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TopKey Challenges Of Big Data
In this section, we discuss the key challenges, which are the problems with big data in a relation to traditional data. The 3Vs model, volume, variety and velocity represent big data challenges/ problems, which can be described by the following.
Volume measures the amount of data available to an organization. It can be quantified by terabytes or petabytes, and it can also be quantified by counting records, tables, transactions and files (Kaisler et al., 2013; Russom, 2011). For instance, the total book stacks in Library of Congress measures 15 Terabytes, Google processes more than 1Petabytes every hour, and Bank of America Merrill Lynch manages petabytes of data for advanced analytics & new regulatory requirements (Forsyth Communications, 2012). Traditional IT systems could not manage and analyze huge amounts of data. These data need scalable storage and distributed approach (Dumbill, 2012 a).