Implications of Emerging Data Mining

Abstract

Data Mining describes a technology that discovers non-trivial hidden patterns in a large collection of data. Although this technology has a tremendous impact on our lives, the invaluable contributions of this invisible technology often go unnoticed. This paper discusses advances in data mining while focusing on the emerging data mining capability. Such data mining applications perform multidimensional mining on a wide variety of heterogeneous data sources, providing solutions to many unresolved problems. This paper also highlights the advantages and disadvantages arising from the ever-expanding scope of data mining. Data Mining augments human intelligence by equipping us with a wealth of knowledge and by empowering us to perform our daily tasks better. As the mining scope and capacity increases, users and organizations become more willing to compromise privacy. The huge data stores of the ‚master miners‘ allow them to gain deep insights into individual lifestyles and their social and behavioural patterns. Data integration and analysis capability of combining business and financial trends together with the ability to deterministically track market changes will drastically affect our lives.