Big data refers to the exponential increase in the volume, velocity and variety of data during the last few years. Data is now generated in large volumes, it is frequently generated and accumulated, and it's also available in a variety of structured formats such as databases and unstructured formats such as emails, videos and information gathered through online transactions. Data collected today through browsing and purchasing patterns of the consumers, social media, smart-mobile devices and Geo-location information increases the scope for marketers, and provides them many opportunities to be cost efficient and make better decisions.
By analyzing the abundant data available to them, the marketers can not only allocate marketing budget efficiently, but they can also understand the preferences of consumers and develop better marketing programs that deliver better results. Big Data will also give more information about the consumers than ever before. There are legal and ethical questions pertaining to the ownership of all this information. If legal issues arise in the near future pertaining to legality of Big Data's use,then the law makers and the government will have to probe the doubts regarding privacy and confidentiality of Big Data.
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