The Big Data definition includes certain keywords, such as volume, velocity, variety, veracity, and value, popularly known as the 5Vs of Big Data. When the data satisfies these criteria, it is called Big Data. The criteria are explained below:
- Volume: The term ‘volume’ talks about the huge amounts of information or data (terabytes and petabytes of it) generated and accumulated every second from a variety of sources, such as social media, smart devices, sensors, etc. Such voluminous data can only be processed by Big Data technologies.
- Velocity: Velocity is the speed at which data is generated, accumulated, analyzed, and processed. To deal with the real-time flow of data, the best tools and techniques should be deployed.
- Variety: Big Data is generally accumulated in varieties. The data of the day is in the form of images, videos, and many other forms; 80 percent of it is unstructured. Moreover, the sources of such data are also heterogeneous in nature, making the data more complex.
- Veracity: In simple terms, veracity is how reliable the data is. It is a fact that a major part of the data can be unstructured and irrelevant, and it could possess uncertainties, inconsistencies, missing values, or even errors. Hence, Big Data Analysts need to filter the data or convert it into useful formats to be used in critical business issues.
- Value: When we talk about Big Data, along with the ‘bigness’ of it, the actual focus should be on its value. It is not just the amount of data but the amount of ‘valuable data’ that matters when it comes to making use of it for further processing and eventually deriving meaningful insights from it.