To make sense of the huge amount of data, it is often broken down based on the five Vs: Velocity, Volume, Value, Variety, and Veracity
•Velocity refers to the high speed at which data flows in from multiple sources such as machines, networks, social media, mobile phones, etc.
•There is a massive and continuous flow of data
Example: On Google, more than 3.5 billion searches are made per day
-Volume means the huge amount of data!
-To determine volume, the size of the data plays a crucial role
-When dealing with Big Data, it is necessary to consider the ‘volume’ of it
-Example: In the year 2016, the estimated global mobile traffic was 6.2 exabytes (6.2 billion GB) per month
-It refers to the nature of data, i.e., whether the data is structured, semi-structured, or unstructured.
-It also refers to the heterogeneous sources.
-Variety is basically the arrival of data from various new sources both inside and outside of an enterprise
-The bulk of data having no value is of no good to the company, unless we turn it into something useful
-Data (just by itself) is of no use or importance, but it needs to be converted
into something valuable to extract information
-Hence, we can state that ‘value’ is the most important ‘V’ of all the 5Vs.
To understand the theoretical concepts of big-data, I'd definitely recommend more reading about big data.