Impact of COVID 19 on Machine Learning in the business opportunities marketplace
The COVID 19 pandemic is one of the major occurrences to have affected the whole world in 2020. The fact that maintaining a safe distance from each other is the only way to avoid falling sick is what has made us stay at home for the past few months. This disease has brought our lives to a standstill and many industries have been affected owing to its extensive spread. So, what is the exact impact of COVID-19 on the business opportunities marketplace with regards to machine learning? To understand this better, we need to discuss the market share first.
Machine learning market share explained
Machine learning is a part of the larger Artificial Intelligence and is meant to make computers learn and improve over a period of time, without using any special programming tools. The global machine learning market size was valued at USD 6.9 billion in 2018 and is expected to register a CAGR (Compound Annual Growth Rate) of 43.8% between the years 2019 and 2025.
There are many key players as far as the market share is concerned. These include Amazon Web, Google, Microsoft, Hewlett Packard, Intel and SAP, to name a few. In addition to these, several smaller companies have a reasonable global market share in machine learning as a means to create disruptive technologies.
Let us now take a look at what the research and markets have to say about the impact of COVID-19 on machine learning business opportunities.
Effects of COVID-19 pandemic in the business opportunities marketplace
The main benefit of machine learning is to provide innovative customer experience. Without being programmed, machines behave in a certain way that is more humane. So, customers who are looking for specific products and services will find better search results, to start with.
In the current circumstances, most of the people worldwide are relying on eCommerce websites and digital products and services. From groceries to electronics and FMCGs, everything is being bought from online resources. With the integration of machine learning, businesses are able to meet the diverse needs of their customers in a more relevant manner. Supply chain management is yet another industry that has enhanced its efficiency by using machine learning in its systems.
The rate of business growth for all such establishments has seen a rise owing to the COVID-19 pandemic. People have been advised not to venture out of their houses unless it is unavoidable and therefore, they are making the most of online shopping. There are many business opportunities that can be pursued in this industry if you have the ideal strategy to create quality products and services and reach out to the target market.
The other thing worth a mention is the development of mobile apps based on machine learning. Optimizing the user experience and using customer-behavior as a basis, these devices are able to make the purchase of products and services better and effortless, thus incentivizing the customers to return for more.
Here are a few other industries/businesses that continue to grow without any major impact of COVID-19:
Cybersecurity-Cyber attacks have become closer to our systems we can imagine. The threat of some spyware or virus attacking our devices, programs, networks, etc. is mounting and with the help of the efficient cybersecurity tools, establishments are able to save themselves and ultimately, their clients.
Big data-Everything is based on data. Businesses rely on large amounts of data for their day-to-day operations and it is important that structured and unstructured data is analyzed so as to get the relevant information that can be used for its success. Whatever is the size of the data, it needs to be curated so as to extract the key points without spending much time and big data makes this possible.
Advertising-Though you have a world-class product/service, it has to reach the target audience and hence, adopting the right advertising strategy is key. As mentioned earlier, most of the businesses focus on their online perception and hence, having an SEO plan is the need of the hour
Financial institutions-New and innovative businesses are coming up and in order for them to get established, they need financial help. Financial institutions such as banks provide the required capital to get them going.
IT sector-Last, but not least, the IT sector is yet another growing industry that is not affected by the said pandemic. All the above-mentioned businesses or opportunities rely on the IT sector for their technological needs and hence, this is an industry that continues to strive.
Machine learning is a concept that cannot be ignored. It has evolved over the years as an important part of Artificial Intelligence that can make machines think and act like humans. The COVID 19 pandemic has made industries realize its importance even more and hence, it has been incorporated into a number of business opportunities.