Give reasons for the growing popularity of Data Mining.
Reasons for the growing popularity of Data Mining
Growing Data Volume
The main reason for necessity of automated computer systems for intelligent data analysis is the enormous volume of existing and newly appearing data that require processing. The amount of data accumulated each day by various business, scientific, and governmental organizations around the world is daunting. According to information from GTE research center, only scientific organizations store each day about 1 TB (terabyte!) of new information. And it is well known that academic world is by far not the leading supplier of new data. It becomes impossible for human analysts to cope with such overwhelming amounts of data.
Limitations of Human Analysis
Two other problems that surface when human analysts process data are the inadequecy of the human brain when searching for compex multifactorial dependencies in data, and the lack of objectiveness in such an analysis. A human expert is always a hostage of the previous experience of investigating other systems. Sometimes this helps, sometimes this hurts, but it is almost impossible to get rid of this fact.
Low Cost of Machine Learning
One additional benefit of using automated data mining systems is that this process has a much lower cost than hiring an army of highly trained (and payed) professional statisticians. While data mining does not eliminate human participation in solving the task completely, it significantly simplifies the job and allows an analyst who is not a professional in statistics and programming to manage the process of extracting knowledge from data.
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