The overall size of global markets for machine learning and artificial intelligence-based solutions are highly limited but are on demand. With time machine-learning applications are becoming more accessible and affordable at the enterprise level.
Machine learning is a category of algorithm that allows software applications to become more correct in predicting outcomes without being explicitly programmed. The basic premise of machine learning is to build algorithms that can receive input data and use statistical analysis to predict an output while updating outputs as new data becomes available.
Types of machine learning algorithms
Just as there are nearly limitless uses of machine learning, there is no shortage of machine learning algorithms. They range from the equally simple to the highly complex. Here are a few of the most commonly used models:
Machine learning algorithm involves identifying an association generally between two variables and using that correlation to make predictions about future data points.