chapter  2
16 Pages

What Is Big Data?

ByFrédéric Lefebvre-Naré, Sebastian Lemire, Gustav Jakob Petersson

One novel aspect of Big Data, arguably a driver of the Big Data revolution, is the technological change dramatically reducing the unit cost for collecting, storing, and transmitting raw data. The low cost and high capacity for data storage is made possible by the way data are managed within information systems. Looking for correlation is nothing new, but a novelty is the unprecedented power of real-time processing algorithms. A new community of researchers is emerging, experts in the extraction of value from Big Data: The data scientists. To correctly realize the opportunities, however, distinctions are called for which can stimulate a debate on which types of Big Data are most relevant to evaluators. In the regard, the novelty of Big Data is perhaps best viewed as an unprecedented expansion of technical abilities to capture, store, access, and make sense of new forms of data.