Data Mining is concerned with the extraction of new and useful information and patterns from any data or database. What are the different application areas of data mining? Find below a list of some of the important areas of application of data mining.
- Text Data mining
- Fraud detection
- Financial Data Mining
- Scientific Data Mining
- Direct Marketing
- Industrial Data Mining
- Pharmaceutical / Medical Data Mining
- Web Mining
- Retail business
- Telecom sector
The different applications of data mining use different parameters to analyze any given set of data. Some of the methods include association of one event with another, sequence analysis, clustering, classification and forecasting.
Data mining is getting better with the rapid advancement of modern technologies. Some of the obvious reasons that have brought data mining into the forefront include,
- Increase of computer networks
- Improved search algorithms
- Client server technology
- Better data integration
- Increase in information availability
- Reduction in data storage cost
- Increase of computing power
Today as a standard many organizations use customer forms and questioners to gather data from customers that will prove beneficial in the future. However there are a few limitations of data mining that is being mentioned by the general people and also by the industry experts. Some of them issues include infringement of privacy, software type, interoperability of databases, quality of data etc.
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