The term "big data" has become very popular in the 21st century. In addition to resolving consumer-centric and point-of-sale questions, it also incentivizes a more efficient supply chain in the industry. Data owners have never considered issues and duties before they were brought into the picture. Learning Big Data has never been more important. According to the Bureau of Labor Statistics, the average Big Data engineer salary in the U.S. is $116,591. Many students are trying to build their careers in Big Data due to its increasing popularity and high salaries. They usually ask what big data is, what kinds of data it consists of, and its importance. We will answer these questions in detail in this blog.
What is Big Data?
Data that comes from several sources is called big data. It is also known as big data in the sense that it arrives rapidly and in higher volumes. It is known as the three Vs. Simple terms describing big data include being more extensive, more complicated, and originating from new sources. In order to process these extremely large data sets, conventional software cannot cope. Nevertheless, these vast amounts of data can be utilized to solve business challenges previously unsolvable. In order to better understand what big data is, let's look at the three V's:
Three V’s of Big Data
Velocity
Increasing amounts of data are being collected. In light of the growing Internet of Things, data is flooding into businesses at an astounding pace, which requires quick response. Smart meters, sensors, CCTV cameras, and RFID tags all produce data sets that must be handled. There is an expected doubling of data volume every two years.
Variety
Rows and columns are no longer used to store data. There are different types of data available today, ranging from quantitative, organized data in traditional databases to text documents, videos, emails, log files, audios, CCTV footage, and financial transactions.
Volume
We deal with huge amounts of data, measured in petabytes. There are multiple sources of data, including Internet of Things (IoT) devices, commercial transactions, industrial equipment, social media, movies, and more. Data lakes and Hadoop do not cost as much as they once did, and the process of storing this data has become relatively simple.
What are the Types of Big Data
Big data encompasses three types of information:
Structured Data
Unstructured Data
Semi-structured
Importance of Big Data
A company's ability to use big data depends more on how they use the data they gather than on how much data they have. Data is used by every business differently. Businesses that use their data more effectively are more likely to grow. A company can gather data from any source and analyze it.
Analyze the cause of problems, failures, and flaws.
Customers' purchasing patterns are taken into account when generating coupons.
Within a short time, risk portfolios need to be recalculated.
Avoiding the negative impact of fraudulent behavior by detecting it in advance.
You will gain more customers if you increase the number of new ones you receive
Understanding market conditions is essential.
Conclusion
There is a wealth of information provided in this blog about what big data is, its history, types, and applications. The current scenario involves a large number of social applications. Due to this, data volumes are increasing rapidly. The social media platforms connect billions of users every day, sharing information, photographs, videos, and much more. Nevertheless, the growing data is no longer a burden.
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