ABSTRACT
Due to the ever-changing dynamics of today’s global market, it is necessary to examine the emerging trends that may impact the businesses of today. Machines are one of the important components of every business planning. As we move forward into the modern era, one of the most amazing innovations we see is of machine learning, in which computers, software, and devices perform via cognition (very similar to the human brain) and altering the processes of firms. The self-learning of machines requires some input, and that magical input is “data.” The datasets available today in the age of information are huge and range from terabytes to exabytes, thus called “big data.” The study is intended to prepare for those, who are eager to know how machine learning is changing business dynamics using big data, how companies can embrace the new technologies of twenty-first century, and what inputs that could be required, along with challenges faced by the firms to adopt these techniques. The study discusses the foundation of machine learning followed by the importance of machine learning algorithms through well-known business applications. The statistics and future directions give us an idea of what everyday smart life could look like in the coming decade.
