Data Mining – Definition, Techniques and Challenges

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The concept of data analysis has always existed. The evolution of this analysis has progressed as follows:

  • 1960’s: What was my total income of last year?
  • 1980’s: What was my total income of electronics department last year?
  • 1990’s: What was my monthly net revenue of electronics department within the last year?
  • Today: What is likely to be my monthly net income this coming year and why?

This means we are able to make predictions based on data analysis. An estimation of the digital universe size was made in December, 2012 to b 2,837 exabytes (EB) and the forecast was to grow to 40,000EB by 2020.

1 EB (exabyte) = 1000 PB (petabyte) = 1,000,000 TB (terabyte) 

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