1. Machine Learning: What It Is and How It’s Used
Make machine learning and data science projects simpler with cloud-based technologies
What is Machine Learning?
Data science technology is growing in popularity—and it is fueling one of the hottest segments of the software industry. According to a report by Market Research Future, the global machine learning market will see a compound annual growth rate of 42 percent between 2018 and 2024, driven in part by the rise in the ability to ingest and process unstructured data at scale, and the widespread adoption of cloud-based services.1
Data scientists use machine learning algorithms to extract knowledge and insights from a given data set. These insights can be used by applications and business analytics systems to drive decision-making.
This guide describes how you can use machine learning technology in conjunction with a comprehensive data platform that includes mature Oracle technologies for data management across data lakes and data warehouses, data preparation, and analysis—backed by complementary applications, tools, frameworks, and infrastructure.
Who Uses Machine Learning?
Whenever we interact with banks, shop online, or use social media networks, machine learning algorithms are making our experiences more valuable, efficient, and secure. According to The Data Warehouse Institute (TDWI), which surveyed a wide range of companies about their use of AI and machine learning, 92 percent of today’s companies use machine learning technology in some fashion and 85 percent are building predictive models with machine learning tools.2
For example, financial institutions use machine learning to determine a person’s credit score to aid in loan approval decisions. Manufacturers use machine learning to monitor production equipment and avert potential downtime, or identify root causes of product defects.
From improving crop yields to predicting fraud, forward-looking organizations depend on machine learning technologies to gain better insights, make better decisions, and improve their competitive advantage in rapidly evolving markets.
Machine learning has blossomed across a wide range of industries and support a variety of use cases, including:
Customer lifetime value
Retention / churn models
1 Machine Learning Market Research Report - Global Forecast to 2024, September, 2019
2 Halper, Fern, Ph. D., Best Practices Report: “Driving Digital Transformation Using AI and Machine Learning” (tdwi.org/bpreports – September 25, 2019).