Did you know that a revenue projection between 2014&2026 shows that the annual big data revenue worldwide is projected at $18.3 to $92.2 billion? – Wikibon big data report. A shocking part of this is that the revenue is likely to break the projection before 2020. Another thing you may not be familiar with that about 90% of the data ever known to man was generated within 2 years of our dealings with large data.
We have passed the age where we were limited by speed, data structure, and data download and storage. Nowadays, our computation is made easy and with software tools to get by each day, we can achieve much in little time effortlessly.
By simple analogy, big data is an advanced deal with data that involves variety, volume, value, and velocity. These are distinguishing faces of big data. Traditional ways of handling data has passed and now, a better, easy, intelligent and advanced way of data collection, processing and analyzing data is with us. This is the era where everything is data-inclined.
It has been discovered that there are pressing needs to evaluate the features of big data in proper. While we delve into knowing these characteristics, it is important for us to know that these are distinguishing elements of big data making it different from how data was seen about two decades ago.
Features of big data
Big data expert broke the definition of big data into 3 main features of letter “V”. Funny?. Yeah, you would have observed in the definition – velocity, variety, and volume.
Volume
This is the daunting characteristics and component of big data. it is the most visible thing you can readily associate with. It is about the size and large data quantity that we have now and that will be available for in the future. You can imagine generating the large amount of data we have now within just two years. How much do you think we would be able to generate before 2030 – the projected year for most development goals.
However, if you ever think about how much data we are bound to have sooner enough, an IDC estimates report revealed that our data growth rate, we would have up to 163 trillion gigabyte of data by 2025. This is even sooner than 2025. Large data is generated from social media engines such as Facebook, twitter etc. when Facebook was launched in 2004, there were up 250 billion photos uploads by users, and in 2017, more than 2 trillion posts flooded Facebook.
This is a serious quantity of data making up our data growth.
Velocity
This is how data is expanding daily. Data growth is faster than we are likely to decipher and store. Although, more encompassing storage are being developed, but can we manage and analyze all our data generated? Well, let’s leave that question for experts and developers.
According to IDC, the quantity of data in the universe is doubling its size in every two years. The speed or growth speed of big data is exponential. For example, Social Skinny insight report showed that in every minute, Facebook has about 293,000 status updates, 136,000 picture uploads, and about 510,000 comments on different posts. This is so large and you can imagine what would be happening on other social media platforms as well. Big data is expanding more like our universe. We can only anticipate what the future would be like.
Variety
Traditional data we were used to two decades ago were structured and stored in organized formats. Today’s big data has many types of data that are generated. Our big data is fast, and very diverse. Decades ago, most data are stored as texts but today, we have formats such as audio, video, pictures, geospatial etc. which are stored in their unique ways and are classified in the databases. Couple with that, the analysis for interpretations are also unique as well.
These are distinguishing characters of big data in our world today. Big data is large conglomerates of various forms of data with faster uploads and download for storage and usage – adding value to our world.
