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Big data refers to data that is so large, fast, or complex that it is difficult or impossible to process it using traditional methods. The operation of accessing and storing large amounts of information for analysis has been around for a long time. But the idea of big data gained momentum in the early 2000s when industry analyst Doug Laney formulated the mainstream definition of big data as the three V’s:
volume. Organizations collect data from a variety of sources, including transactions, smart devices (IoT), industrial equipment, videos, photos, audio, social media and more. In the past, storing all this data was too expensive – but cheaper storage using Data Lakes, Hadoop and the cloud eased the burden.
speed. With the online growth of things, data is leaking to businesses at an unprecedented rate and needs to be addressed in a timely manner. RFID tags, sensors and smart uniforms drive the need to handle these data flows almost in real time.
diverse. The data comes in all types of formats – from structured and numerical data in traditional databases to unstructured text documents, emails, videos, audio clips, ticker data and financial transactions.