The analytics and applications of big data and machine learning

Abstract

Economic and social activities in today's world are becoming increasingly digital. The Internet and the assistance of artificial intelligence technologies have led to massive amounts of data from these activities. These data come from different sources and in various forms, both structured and unstructured. Some data have large sample sizes, while there are also high-dimensional, enormous data in which the dimensionality of the explanatory variables surpasses the sample size. These enormous data sets are valuable, and they could drive a variety of economic activities. Big data production, machine learning, and statistics are deeply interrelated. This article discusses the concepts and methods of big data and machine learning from the characteristics of big data and the nature of machine learning. In particular, the four characteristics of big data are deeply analyzed and discussed. In addition, the analysis discusses the relationship between machine learning and big data. The article concludes with a summary and outlook of the whole article.