March 2020 saw the rise of COVID-19 and with this, people from all over the world became susceptible to this dangerous virus that has proven to be fatal in many countries. According to research and market analysis, the economy has seen a worldwide downfall owing to people staying at homes for the sake of their well-being. However, technologies like machine learning have helped many industries with enhanced business opportunities in the marketplace.
As a result of most retail stores being closed due to the impact of Covid-19, eCommerce websites are being pursued by buyers. The diverse needs of customers are being addressed by relevant websites and mobile apps. Almost everything is available in these online stores and products are delivered to the homes of the respective buyers. For this to be accomplished, the supply chain management industry is flourishing. Streamlining this requires a tool that makes it easier for customers to find what they are looking for effortlessly. It must also help businesses in meeting with such demands on time.
Machine learning, a part of Artificial Intelligence, enables computers to think and act like humans, based on their experiences over time. This does not require them to be programmed specifically. Using this, businesses are able to analyse customer behaviour over time and direct them to the most relevant searches to save time and effort. eCommerce websites are depending on automated systems to offer a better shopping experience to the buyers. From customer service to scheduling of deliveries, machine learning systems are creating effective solutions in the absence of human intervention. Chatbots are excellent examples of AI put to the best use in the current times of reduced workforce.
There are many other fields such as data analysis, cybersecurity, education and the IT industry, which are able to sustain themselves in these difficult times by relying on machine learning. All of these have been recognized as being inevitable in designing the future of the world economy as a whole and hence, are being paired with machine learning so as to create disruptive results.
According to the advocates of machine learning, “The global machine learning market was valued at USD 6.9 billion in 2018 and is expected to reach a CAGR (Compound Annual Growth Rate) of 43.8% from the years 2019 to 2025. This trend is notwithstanding the impact of the pandemic. In addition to the considerable market share held by Amazon Web, Google, Microsoft, Hewlett Packard, etc, there are many other independent entities that have embraced ML as their core tool.”