  Machine Learning has been a big success story during the AI resurgence. One
particular stand out success relates to learning from a massive amount of data.
In spite of early assertions of the unreasonable effectiveness of data, there
is increasing recognition for utilizing knowledge whenever it is available or
can be created purposefully. In this paper, we discuss the indispensable role
of knowledge for deeper understanding of content where (i) large amounts of
training data are unavailable, (ii) the objects to be recognized are complex,
(e.g., implicit entities and highly subjective content), and (iii) applications
need to use complementary or related data in multiple modalities/media. What
brings us to the cusp of rapid progress is our ability to (a) create relevant
and reliable knowledge and (b) carefully exploit knowledge to enhance ML/NLP
techniques. Using diverse examples, we seek to foretell unprecedented progress
in our ability for deeper understanding and exploitation of multimodal data and
continued incorporation of knowledge in learning techniques.
