Usually means: Real-time analysis of current data.
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We found 7 dictionaries that define the word nowcast:

General (5 matching dictionaries)
  1. nowcast: Oxford Learner's Dictionaries
  2. nowcast: Collins English Dictionary
  3. nowcast: Wiktionary
  4. nowcast: Dictionary.com
  5. NowCast (air quality index), Nowcast (Air Quality Index): Wikipedia, the Free Encyclopedia

Tech (2 matching dictionaries)
  1. Glossary of Meteorology (No longer online)
  2. National Weather Service Glossary (No longer online)

Definitions from Wiktionary (nowcast)

verb:  To predict the weather for a very short upcoming period (usually a few hours).
verb:  (statistics, modelling) To estimate what is currently happening based on knowledge of how data is biased.
noun:  (meteorology) A weather forecast predicting the weather for a very short upcoming period, usually only a few hours.
noun:  (statistics, modelling) An estimate made by nowcasting.

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