Our technology base has entered the era of Artificial Intelligence, Machine Learning, and Deep Learning. In fact, these are the latest buzzwords swirling around every sector and field. Before discussing their potential in the coming future and addressing what the hype is all about one must realize that these terms can’t be used interchangeably. While Deep learning is contained within Machine Learning, Machine Learning is contained within Artificial Intelligence. Thus, Artificial Intelligence is a bigger ball game altogether.
As per Adobe, 47% of the organizations with mature digital fronts or practices implement AI strategies.
DL vs. ML Vs. AI
To have a fair understanding of how each differs from other and cannot be considered the same in any manner, we can define their functionalities.
Artificial Intelligence occurs when machines exhibit human intelligence and craft a solution for a given problem. In order to achieve this, they need a defined approach where machine learning comes into the picture. Machine Learning parses the available data and learns before making predictions/solution using a defined algorithm.
At last, the approach can be implemented in real-time by using deep learning where different layers of network process different parts of a problem and brings out meaningful information.
How are these technologies impacting every industry?
Let’s begin the conversation with Deep Learning first. It can be referred to as computationally intensive technology where layers under layers together form a deep neural network and process inputs with mathematical operations. From energy market pricing forecast and self-driving cars to applying neural networks in brain cancer detection and finance, there are unlimited applications of Deep learning in the coming future.
As per a report in medium, “Deep Learning can improve earth quake predictions by making calculations better by 50,000%”.
Without realizing much, its safe to say that we are already addicted to Machine Learning applications. It’s a possibility that you are using it right now while reading this blog on social media. From adopting virtual assistants like Siri and Alexa for our day-to-day activities to using the technology for online fraud detection and customer support, Machine learning has sunk in much faster in our lives than we thought.
As per Statwolf,”Due to Machine Learning Algorithm, Netflix saved almost $1 billion. The Algorithm gives suggestion to subscribers for personalized sitcoms and movies”.
Finally, let’s take a closer look at the bigger picture i.e. Artificial Intelligence. A technology, so intense that it can mimic human interactions. It has stepped over every existing technology in the last few years and has changed the business landscape in every way. With many of the known applications, it has caused a deep impact on retail and e-commerce industry. From improving work place communication, HR management to making a difference in healthcare, logistics, and cyber security, the application is massive and endless.
As per IDC, “The amount of spending on AI globally has reached 50.1%, which shall reach $57.6% billion in the year 2021. The major investments have occurred in retail, healthcare, banking, and manufacturing worldwide”.
Thus, the technology, which was once simmering only in labs and was considered only as an imagination has now emerged as a giant. With instant solutions and unimaginable applications, there is no doubt that these massive platforms have much more to unfold in the coming years.