Machine learning involves using algorithms and large datasets to allow systems to learn from data and improve their performance. There are several types of machine learning including supervised learning for classification and prediction tasks using labeled examples, unsupervised learning like clustering to find hidden patterns in unlabeled data, and reinforcement learning where an agent learns from delayed rewards. Applications of machine learning span many domains like retail for customer segmentation, finance for credit scoring, medicine for diagnosis, and web mining for search engines. The field is growing rapidly due to increased data and computing power enabling complex models to be learned from data rather than being explicitly programmed.