TLDR: Big data refers to large collections of data that are too large or complex to be dealt with by traditional data-processing software. It includes data sets that are too big to comprehend when used in small amounts. Big data analysis presents challenges in capturing, storing, analyzing, and visualizing data. It is associated with the concepts of volume, variety, velocity, and veracity. Big data is used in various fields such as predictive analytics, user behavior analytics, and personalized medicine. It has the potential to create value and improve decision-making in areas like finance, healthcare, and education.
Big data refers to data sets that are too large or complex to be processed by traditional software. These data sets have many entries (rows) or higher complexity (more attributes or columns), which offer greater statistical power but may also lead to a higher false discovery rate. The best interpretation of big data is that it is a large body of information that cannot be comprehended when used in small amounts only.
Analyzing big data presents challenges in capturing, storing, analyzing, and visualizing data. It requires expertise in areas such as automatic identification and data capture, data storage, data analysis, data sharing, data transmission, data visualization, querying, and information privacy. Big data is associated with three key concepts: volume, variety, and velocity. The analysis of big data also requires considering the veracity or quality of the data.
The current usage of the term big data tends to refer to the use of predictive analytics, user behavior analytics, or other advanced data analytics methods that extract value from big data. It is not necessarily about the size of the data set, but rather about the insights and value that can be derived from it. Big data analysis can find new correlations and trends that can be used in various fields such as business, healthcare, and government.
The size and number of available data sets have grown rapidly due to the collection of data by devices such as mobile devices, Internet of Things devices, cameras, and sensors. The global data volume is predicted to grow exponentially, and the spending on big data and business analytics solutions is estimated to reach billions of dollars. Big data has the potential to create value and improve decision-making in various fields, such as finance, healthcare, and education.
In summary, big data refers to large and complex data sets that require specialized tools and techniques for processing and analysis. It presents challenges in capturing, storing, and analyzing data, but also offers opportunities for insights and value creation. Big data is used in various fields to improve decision-making and drive innovation.