What is Real-Time Data? Definition, Importance, How it Works & Use Cases

Real-time data is information that is delivered and processed immediately after it's collected, enabling businesses to act on the data quickly. It is characterized by velocity, volume, and variety of data types. Real-time data allows businesses to make more informed decisions and respond to market demands swiftly. Real-time data processing involves a series of steps that enable immediate collection and analysis of data as it's generated. Real-time data has numerous applications across industries, enabling businesses to respond quickly to changes and make timely decisions.