In data analysis, the acronym 'ML' stands for machine learning. This subfield of artificial intelligence focuses on creating algorithms that enable computers to learn from and make predictions based on data. ML plays a crucial role in automating tasks that traditionally require human intelligence, such as recognizing patterns, filtering information, and optimizing processes. Applications of ML include natural language processing, image recognition, and predictive analytics, making it an essential component in modern data-driven decision-making for businesses across various industries.