I've been in grad school in physics for 4 years. Ever since I read MacKay's book on ML I've been obsessed with the field. I have a strong desire to do something with ML technology that real customers would pay for, but I'm a bit clueless about where to look. Questions:
(1) What are some specific commercial applications of ML technology (other than banking/finance which I'm not interested in for personal reasons) I've been looking at medical devices / biometrics, but any other suggestions would be helpful.
(2) Would someone with a physics background be taken seriously? I have a decent amount of experience doing numerical work and data analysis with python / c++, but I suspect that these types of jobs are hyper-competitive even for people with hard-core CS backgrounds.
Medical diagnosis is an area where ML should be used, but isn't. It's been discovered that a decision tree beats a cardiologist for heart attack triage, but no one will touch it (1). In research, it is often used to discover genetic regulatory networks, and other such things. Basically, ML is replacing what would be a boring job for a grad student.
Also look at marketing. Thanks to their ML systems, Walmart knows that people buy poptarts to prepare for a hurricane.
(1) If a cardiologist kills 10/1000 people due to human error (whoops, forgot the aspirin), it happens. If a computer program kills 5/1000 people due to classification error it's 5 lawsuits waiting to happen, provided you can find a cardiologist to say "In hindsight, I would have gotten that right."