While artificial intelligence (AI) is the broad science of mimicking human abilities, Machine Learning is a specific subset of AI that trains a machine how to learn. Although many Machine Learning algorithms have been around for a long time, the ability to automatically apply complex mathematical calculations to big data – over and over, faster and faster – is a recent development.
Machine Learning is the shining star of the moment. Its global market is projected to grow from US$7.3 billion in 2020 to US$30.6 billion in 2024, attaining a CAGR of 43%. It’s made possible the invention of self-driving cars, practical speech recognition, effective web search, and a much enhanced understanding of the human genome in the last decade. This technology is now so common that you probably use it dozens of times a day without even realising it.