Big data as the word define it means the large volume of data (structured and unstructured). Generally we work on the data of size MB or on GB but the data in Petabytes of 10^15 byte size is considered as Big Data. Big data challenges include capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating and information privacy.
It is also said that Big data is not about the size of data it is about the value within the data.
It is considered that there are 3V’s of Big Data and also IBM define big data in the terms of 3V’s :
Veracity: The data now a days can be structured as well as unstructured. Data which can be saved in Tables (rows and columns) like the transaction data of the bank are structured data and the unstructured data include Log file, CCTV footage.
Velocity: The data is increasing at very fast rate. It is estimated that the volume of data will double in every 2 years.
Volume: The volume of data by which we deal is with is in Petabytes.
If we talk about Oracle it defines big data in terms of 4 V’s : Volume, Velocity, Variety, Value
Also the big data deals with Exabyte, Zettabyte
The Big Data is important not because of the large data but the important thing is that you do with it. Big Data enable
1) Cost Reduction
2) Time Reduction
3) New product development and optimized offering
4) Smart decision making
Big data is playing very important role in Market intelligence , Business Intelligence, and Secret Intelligence
By Big-Data also accomplish business -related tasks when you combine big data with high-powered analytics. Some of the tasks are like:
- Determining the main causes of failures, issues and defects in near-real time.
- Generating coupons at the point of sale based on the customer’s buying habits.
- Recalculating entire risk portfolios in minutes.
- Detecting fraudulent behavior before it affects your organization.