Machine Learning Algorithms for Time Series Analysis and Forecasting

Time series data is being used everywhere, from sales records to patients' health evolution metrics. The ability to deal with this data has become a necessity, and time series analysis and forecasting are used for the same. Every Machine Learning enthusiast would consider these as very important tools, as they deepen the understanding of the characteristics of data. Forecasting is used to predict the value of a variable in the future, based on its past occurrences. A detailed survey of the various methods that are used for forecasting has been presented in this paper. The complete process of forecasting, from preprocessing to validation has also been explained thoroughly. Various statistical and deep learning models have been considered, notably, ARIMA, Prophet and LSTMs. Hybrid versions of Machine Learning models have also been explored and elucidated. Our work can be used by anyone to develop a good understanding of the forecasting process, and to identify various state of the art models which are being used today.