Time series forecasting is an approach to predict future data values by analyzing the patterns and trends in past observations over time. Organizations across industries require time series forecasting for a variety of use cases, including seasonal sales prediction, demand forecasting, stock price forecasting, weather forecasting, financial planning, and inventory planning.
Various cutting edge algorithms are available for time series forecasting, such as DeepAR, the seq2seq family, and LSTNet (Long- and Short-term Time-series network). The machine learning (ML) process for time series forecasting is often time-consuming, resource intensive, and requires comparative analysis across multiple parameter combinations and datasets to reach the required precision and accuracy with your models. To determine the best model, developers and data scientists need to:
Select algorithms and hyperparameters.
Build, configure, train, and tune models.
Evaluate these models and compare metrics captured at training and evaluation time.
Visualize results.
Repeat