Amazon Forecast

8 views

0 upvotes

Updated On June 16, 2025

Visit Website

Overview

Category: Machine Learning

Pricing Model: Usage-Based

Amazon Forecast is a fully managed service provided by Amazon Web Services (AWS) that leverages machine learning to generate accurate time series forecasts. It's based on the same technology used by Amazon.com for its own forecasting needs, applying sophisticated algorithms to various types of data.

The service simplifies the process of building forecasting models, even for users without deep machine learning expertise. Users provide historical time series data (like demand for products, website traffic, or financial data), and Amazon Forecast automatically evaluates various algorithms, selects the best one, trains a model, and generates predictions. It handles tasks like data preparation, algorithm selection, training, and deployment, significantly reducing the time and effort required compared to traditional forecasting methods or building custom ML models.

Key Features

Automated Machine Learning: Automatically inspects data, selects algorithms, trains models, and provides forecasts.
Multiple Algorithms: Supports various algorithms including ARIMA, Prophet, DeepAR+, CNN-QR, and state-space models.
Hierarchical Forecasting: Generates forecasts at multiple levels of aggregation.
Related Time Series: Incorporates additional data (e.g., price, promotions, weather) to improve accuracy.
Item Metadata: Uses static item attributes (e.g., color, category) for better modeling.
Cold Start Forecasting: Generates forecasts for new items with limited or no historical data.
Explainability: Provides insights into factors influencing forecasts.
Built-in Holiday Calendars: Automatically accounts for holiday effects across many countries.
Fully Managed Service: No infrastructure to provision or manage.