This the number of times each day that people search for this term in Google. We base this on an “exact match” count. We use a local search volume metric from Google, so the numbers reflect searches done in the US (on google.com) or on google.co.uk if you are looking at UK data....
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Since it is daily search volume, the number will be smaller than what you would see as its “monthly searches” stat on the Keyword Overview page.