Big data refers to extremely large, and complex datasets generally from different sources. It contains a great variety. These datasets are too large to be handled by traditional data processing software. This data is studied and analyzed to spot patterns, trends, and associations. It generally comes from new sources in increasing volumes and speed.
Data storage and computation has become easier, cheaper and more accessible due to recent technological developments. Thus, big data is now being increasingly used by organizations to make better and more accurate business decisions.
The New York Stock Exchange is an example of Big Data that generates about one terabyte of new trade data per day. Another very prominent example of Big Data is the data generated by social media platforms such as Facebook. This includes uploads, chats and comments, etc. on facebook everyday. Big data is of 3 types- structured, unstructured and semi structured.