When collected data sets become difficult to process using conventional methods, many businesses called it Big Data. Capture, storage, analysis, sharing, and transfer of data becomes more difficult when it gets to the Big Data level. Of course we are talking about data sets that are multiples of terabytes or larger than Exabyte. Yet they are important to spot business trends, determine quality of research, prevention of diseases, combat crime, real time traffic information and many others according to Wikipedia. Barron’s recently made a case arguing that even sports data is ready for Big Data analysis.
Today the processing power to analyze Big Data could come from clouds. It can revolutionize the scientific world by giving capabilities to analyze vast amount of data already collected on many fields including meteorology, genomics, and complex physics and by proving storage capacities needed for Big Data storage. The rise of multimedia and social media will make a case for Big Data analyses. Today data is an important factor for industry and business function. Big Data can create value by unlocking value and create next generation of products and services. Big Data will play a key role in competition. Big Data also faces obstacles such as policies for privacy, security, liability and intellectual property rights.