Segregated flow, including stratified and annular flows, is commonly encountered in several practical applications such as chemical, nuclear, refrigeration, and oil and gas industries. Accurate prediction of liquid holdup and the pressure gradient is of great importance in terms of system design and optimization. The current most widely accepted model for segregated flow is a physics-based two-fluid model that treats gas and liquid phases separately by incorporating mass and momentum conservation equations. It requires empirically derived closure relationships that have the limitation of being applicable only under a narrow range of input parameters under which they were developed. In this paper, we proposed a more generalized machine learning augmented two-fluid model, using a database that spans the range of various flowing conditions and fluid properties. Machine learning algorithms such as random forest, neural networks, and gradient boosting were tested for the best performing data-driven predictive model. The new model proposed in this work successfully captures the complex, dynamic, and non-linear relationships between the friction factor and flowing conditions. A comprehensive model evaluation against nineteen existing correlations shows the best results from the proposed model.