3V's of Big Data

3V’s of Big Data

To really grasp big data, it's important to have a background in history. Here is the concept of Gartner, 2001: Big data are data that have a greater variety and are reaching ever more high volumes and increasingly velocity. Which is what the three Vs are called.

More recently, additional Vs for the model including variation — the spectrum of values characteristic of a large data set — and value were introduced to address the necessity for the valuation of business data.

  

(“3 vs of Big Data - Google Search.”)

Volume

Big data is about volume. Data volumes can reach extreme levels. It is projected that 2.5 quintillions of data are generated daily and that 40 zettabytes of data will, therefore, be formed by 2020–a 300fold increase from 2005. As a consequence, Terabytes-or even Petabytes-from data in storage devices and on servers is not uncommon for large companies today. Such details help shape a company's future and its decisions when tracking progress.

Velocity 

Data growth and its consequent significance have changed the way we see it. There was a time when the value of data in the corporate world wasn't seen, but we came to rely on it daily because we changed the way we collect it. Essentially velocity measures how quickly the data enters. Some of the knowledge will arrive in real-time, while others will come in clusters. So, since the incoming data is not processed by all channels at the same time, it is crucial that all facts and figures are not distorted, taken away, or drawn conclusions.

Variety

Data was gathered and submitted from one location in one format once. After having taken database form, it is displayed in untraditional formats such as video, audio, pdf and graphics on social media and via software such as wearables, for example, for excel, csv, and access. Although these data are incredibly helpful to us, they create more work and demand more analytical skills to interpret, handle and allow this data.

References:

1.     “3 vs of Big Data - Google Search.” Accessed January 31, 2020. https://www.google.co.in/search?q=3+vs+of+big+data&sxsrf=ACYBGNTxAMkVN8GeSLakFOObaKyj5qiiwQ:1580233414227&source=lnms&tbm=isch&sa=X&ved=2ahUKEwilvMSa7KbnAhWxtXEKHTsMARAQ_AUoAXoECA4QAw&biw=1440&bih=837#imgrc=03OjDFWpG_Q_IM.

2.     WhatIs.com. “What Is 3Vs (Volume, Variety and Velocity) ? - Definition from WhatIs.Com.” Accessed January 31, 2020. https://whatis.techtarget.com/definition/3Vs.

3.     Big Data LDN. “Big Data: The 3 Vs Explained,” August 10, 2018. https://bigdataldn.com/intelligence/big-data-the-3-vs-explained/.