Big data is a term that can be explained with the availability of structured and unstructured data and the exponential growth. The data is considered to be so huge that it is not possible for processing it through the software techniques and the traditional database.
In the year 2001, the market analyst named Doug Laney defined the big data with the help of three Vs, namely Variety, Velocity and Volume.
- Variety: The data can be presented in various formats. It can either be structured or numeric within the traditional database. The information here can be created with the line of business applications. The audio, video, email, unstructured text documents, stock ticker data and the financial transactions can also be included. Most of the organizations can involve in activities like merging, managing and governing the different types of data.
- Velocity: The data streaming activities can be managed in a timely manner if there are unprecedented speeds. The sensors, smart metering techniques and the RFID tags are increasing the need of data torrents to be activated in real time. The quick reaction against the data velocity can be the challenge for many of the organizations.
- Volume: Different factors can increase the volume of the data. All the transaction based data can be stored for many years. The unstructured data streaming can be done within the social media. Large number of sensors and machine data can be gathered. Many years back, there was storage issue for huge volume of data. When the storage costs decrease, different other issues can appear. The analytics can be created with large volume of data and the relevance within the data can be easily determined.