Come to think of it, if machines really start thinking like humans and solving problems at hand on their own, what would it be like? Do remember, when humans solve problems at hand, its not always the best solution, yet the world seems to be going crazy over artificial intelligence and implementation of machine learning algorithms. What good could it do?
Well according to a research from global market intelligence firm, Research on Global Markets, machine learning has high implementation value in financial sector, retail sector and transportation sector and the global machine learning market is expected to reach a value of nearly INR 550 Bn. By 2023. While this may be true for the global market as there are many evolved and technologically mature countries like US, China and Japan, when it comes to India, things are not as simple.
The machine learning market in India is still at a nascent stage and investments are expected to grow in this space as going by the trends of investments, the highest investments in Artificial Intelligence space have been directed towards application of machine learning algorithms. Hence it is predicted that this market will see a huge spike. But what has been stopping it from growing until now?
India is a gold mine of data given the population of the country. All kinds of data be it the retail sector, financial sector, or even the healthcare and education sector, India has a huge repository. But not everything is recorded and documented properly and that’s a very big reason why implementation of machine learning has not been possible. For the machine learning market in India to achieve its full potential, it’s important that a variety of data sets are available on cloud networks. Unfortunately, as a country we took on the cloud wave pretty late and there are still sections of the society who do not even have their voter id cards. Hence, to digitalize this huge repository is going to take a really long time.
Another reason which has acted as a deterrent for the machine learning market in India is the data security and privacy concerns. As representatives of companies call individuals to gather data and private information to fill in their database, people have become weary of sharing information for the fear of misuse of data. This is also slowing down the process of data collection and digitization.
But despite all the odds, given the initiative like Digital India from the government of India, it appears that the country is warming up to embracing new technologies and hence the implementation of machine learning algorithms is just around the corner.
Well according to a research from global market intelligence firm, Research on Global Markets, machine learning has high implementation value in financial sector, retail sector and transportation sector and the global machine learning market is expected to reach a value of nearly INR 550 Bn. By 2023. While this may be true for the global market as there are many evolved and technologically mature countries like US, China and Japan, when it comes to India, things are not as simple.
 |
| Machine Learning Market in India |
India is a gold mine of data given the population of the country. All kinds of data be it the retail sector, financial sector, or even the healthcare and education sector, India has a huge repository. But not everything is recorded and documented properly and that’s a very big reason why implementation of machine learning has not been possible. For the machine learning market in India to achieve its full potential, it’s important that a variety of data sets are available on cloud networks. Unfortunately, as a country we took on the cloud wave pretty late and there are still sections of the society who do not even have their voter id cards. Hence, to digitalize this huge repository is going to take a really long time.
Another reason which has acted as a deterrent for the machine learning market in India is the data security and privacy concerns. As representatives of companies call individuals to gather data and private information to fill in their database, people have become weary of sharing information for the fear of misuse of data. This is also slowing down the process of data collection and digitization.
But despite all the odds, given the initiative like Digital India from the government of India, it appears that the country is warming up to embracing new technologies and hence the implementation of machine learning algorithms is just around the corner.
For more information, download machine
learning market in India: https://www.researchonglobalmarkets.com/machine-learning-market-in-india-2018-2023.html
No comments:
Post a Comment