Big Data is a term that you may have heard before. But what is it? And how important can it be to our daily lives?
Big Data is an easy concept. It is simply large amounts of data. These data can be so large that it might seem difficult to process with conventional methods. The world is now living in a Digital Age. This means that the amount of information about us and our behavior has never been greater and will continue to grow every day.
What can we do with Big Data? And how big an industry has it become? What about data security management? How can we keep our information safe from hackers? We’re happy to help you if you have any questions!
The beginnings and future of Big Data – The Three V’s
The Three V’s are a concept that is connected to Big Data’s very first definition. They are the defining characteristics of Big Data. These V’s are for:
- Volume
- Velocity
- Variety
The volume discusses the size and volume of data stored on storage devices. A single piece of information may seem small on the grand scale, but there are billions of people on this planet and each one is made up of potentially infinite data. These data take up a lot of space when combined.
Studies show that the average person generates more than 1.5 megabytes of data per second. We need to store all of this data somewhere.
Velocity refers to the speed with which new data can be generated. This is a problem for Big Data companies as the speed at which new data is generated is continually increasing. It often surpasses R&D capabilities. Velocity also refers to the speed with which companies process and analyze this data. This is so that there won’t be an indecipherable backlog.
Variety Is a fascinating concept that relates to the nature and purpose of data. Data processing becomes more difficult as we move from structured data to unstructured or semistructured data. These types of data are the focus of Big Data technologies. They attempt to make sense of an ever-increasing, diverse, and massive amount of data. It is a daunting task.
More variables were added to Big Data’s definition as the field developed. They depend on who is providing the definition, but most appear to follow the earlier “V” trend. These could include:
- Value refers to the actual value of stored data and how far you can make future predictions using it.
- Variability is related to Variety but refers to the constantly changing formats, sources, and structures of Big Data that are used between analyses.
- Veracity refers to how truthful and reliable the data is. This is still an open debate.
Is Big Data affecting my life?
Big Data, even if you don’t know it, is already an integral part of your daily life, for example in the form of AI.
We are not implying that AI is science fiction. You might be dealing with AIs. Smart assistants such as Siri and Alexa are now widespread all over the globe. Big Data is what made them possible.
This is true for self-driving Tesla cars. By analyzing huge amounts of data developers can recreate human behavior in software that could otherwise be impossible. Machine Learning and Deep Learning are heavily dependent on Big Data. They use it to enable programs to learn in the same way as humans.
What is Big Data’s value?
The Big Data industry saw $67 billion in worldwide revenue in 2019. It is still growing rapidly, especially with cloud-based storage solutions. Experts predict that the Big Data analytics market could surpass $100 billion by 2023.
Companies face increasing amounts of data, which can make it more difficult for them to manage, especially if they don’t have the resources or technology to do so. Forbes reports that over 90% of companies have difficulty managing unstructured data. This highlights how important it is for companies to invest in Big Data analysis.
Big Data is a growing industry. It’s worth investigating, regardless of who you are. You’re more likely to be influenced than not by it, even if that’s not what you think. For more information, take a look at SEO articles’ impact on big data.
