Big data refers to the vast and complex sets of data generated from various sources, including social media, sensors, transactions, and more, that are too large or intricate for traditional data-processing tools to handle.
It encompasses three main characteristics: volume, velocity, and variety, often referred to as the "3 Vs," and requires advanced technologies and methods like machine learning, artificial intelligence, and cloud computing to analyze and extract valuable insights for decision-making and strategic planning.
Data is the currency of the modern world. It is what drives businesses to humongous profits. It is collected for different purposes like making better customer experiences, marketing strategies, and even selling for revenue. Businesses capitalise on capturing and analysing data and drawing insights from them. They store large amounts of data on their consumer base every day.
The sudden surge in data and its importance have given rise to entire streams of education and occupations centred around data. The world of data keeps getting bigger as more branches develop – data analysis, data science, predictive analysis, user behaviour analysis, and more.