide proper care to each patient. The reason being, as also complained by the medical professionals, the employees have to split their focus between the logistics and the ailing people, which curtailed the proper attention patients require. Artificial intelligence and machine learning are adopted to curb this particular problem.
The efforts have borne fruits and the healthcare sector is now thriving on machine learning-based solutions.
Mounting on it, pharmaceuticals and laboratories are largely adopting ML to develop vaccines at a rapid rate and in adequate amounts.
This has also been confirmed by the researchers at the Massachusetts Institute of Technology. They have established a model that derives and uses data from the Covid-19 pandemic. The model is designed in a manner that leverages machine intelligent algorithms in determining and predicting the spread of the virus. Such advancement promotes the growth and adoption of ML globally and also justifies the boost in the growth.
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Source: https://www.analyticsinsight.net/machine-learning-is-expected-to-reach-us80-3-billion-in-revenue-by-2023/
