Data mining is one of the most widely used methods to extract data from different sources and organize them for better usage. In spite of having different commercial systems for data mining, a lot of challenges come up when they are actually implemented. With rapid evolution in the field of data mining, companies are expected to stay abreast with all the new developments.
Complex algorithms form the basis for data mining as they allow for data segmentation to identify various trends and patterns, detect variations, and predict the probabilities of various events happening. The raw data may come in both analog and digital format, and is inherently based on the source of the data. Companies need to keep track of the latest data mining trends and stay updated to do well in the industry and overcome challenging competition.
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5 Important Future Trends in Data Mining
Businesses which have been slow in adopting the process of data mining are now catching up with the others. Extracting important information through the process of data mining is widely used to make critical business decisions. In the coming decade, we can expect data mining to become as ubiquitous as some of the more prevalent technologies used today. Some of the key data mining trends for the future include -
Multimedia Data Mining
This is one of the latest methods which is catching up because of the growing ability to capture useful data accurately. It involves the extraction of data from different kinds of multimedia sources such as audio, text, hypertext, video, images, etc. and the data is converted into a numerical representation in different formats. This method can be used in clustering and classifications, performing similarity checks, and also to identify associations.
Ubiquitous Data Mining
This method involves the mining of data from mobile devices to get information about individuals. In spite of having several challenges in this type such as complexity, privacy, cost, etc. this method has a lot of opportunities to be enormous in various industries especially in studying human-computer interactions.
Distributed Data Mining
This type of data mining is gaining popularity as it involves the mining of huge amount of information stored in different company locations or at different organizations. Highly sophisticated algorithms are used to extract data from different locations and provide proper insights and reports based upon them.
Spatial and Geographic Data Mining
This is new trending type of data mining which includes extracting information from environmental, astronomical, and geographical data which also includes images taken from outer space. This type of data mining can reveal various aspects such as distance and topology which is mainly used in geographic information systems and other navigation applications.
Time Series and Sequence Data Mining
The primary application of this type of data mining is study of cyclical and seasonal trends. This practice is also helpful in analyzing even random events which occur outside the normal series of events. This method is mainly being use by retail companies to access customer's buying patterns and their behaviors.
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