Businesses able to capitalise on the power of their data will hold all the cards in 2023. Extracting information through the process of data mining permits organisations to predict trends and identify various patterns and variations in consumer behaviour. In short, data is king when it comes to making critical and evidence-based business decisions.
Making the most of organisational data is dependent upon business leaders staying updated on all the latest trends within the data space.
Here are 5 of the top data mining trends that will be critical to business success in 2023.
Multimedia Data Mining.
As the name suggests, multimedia data mining involves the extraction of data from multimedia sources such as audio, text, hypertext, video, images, and more. It is gaining in popularity due to the rise in organisations using these techniques to reach its consumers. The data extracted is used for clustering and classifications, performing similarity checks, and identifying associations.
Ubiquitous Data Mining.
Ubiquitous data mining involves the extraction of data from mobile devices to get information about individuals. This method is predicted to become more popular in 2023 despite its challenges. Some data professionals have expressed concern over complexity, privacy, and cost. Various industries are set to exploit this method especially regarding studying human-computer interactions.
Distributed Data Mining.
Distributed Data Mining is gaining popularity. It involves the mining of a huge amount of information stored in various company locations or within multiple organizations. Distributed Data Mining uses highly sophisticated algorithms to extract data from various locations. This breadth of sources provides better insights for data professionals’ reports.
Spatial and Geographic Data Mining.
This is an emerging data mining trend and involves extracting information from environmental, astronomical, and geographical data. This includes images taken from outer space. Spatial and Geographic Data Mining reveals various aspects such as distance and topology and is likely to mainly be used in geographic information systems and other navigation applications in 2023.
Time Series and Sequence Data Mining.
Primarily, Time Series and Sequence Data Mining is the study of cyclical and seasonal trends. It is also helpful in analysing the random events that occur outside the normal series of events. Retail and eCommerce companies will use this data mining technique in 2023 to help predict consumer buying patterns and behaviours.
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