Big data is an evolving term that is used to describe huge volumes of data – both structured and unstructured. With the evolution of internet and social media platforms, data is generated at a rapid pace – so much that more than 90% of the data in the world is produced within last two years. Big data is defined using three V’s:
Volume – Data is growing exponentially from megabytes to petabytes and data is produced in multiple forms – text, video, images, music etc. With the evolution of data the architecture of applications is being re-evaluated to meet the demands.
Velocity – The advent of social media has changed the perspective of data. Social media platforms like Twitter and Facebook are generating terabytes in the form of images, tweets, comments in real time.
Variety – Data is available in various formats ranging from a simple text file to a video. It depends on the organisation how they arrange it to drive decision making. Often data is collected in multiple platforms by the organisation which has to be converted into same format to make it meaningful.
How "Big Data" can help you?
Big data analytics is being used by industries across various verticals and many are on the stage of implementing a big data architecture to increase their productivity and to derive better decisions. Finance Industry use the power of big data in high frequency trading, pre-trade decision-support analytics, sentiment measurement, Predictive Analytics, Fraud mitigation etc. Media and communication industry rely on consumer feedbacks, so they do social media analytics of real time data to track the sentiment of consumers, provide recommendations to customers. Healthcare sector has access to enormous data and they are using big data technologies to curb the increasing healthcare costs and develop efficient patient monitoring systems. IOT in amalgamation with Big data is used in manufacturing industry to track the performance of machines using the data collected by sensors incorporated in the machines.