A review of artificial intelligence based demand forecasting techniques

Abstract

Big data has been generated in various fields. Many companies have now tried to make profits by building a system capable of analyzing big data based on artificial intelligence (AI) techniques. Integrating AI technology has made analyzing and utilizing vast amounts of data increasingly valuable. In particular, demand forecasting with maximum accuracy is critical to government and business management in various fields such as finance, procurement, production and marketing. In this case, it is important to apply an appropriate model that considers the demand pattern for each field. It is possible to analyze complex patterns of real data that can also be enlarged by a traditional time series model or regression model. However, choosing the right model among the various models is difficult without prior knowledge. Many studies based on AI techniques such as machine learning and deep learning have been proven to overcome these problems. In addition, demand forecasting through the analysis of stereotyped data and unstructured data of images or texts has also shown high accuracy. This paper introduces important areas where demand forecasts are relatively active as well as introduces machine learning and deep learning techniques that consider the characteristics of each field.