Big data refers to data that is so large, fast, or complex that traditional methods are difficult or impossible to process. Large amounts of data can be accessed and stored for analytics purposes for a long time. However, big data gained attraction in the early 2000s when industry analyst Doug Laney articulated the now-common definition of big data as the three Vs: Volume, Velocity, and Variety.

The significance of big data is more than just the amount of data available. The value is determined by how you use it.

You can find answers that streamline resource management, improve operational efficiencies, optimize product development, drive new revenue and growth opportunities, and enable intelligent decision-making by analyzing data from any source.

Big data has now become a form of capital. A significant portion of the value world’s giant techs provides stems from their data, which they are constantly analysing to improve efficiency and develop new products.