The world is becoming an increasingly digital space. Today we manage, share and store our lives online. Data now streams from daily life: from device, sensor, computer, smartphone, train busses and many other sources.
Right now as you read Google gets around 2 million searches every minute and Facebook gets 34000 like every minute. In fact if we gather all the data from the beginning of time to year 2007 it will be less than what we now create in a minute that’s a lot of data to deal with.
If we can properly store and process this huge data it can provide lot of insights which allows organization to better understand the market and helps them in making more profits. For example Banking and the Insurance companies can analyze their customer information and their banking information to find a pattern of what customer are actually looking for or what are the issues they are facing. This huge petabytes (1,024 terabytes) or exabytes (1,024 petabytes) of data which you cannot process using your traditional tools is big data. The process of storing and analyzing this huge to get some useful information out of it is termed as Big Data.
Big data is not only about the massive volume of data but also different format of data items which include both structured and unstructured data. The 3Vs that define Big Data are Variety, Velocity and Volume.
Volume – The quantity of data that is generated is very important in this context. The name ‘Big Data’ itself contains a term which is related to size and hence the characteristic.
Variety – The next aspect of Big Data is its variety. This means that the category to which Big Data belongs to is also an essential fact that needs to be known by the data analysts and thus upholding the importance of the Big Data.
Velocity – The term ‘velocity’ in the context refers to the speed of generation of data or how fast the data is generated and processed to meet the demands and the challenges which lie ahead in the path of growth and development.
Businesses now are using Big Data to better understand the customer behavior and optimize and improve business processes. The possible applications of Big Data are endless. This is just the beginning of Big Data economy. Your business needs to come to the Big Data or risk being left behind.
Apache Hadoop an open source framework which helps us to implement Big Data is the hottest ticket in town which I will be covering in my next blog.
Salman Zubair is a Technology Analyst for Big Data at ZSAssociates with 2 years of experience on Big Data. He loves working on Big Data technologies and read and write stuffs about these technologies.