What is Big Data?

Big data is an evolving term that can be simply defined as data that is too large and/or too complex to analyze with traditional data processing technologies. Technology industry analyst Doug Laney introduced the concept of the 3 V’s of big data in a 2001 research publication entitled “3-D Data Management: Controlling Data Volume, Velocity and Variety”. More complex definitions have since developed, but the focus has remained on the “V” characteristics of big data:

1. Volume: Significant amounts of transactional and statistical data are generated through various sources that include:
– Underwriting systems
– Claims systems
– Call center systems
– Predictive modeling
– Telematics devices
– Credit reporting
– Vehicle statistics
– Bureau statistics
– Climate statistics
– Government statistics
– Social media