The term Big Data refers to large quantities of different types of data produced very quickly from a large number of sources. Handling highly changeable databases in real time requires new tools and methods, such as powerful processors, software and algorithms.
Activities performed electronically and “machine to machine” communications generate large quantities of data, or “big data”, characterised by a high volume, speed, variety, economic and social value and accuracy.
- Volume: refers to large quantities of data generated every second. The volume of data is the main characteristic of Big Data.
- Speed: refers to the speed with which the data are generated, made available, processed in real time and the frequency with which they change over time.
- Variety: refers to different types of structured or unstructured data (text, video, images, etc.) in electronic format that are made available.
- Value: refers to what occurs after the data have been accessed or integrated. The use of Big Data to make decisions eventually creates value for companies.
- Accuracy: refers to the reliability of the data. Quality, authenticity and precision, including the inherent uncertainty of data such as weather forecasts.