Overview
Today, more than ever, businesses realize the importance of Machine Learning and Artificial intelligence to stay ahead in the cut-throat competitive market. By leveraging AI and ML technologies, businesses are diving deep into data to achieve their core goals, gain actionable insights, foster data-driven decisions, boost cost-efficiency, increase ROI, and most importantly, to create innovative products/services to cater to the specific tastes of their customer groups.
Here a few ways in which ML and AI applications are helping businesses grow:
  • Predictive maintenance.
  • Automated data entry.
  • Spam detection.
  • Fraud detection and prevention.
  • Sentiment analysis.
  • Product recommendation lists.
  • Customer lifetime value prediction.
  • Enhancing customer satisfaction.
  • Strengthening cybersecurity and preventing data breaches.
As for the future and scope of Machine Learning & AI, there are predictions that by 2020, AI will generate around 2.3 million job opportunities. According to another report, by the end of 2022, the global ML industry will stand at USD 9 billion, growing at an incredible CAGR of 42%. Although the adoption of AI and ML are at a nascent stage in India, essential steps are being taken to boost the AI and ML foothold in India.
The path to becoming a Machine Learning Engineer is pretty straightforward:
  • Get a Bachelor’s/Master’s degree in Computer Science/Data Science/Statistics/Software Engineering.
  • Choose a programming language and master coding in it. For beginners, Python is an excellent choice owing to its simple syntax and easy learning curve.
  • Sharpen your knowledge of Statistics and Probability concepts as they are the foundation of many ML algorithms.
  • Brush up on the fundamental concepts of Software Engineering.
  • Gain data modelling and evaluation experience.
  • Learn how to work with different ML algorithms and libraries.
  • Learn how to use advanced signal processing techniques for feature extraction.
  • Start small and build your own ML projects.
  • Participate in online coding competitions and hackathons. Kaggle is a great platform to start.
  • Read journals, articles, blogs, books, newsletters, etc., to stay updated on the latest advances in ML and AI.
  • Attend Data Science conferences, seminars, webinars, and local meet-ups to connect with people from the field.

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    Summary
    With its world-class infrastructure and flourishing business and financial sectors, Mumbai is one of India’s top emerging AI and ML hubs. Mumbai houses some of the most prominent players in the IT, e-commerce, and finance sectors. And it is a known fact that opportunities for AI/ML applications in these industries are opening up at an unprecedented pace. From IT and e-commerce to healthcare and finance, every industry is leveraging AI and ML for enhancing automation, speeding up business operations, reducing the scope for human errors, fostering innovation, and most importantly, promoting data-driven decision making.
    Mumbai has also seen a massive boost in its startup culture. Both established corporations and startups are creating an enormous demand for skilled and certified AI/ML professionals who can add value to their businesses. In fact, companies are ready to pay hefty compensation to deserving candidates who have the right skills and qualifications.
    Machine Learning & AI Salaries in Mumbai

    Although in Mumbai, the salary prospects and packages are on the higher side (when it comes to AI/ML jobs), the salary of ML and AI professionals usually depends on many factors. The most important deciding factors of the salary scale are company size and reputation, job position, educational background, skillset, and work experience.
    A fresher in the AI/ML field can earn a starting salary Rs. 3-4.5 LPA. As the work experience increases, the salary scale also increases. After 6-8 years of experience, professionals can make somewhere between Rs.5.5-13 LPA. Those who have over ten years of work experience in this domain can earn a yearly package of Rs. 12-20 LPA. Professionals who have more than 15 years of industry experience can command very high salaries ranging between Rs.35-60 LPA or more.

    Machine Learning & AI Career Options in Mumbai

    Mumbai has to offer a host of diverse employment opportunities and job prospects for anyone looking to build a career in AI and ML. Some of the most trending job roles in the AI/ML domain are Data Scientist, NLP Scientist, Robotic Scientist, ML Engineer, Robotics Engineer, Big Data Architect, Data Analyst, Robotics Process Analyst, Business Intelligence Analyst, Analytics Manager, and Research Scientist/Applied Research Scientist.
    Today, we have come to that phase of technological revolution where Artificial Intelligence (AI) is all around us. From automating business operations to assisting the common man in day-to-day life, the applications of AI and Machine Learning (ML) are transforming the world in a way we never imagined before.
    While AI is the science that aims to build intelligent machines that can depict human-like cognitive abilities, Machine Learning is a subset of AI that gives shape to this concept of smart machines. It imparts machines (computers) with the ability to learn from data and perform human-specific tasks. The recent surge of interest in AI and ML technologies has given birth to several miraculous applications of Machine Learning and AI.

    Top 5 Applications of Machine Learning and AI

    1. Smart Personal Assistants
    In the past five years, smart personal assistants have become hugely popular. Siri, Alexa, Cortana, Google Assistant, Amazon Echo, Google Home are all examples of virtual assistants.
    2. Sentiment Analysis

    Sentiment analysis is a real-time ML application that focuses on “opinion mining.” This ML application is designed to analyze and interpret the sentiment, that is, the attitude or opinion of a speaker or a writer. In simple words, it is the process of determining the hidden intent or emotion out of text or spoken words.

    3. Video Surveillance
    Video files can contain a ton of vital information, in fact, much more than what text and other media files usually contain. Hence, companies are now inclining toward smart video surveillance to detect crime and fraudulent activities even before they can happen.

    4. Fraud Detection
    In the face of the rising incidence of cybercrimes, it has become essential to track and prevent fraudulent and suspicious activities before they can compromise the company database. Cybercrimes and security breaches often lead to substantial financial and data losses. Thankfully, Machine Learning is helping make cyberspace and online platforms safer and more secure.

    5. Chatbots
    Chatbots are just like virtual personal assistants. Recently these smart bots have gained immense popularity due to their excellent customer support abilities. Chatbots can interact with customers in real-time and assist them accordingly. They are highly capable of handling customer requests, complaints, and grievances. While chatbots can handle the basic customer support activities and tasks, if need be, they can also escalate to human agents for more complex issues.
    Since AI and ML are emerging technologies, they are in a state of constant evolution. With time, these technologies will become more mature and lead to more such exciting applications and innovations.

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