The concept of Big Data isn’t complex consideration as it clearly refers to a large amount of data. A much bigger amount of data is often considered impossible to process using traditional mechanisms.
The size of stored information about our entire dealing and behavior massively increased over the last couple of years. This new world of technology is also called the Digital Age and is growing rapidly with every passing day.
Big Data arrival (3 V’s)
Keep in mind that the concept of the 3 V’s is typically linked to the earlier definition of Big Data. The defining characteristics of Big Data aren’t complex theories. These three V’s are pointing to Volume, Velocity, and Variety.
Volume
The Volume in 3 V’s deals with the actual and genuine amount of data and its weight on the storage devices. However, the virtual size of a single piece of information is considered nothing on a massive number of items.
There are billions of people around the world and even individuals consist of significantly more potential data. This large amount of data needs a considerable amount of space for storage. Various studies have pointed out that an average person produces around 1.5 megabytes of data every second.
This stockpile of data needs an always expanding space for storage because everyone needs to store newly produced information.
Velocity
The Velocity points to the speed of newly generated data. It is more challenging for Big Data companies because the data generation speed is continuously boosted by exceeding R&D capabilities.
Moreover, the Velocity is also linked to the processing speed and analyzing the data of companies. It could prevent creating a seemingly infinite backlog of data and information.
Variety
The Variety concept is more interesting and is connected to the nature of information or data. The amount of data becomes harder to process as we shift from structured data to semi-structured data.
Most Big Data technologies are focusing on these types of data. They are trying to make heads or tails out of a massive and rapidly increasing amount of varied data.
Other Big Data Definition
There are more approaches presented to the definition of the Big Data concept. It obviously relies on the provider of a specific definition, but more of them are following the above-mentioned ‘V’ trend. This can include Value, Variability, and Veracity.
Value often refers to the information you actually get from stored data and making future decisions based on its predictions.
Variability is connected to Variety, but relevant to the ever-changing Big Data sources, formats, and structures between analyses.
Veracity points to how truthful the data appears and your trust in it. A large amount of low-quality data isn’t more useful than a smaller amount of high-quality data.
Big Data in our Life
Big Data has already become a major part of our life such as Artificial Intelligence. However, smart assistants including Alexa and Siri are widespread across the globe. Most companies are using Big Data as part of their technologies such as self-driving vehicles.
Moreover, the Big Data industry increased a massive amount of (around $67 billion) revenue worldwide in 2019. The revenue generation from this industry is still rapidly growing with the popularity of Cloud-based storage solution options. Experts believe the Big Data analytics market could cross $100 billion by 2023.