The terms 16-bit, 16-bit float, and 32-bit refer to different data formats used to store and represent image information, as bits per pixel.

https://en.wikipedia.org/wiki/Color_depth

In color technology, color depth also known as bit depth, is either the number of bits used to indicate the color of a single pixel, OR the number of bits used for each color component of a single pixel.

When referring to a pixel, the concept can be defined as bits per pixel (bpp).

When referring to a color component, the concept can be defined as bits per component, bits per channel, bits per color (all three abbreviated bpc), and also bits per pixel component, bits per color channel or bits per sample (bps). Modern standards tend to use bits per component, but historical lower-depth systems used bits per pixel more often.

Color depth is only one aspect of color representation, expressing the precision with which the amount of each primary can be expressed; the other aspect is how broad a range of colors can be expressed (the gamut). The definition of both color precision and gamut is accomplished with a color encoding specification which assigns a digital code value to a location in a color space.

(more…)