Machine Learning vs. Traditional Statistics: Different philosophies, Different Approaches

"Machine Learning (ML)" and "Traditional Statistics(TS)" have different philosophies in their approaches. With "Data Science" in the forefront getting lots of attention and interest, I like to dedicate this blog to discuss the differentiation between the two. I often see discussions and arguments between statisticians and data miners/machine learning practitioners on the definition of "data science" and its coverage and the required skill sets. All is needed, is just paying attention to the evolution of these fields. However, there is a significant difference in approach, applications, and philosophies of the two camps that is often overlooked.