If you’ve been thinking about machine learning in the last couple of years, you’re not the only one. It’s big business and can have a significant impact on the way companies perform, providing a much-needed competitive advantage.
The statistics bear that out. For example, according to Markets and Markets, the global ML market is expected to be worth over $115 billion by 2027, while AI and ML advancements are set to increase global GDP by 14% from 2019 to 2030. In addition, Netflix says it’s been able to save $1 billion by using machine learning. Now that we know why ML is essential; let’s take a quick refresher on what exactly machine learning is before we move on to the seven steps of the ML life cycle.