What is Defined as BIG Data?
Big data is a term used to define data sets so large or complex that traditional data processing applications are inadequate to handle it. Typically, Big Data is large VOLUME of data, consists of VARIETY of types (both structured and unstructured) and is being generated at a high VELOCITY. Challenges include analysis, capture, data curation, search, sharing, storage, transfer, visualization, and information privacy.
The term often refers simply to the use of predictive analytics or other certain advanced methods to extract value from data, and seldom to a particular size of data set. Accuracy in big data may lead to more confident decision making. And better decisions can mean greater operational efficiency, cost reductions and reduced risk.