A Comprehensive Review of Statistical and Machine Learning Based Forecasting Techniques and its Application Domains
A Comprehensive Review of Statistical and Machine Learning Based Forecasting Techniques and its Application Domains
Syed Zeeshan Ahmed Naqvi1, Aftab Khan1*, Abdul Majid2, Tahir Javed1 and Muhammad Huzaifa1
ABSTRACT
Machine learning techniques have become pivotal in revolutionizing various industries, offering transformative solutions to complex challenges. This review paper provides an extensive examination of the multifaceted applications of machine learning across diverse sectors. It explores how machine learning is reshaping industries including accommodation, tourism, manufacturing, supply chain, energy and utilities, transportation and logistics, water management and environment, retail and hospitality, pharmaceutical and healthcare, and technology and innovation. This research delves into specific use cases within each industry, highlighting the unique ways in which machine learning is employed to optimize processes, enhance decision-making, and drive innovation. From predicting demand patterns in the hospitality sector to optimizing manufacturing processes through predictive maintenance, machine learning has demonstrated its capacity to deliver tangible benefits. Furthermore, the review discusses the challenges and opportunities associated with integrating machine learning into these sectors, addressing issues related to data privacy, scalability, and ethical considerations. This comprehensive review aims to provide researchers, practitioners, and policymakers with valuable insights into the dynamic landscape of machine learning applications across a wide array of industries, fostering a deeper understanding of its potential and impact on modern business and society.
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