Rediscovery, Part 1: What Is Big Data And The Big Data Revolution?
A revolution is underway.
What is Big Data?
- Velocity refers to the speed at which data is created.6 The proliferation of network-connected users and network-connected devices has dramatically increased the speed at which new data is being generated. For example, Google receives and processes more than 2,000,000 queries every minute.7
- Variety refers to the diversity of structured and unstructured formats in which data is created.8 In earlier eras of computing, the vast majority of the data created and stored was structured data housed in relational databases; now, 90% of the data generated by organizations is unstructured (e.g., text documents, multimedia files, etc.).9
- Volume refers to the immense quantities of data being created.10 As networked users, devices, and sensors have proliferated, the volumes of data being generated has increased exponentially. Google CEO Eric Schmidt has explained that from “the dawn of civilization through 2003” approximately 5 exabytes (5 billion gigabytes) of information was created but, as of 2010, that much information was being “created every 2 days.”11
- Veracity, refers to the reliability or accuracy of the data.12 As more and more attention has been paid to this data and what can be done with it, the veracity of the data and the analyses performed upon it has also become an important dimension of big data.“ Having a lot of data in different volumes coming in at high speed is worthless if that data is incorrect.”13 Today, 1 in 3 business leaders do not trust the information upon which they rely to make decisions.14
 Josh James, How Much Data is Created Every Minute?, Domosphere (Jun. 8, 2012), http://www.domo.com/blog/2012/06/how-much-data-is-created-every-minute/. Id. Id. Miguel Helft, Google Uses Searches to Track Flu’s Spread, The New York Times (Nov. 11, 2008), http://www.nytimes.com/2008/11/12/technology/internet/12flu.html. Mark van Rijmenam, Why The 3V’s Are Not Sufficient To Describe Big Data, BigData Startups (Aug. 7, 2013), http://www.bigdata-startups.com/3vs-sufficient-describe-big-data/. Id. Id. Id. Id. Id. Marshall Kirkpatrick, Google CEO Schmidt: “People Aren’t Ready for the Technology Revolution, ReadWrite Web (Aug. 4, 2010),http://readwrite.com/2010/08/04/google_ceo_schmidt_people_arent_ready_for_the_tech#awesm=~osi7er7BOIOYkx. See supra note 5. Id. The FOUR V’s of Big Data, The Big Data & Analytics Hub, http://www.ibmbigdatahub.com/infographic/four-vs-big-data (last visited Jan. 9, 2014). Id.[16 Gartner Survey Reveals That 64 Percent of Organizations Have Invested or Plan to Invest in Big Data in 2013, Gartner (Sep. 23, 2013),http://www.gartner.com/newsroom/id/2593815. Id.