The Semantic Web is a collaborative movement led by the World Wide Web Consortium (W3C) that promotes common formats for data on the World Wide Web. By encouraging the inclusion of semantic content in web pages, the Semantic Web aims at converting the current web of unstructured documents into a "web of data". It builds on the W3C's Resource Description Framework (RDF).
According to the W3C, "The Semantic Web provides a common framework that allows data to be shared and reused across application, enterprise, and community boundaries." W3C Semantic Web Activity
The term was coined by Tim Berners-Lee, the inventor of the World Wide Web and director of the World Wide Web Consortium ("W3C"), which oversees the development of proposed Semantic Web standards. He defines the Semantic Web as "a web of data that can be processed directly and indirectly by machines."
References: Wikipedia.org Semantic Web