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The 3 V’s of Big Data Analytics

Want to know how big data could be a crucial part of your business? Keep reading to see how big data analytics services has helped the tech industry become successful in 2019.

What is Big Data?

Big data is the rapid extension of unstructured, semi-structured, and structured data generated from internet connected devices.

The insights that are delivered from big data analytics services will help marketers to target campaigns more strategically, help healthcare professionals notice epidemics, and help environmentalists understand future sustainability.

3v’s of Big Data

Big data analytics can be a difficult concept to grasp onto, especially with the vast varieties and amounts of data today. To make sense of the concept, experts broken it down into 3 simple segments. These three segments are the three big V’s of data: variety, velocity, and volume.

Velocity

Initially, the acceleration of big data has to lead to more opportunities. There’s a lot of data at hand, and once we have access to this data, you can use it to discover new realities.

Sadly, the rate of data growth is passing our ability to decipher it. A study conducted by Digital Universe by IDC reveals that data around the world doubles in size every two years. What’s more important is that 3% of the data is organized, with only 0.5% is ready for analysis.

Big data isn’t just big; it’s growing fast. On example of this the daily Facebook statistics. Based on Social Skinny’s insight, 293,000 statuses are updated, 136,000 photos uploaded, and 500,000 comments posted on Facebook every minute.

Metadata technology and Big data technology paired with machine learning and AI will have to be used to their highest potential to give a snapshot of future frontiers.

Variety

Data is fast, data is big, but data is extremely diverse. A few decades ago, data would’ve been in a structured database in a simple text file. There was not a lot of options on how to use the data besides finding a trend and simple classification.

Obviously, big data has changed the data landscape. While there’s still a place for text data, there are other forms of data presentation that are more convenient. For instance, video, audio, geospatial, images, and many others come into play.

Each data form has its own type of uniqueness in terms of how it’s classified and stored on a cloud. What makes the format unique is how we can analyze them to create valuable solutions.

Volume

The world has a lot of data behind it, possibly at an incomprehensible amount. With over 90% of today’s data being generated in the past 2 years, that estimates to 2.5 quintillion data bytes daily.

Let’s think about volume from a social media standpoint, since social media has a huge impact on data. Since 2016, there are over 2 trillion posts and 250 billion photos uploaded.

Facebook has a wealth of personal data and its 2.2 billion users share data every second of the data. This would be impossible if it weren’t for the development of big data.

Conclusion

With big data analytics services, businesses will find it easier to present information, make predictions, and create innovative solutions. When using it, make sure that the data is accurate so that it runs properly. Thus, big data analytics is a necessary skill that will become more demanded in the future.

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