So far, machine learning has created revolutionary changes in many industries. Many companies in recent years have increased their investments in this technology and have received great results as well. Machine learning is still a developing field, and many opportunities and challenges come with it.
A few opportunities that machine learning awaits are in the following industries:
Stock market- Researchers find profound implications in this area and state that they will be able to refine the entire model of how it works and enable more accurate forecasting of stock prices which will eventually turn the table for stock market investments.
Cybersecurity- A numbers of companies are looking to use machine learning to enable algorithms to self-adjust so that they can regulate data themselves which continuously evolving and growing. This will help keep data more safe and secure.
Some of the challenges of machine learning are:
Overestimation of its capabilities- Sometimes, designers, managers, and entrepreneurs face the challenge of overestimation. They expect algorithms to learn at an incredible speed and have expectations that ML can predict complex queries at its early stage.
Deficit of talent- Although machine learning portrays itself as a fantastic opportunity for growing companies, there is a dire need for specialists who can develop this complex technology. There is a lack of people in the industry who possess the knowledge of software engineering, and that has been quite a challenge for many companies who have the potential but lack the human resources to accomplish the same.
It's very likely machine learning will soon get a world-wide recognition. Nevertheless, engaging in an AI project can be considered high risk, and rewarding. Consequently, one requires being patient, and simultaneously plan accordingly, and give respect to the challenges this innovative technology brings.