From the course: AI-Powered Time Series Forecasting with Python

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What are near real-time systems?

What are near real-time systems?

Near-real-time forecasting, typically just called near-time forecasting, is a powerful approach that can be sufficient for many business needs. First, let's define what we mean by near-time. A near-time system processes and delivers data with a slight delay, typically ranging from a few seconds to a few minutes. It strikes a balance between the immediacy of real-time systems and the batch processing of historical data. That makes near-time systems very suitable for many business cases where a small delay is acceptable. Now let's look at the characteristics of near- time systems. These systems process data at frequent regular intervals such as every few minutes. They provide results or insights with a short delay. And to do this, near-time systems often utilize micro-batch processing techniques that offer a compromise between latency and computational efficiency. So when should you consider near time systems? One scenario is when you need frequent data updates, but you don't…

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