Big data is a term for immense amounts of data that are so large as to be difficult to nearly impossible to store, analyze and manage using current technologies — ranging from millions of real-time data feeds to streaming video to medical imaging.
“The sheer volume of data is a global phenomenon — but what does it mean? Many citizens around the world regard this collection of information with deep suspicion, seeing the data flood as nothing more than an intrusion of their privacy. But there is strong evidence that big data can play a significant economic role to the benefit not only of private commerce but also of national economies and their citizens,” the McKinsey Global Institute found in the report entitled, “Big data: The next frontier for innovation, competition, and productivity.”