Forecasting is the process of predicting future events based on historic data. When forecasting is made on a time series data, such as events happening over a time interval, then it is called time series forecasting.
The time series forecasting can be implemented in multiple ways; it can be a simple moving average of the historic values or it can be built considering the factors such as the seasonality component and trend component. The seasonality component is one that has a cyclic behavior and repeats over a fixed time interval, whereas a trend component is generally short-lived and a gradual change that can move the value either upward or downward.
Time series forecasting has been in use across multiple industries for quite some time; it is commonly used for sales forecasting so that the raw material can be procured accordingly. The famous example for forecasting is weather forecasting, where based on the pattern in the past and recent changes, the future...