What are the Future Prospects of Jobs in Machine Learning?

The Future Prospects of Jobs in Machine Learning (ML) are brilliant. Nowadays, almost every industry has adopted the technology. ML is a subfield of Artificial intelligence (AI). From entertainment to transportation Machine Learning plays a massive role. Therefore, the need for technology professionals has tremendously increased. Qualified and skilled professionals in ML and AI are, therefore, in demand. Machine Learning is an excellent career choice, indeed. 

The US Bureau of Labor Statistics (BLS) published a handbook on Computer and Information Technology. Wherein as per BLS, the job outlook projected growth rate is 21 per cent from 2021 to 2031. It is, therefore, much faster than the average for all other occupations. The Future Prospects of Jobs in Machine Learning are very favourable.  Further, Machine Learning helps businesses to view the trends in customer choices. Machine Learning supports the development of new products. Indeed, Uber, Amazon, Yahoo, Facebook and Google are making Machine Learning a central part of their operations. History says that every new technology brings job displacement. But simultaneously, brings new areas and creates millions of jobs requiring human employees.

Industries Having the Future Prospects of Jobs in Machine Learning: 

1. Healthcare:

In the healthcare sector, ML plays an important role. AI and ML in Healthcare combine computer science algorithms and datasets to solve the problem. For example, diagnosis processes, drug research, medicine, patient monitoring, care centre, clinic management, etc. done more precisely using AI and ML. Moreover, many healthcare institutions have developed their own AI program to customise their condition. The healthcare industry, therefore, has tremendous Future Prospects for Jobs in Machine Learning.   

2. Finance: 

Hedge funds were the primary user of AI and ML until recently. However, with the advancement of technology, nowadays, many sectors are using AI and ML. Banks, insurance companies, stock brokers and financial institutions are some of the examples of highly impacted areas.  Furthermore, Machine learning in the finance sector 

• Finance monitoring
• Making investment predictions
• Process automation
• Secure transactions
• Risk management
• Financial advisory
• Customer data management
• Decision-making
• Customer retention 
• Marketing
• Customer service
• Operational cost reduction

Therefore, the Future Prospects of Jobs in Machine Learning in the finance sector are rapidly growing. 

3. Automotive: 

Nowadays, people want Smart things. Whether it is their cell phones or their vehicle. For example, Tesla, BMW, Mercedes and Volvo use AI and ML. Start from using robotic machines in the production factory to self-driven vehicles. Furthermore, the automotive sector is adopting AI and ML for the following reasons:

• Improve safety
• Cost saving 
• Predictive maintenance
• Enhanced Driver Experience
• Autonomous Driving
• Driver monitoring
• Driver assistance
• Passenger experience
• Automotive Insurance
• Quality control
• Designing

Statista in its report mentioned the Global automotive intelligence market. The market was at $26.49 billion in 2022. Further, the market is forecasted to reach $74.5 billion by 2030. Overall, the automotive industry is taking leaps in making technology-driven vehicles. 

4. Retail and e-commerce

AI and ML algorithms help companies to analyse customers’ online behaviour. It, therefore, provides sales prediction. In turn, the company can keep the stock balance. Also, the company can follow up with the customer. Future Prospects of Jobs in Machine Learning in the retail and e-commerce sector is a big boom. Furthermore, AI and ML benefit the  retail and e-commerce sector as

• Target Marketing
• High sales
• Inventory management
• Customer support. 

For example, e-commerce companies like Amazon, Alibaba and Ikea are using AL and ML. 

5. Real estate and property valuation

The Future Prospects of Jobs in Machine Learning in Real estate and property valuation are very bright. For instance, AI and ML help in finding the buyer.  Also, monitoring the market and property valuation. Further, nowadays buyers and tenants use online platforms to search the premises. There are various after-sale-purchase formalities, for example, verification of place and paperwork. Therefore, Artificial intelligence and Machine Learning based applications help to complete such formalities. 

5 free resources to help you get a machine learning job – Bing video

Professional Jobs:

1. Data Scientist

A data scientist, for instance, is responsible for collecting, analysing, and interpreting large amounts of unruly data. And then transforming it into a more usable format.

2. Machine Learning Engineer

Machine Learning Engineer, for example, is responsible to design, build and deploy machine learning models. 

3. Research Scientist

A research scientist generally works in academic institutes. Moreover, their focus is on researching and developing new machine-learning algorithms and technologies. 

4. Data Engineer

A data engineer, for instance, ensures that cleaned and formatted data are stored in machine learning models. 

5. Business Intelligence Analyst

A business intelligence analyst is also known as a BI analyst. Further, they study business data and produce future reports. 

6. Artificial Intelligence Engineer

AI Engineer is responsible for developing the AI system. Moreover, they are responsible for implementing AI systems. 

7. Computer Vision Engineer

Computer Vision engineers, for instance, work on image and video analysis, object detection and other related tasks. Further, they develop a program that visualises as well as interprets. 

8. Robotics Engineer

Robotics Engineers develop robotic systems which perform human and non-human activities. Further, Robotics Engineers are responsible for maintaining and repairing the system. 

9. Cybersecurity Analysts

They protect digital infrastructure and assets. In other words, Cybersecurity analysts study large amounts of data that reflect the threats a company may face.

Above mentioned are some of the professions in AI and ML. Hence the Future Prospects of Jobs in Machine Learning are gigantic and immense.  

Jobs might soon replace due to the Advancement of AI and ML: 

There are, indeed, various studies done about the Future Prospects of Jobs in Machine Learning around the world. The below-mentioned jobs might be replaced 

• Customer Service Representatives

• Receptionists
• Bookkeepers
• Salesman
• Vehicle Drivers
• Retail Services
• Proofreaders and Translators
• Security and Military Personnel
• Surgical Assistant
• Courier Services

Further, this brings a negative impact socially and economically worldwide. Although artificial intelligence and Machine Learning replaced several works, but they could not overtake the entire industry. Each development opens new avenues to work, indeed. Moreover, development in technology brings changes. There are several limitations of AI and ML. AI and ML are pre-feed programs. Therefore, they require human supervision. For example, jobs like customer service representative and receptionist involve several emotions. Machine-made programs lack emotion. Also, the salesperson has social or emotional intelligence and reasoning. Therefore, AI and ML programs lack thinking and human creativity. 

Conclusion:

In conclusion, it is hard to forecast the future. But, the Future Prospects of Jobs in Machine Learning are vast. The industry requires qualified and skilled professionals.

Recommended reads:

• Impact of AI and Machine Learning on Employment Opportunities
• Machine learning courses offered by Henry Harvin
• 10 best Machine Learning courses in India

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