Time series analytics plays an important role in a wide range of real-life problems containing temporal components. Deep learning techniques have an effective and important role in solving time series forecasting problems. It can handle multiple input variables, support multivariate inputs, complex nonlinear relationships, and may not require a scaled or stationary time series as input.
These algorithms and techniques are used to build deep learning models for a vast range of time series analysis tasks including anomaly detection, classification, forecasting, among others.
Data Quality and Noise: Time series data may have missing values and be noisy. Preprocessing techniques must be employed to address these problems since deep learning models are susceptible to data quality.
Limited Data: Deep learning models often require many data to function at their greatest. Getting enough labeled time series data can be difficult in some applications.
Complex Model Selection: It can be challenging to select the ideal deep learning architecture and hyperparameters. There fails to be a single model that works for everyone, and much testing is frequently required.
Overfitting: Deep learning models might overfit, especially if the dataset is small or if the model is overly intricate. To lessen this problem, early stopping and proper regularization are required.
Computational Resources: Deep learning models can be exorbitantly expensive for smaller businesses or applications with inadequate hardware since they require much computational power, particularly for large models.
Data Stationarity: Deep learning models typically assume that the data is stationary or that its statistical characteristics remain constant over time. It can be rigorously used to tweak models for non-stationary data.
Temporal Resolution: Due to models often operating at a fixed temporal resolution, they might be unable to detect finely explained temporal patterns. Variations in frequency, whether high or low, might be overlooked.
Generalization: It cannot be easy to make sure deep learning models transfer well to new data and eras, particularly when past trends break down in the future.
Feature Engineering: Extracting significant features from unprocessed data necessitates domain knowledge, which makes feature engineering for time series data challenging.
Ensemble Learning: Because deep learning models have diversity problems, developing ensemble models for time series analysis can be difficult and may not always result in performance gains.
Interactions and Causality: While deep learning models can pick out the trends in time series data, they are also not always able to deduce causality or comprehend intricate interactions.
