Big data usually includes data sets with sizes beyond the ability of commonly used software tools to capture, curate, manage, and process data within a tolerable elapsed time. Big data "size" is a constantly moving target, as of 2012 ranging from a few dozen terabytes to many patabytes of data. Big data is a set of techniques and technologies that require new forms of integration to uncover large hidden values from large data sets that are diverse, complex, and of a massive scale.
In a 2001 research report and related lectures, analyst Doug Laney defined data growth challenges and opportunities as being three-dimensional, i.e. increasing volumn (amount of data), velocity(speed of data in and out), and variety (range of data types and sources). Gartner, and now much of the industry, continue to use this "3Vs" model for describing big data. In 2012, updated its definition as follows: "Big data is high volume, high velocity, and/or high variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization. Additionally, a new V "Veracity" is added by some organizations to describe it.
Gartner’s definition of the 3Vs is still widely used, and in agreement with a consensual definition that states that "Big Data represents the Information assets characterized by such a High Volume, Velocity and Variety to require specific Technology and Analytical Methods for its transformation into Value". The 3Vs have been expanded to other complementary characteristics of big data:
· Volume: big data doesn't sample. It just observes and tracks what happens
· Velocity: big data is often available in real-time
· Variety: big data draws from text, images, audio, video; plus it completes missing pieces through data fusion.
This BIG DATA revolution is really going to change the whole world in future and there will be a paradigm shift in our life style.
Be it management , health care, governance , manufacturing the future role of BIG DATA will be great.