Performing time series analytics
As you start to capture and store IoT or application log data, an opportunity arises to perform time series analysis, a technique in statistics that helps you perform trend analysis, forecasting, detect anomalies, and more. Time series analysis can be a helpful asset whenever you have time series data – that is, data that is produced over a certain period. Here are a few real-world scenarios where it can be useful:
- Stock price analysis: Every stock trade operation records a date and time when the event occurred. By analyzing stock market transactions, you can determine trends for a given stock or industry, or detect outliers in the middle of millions of transactions.
- Energy consumption forecasting: Energy consumption for buildings varies based on several factors, including the season, day of the week, building traffic, and others. Time series analysis can help you understand energy consumption patterns over time to plan expenditure...