Everything you ever wanted or needed to know about big data


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ARIEL SONBAY
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What is Big Data?
Big Data is a term used to describe the huge volume of both structured and unstructured data that is so large it is difficult to process using traditional techniques. So Big Data is a whole lot of data. Everything you do online is now stored and tracked as data. Your smart phone is constantly uploading data about where you are, how fast you’re moving and what apps you’re using.In fact, Big Data has four important characteristics that are known in the industry as the 4 V’s:
  • Volume – the increasing amount of data that is generated every second
  • Velocity – the speed at which data is being generated
  • Variety – the different types of data being generated
  • Veracity – the messiness of data, ie. it’s unstructured nature
Based on the incredible amount, speed, variety and unstructuredness of the data we are now generating and storing, it’s no surprise that it quickly became unmanageable using traditional storing and analysis methods. This is where the term Big Data becomes confusing, because it is often used to refer to the new technologies, tools and processes that have sprung up to accommodate this vast amount of data.

Why has it become so popular?
Big Data’s recent popularity has been due in large part to new advances in technology and infrastructure that allow for the processing, storing and analysis of so much data. Computing power has increased considerably in the past five years while at the same time dropping in price – making it more accessible to small and midsize companies. In the same vein, the infrastructure and tools for large-scale data analysis has gotten more powerful, less expensive and easier to use. According to
As the technology has gotten more powerful and less expensive, numerous companies have emerged to take advantage of it by creating products and services that help businesses to take advantage of all Big Data has to offer.  According to Inc, in 2012 the Big Data industry was worth $3.2 billion and growing quickly. They say that “Total [Big Data] industry revenue is expected to reach nearly $17 billion by 2015, growing about seven times faster than the overall IT market”.
Businesses have also started taking notice of the Big Data trend. In a recent survey, “Eighty-seven percent of enterprises believe big data analytics will redefine the competitive landscape of their industries within the next three years.”


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