Machine Learning is a new way of programming. In the traditional way of programming, a human expert creates a program by defining rules that processes data into some output. Machine learning uses a different approach to create a program. By giving it a dataset with the desired output, the machine learning algorithm learns by itself how to generate an output for new unseen data.
ML is adopted by almost all industry segments, from finance to manufacturing. Predictive models help reducing cost, improving quality and enabling new applications.