Volume: We currently see the exponential growth in the data storage as the data is now more than text data. There are videos, music and large images on our social media channels. It is very common to have Terabytes and Petabytes of the storage system for enterprises.
Velocity: Velocity describes the frequency at which data is generated, captured and shared. Recent developments mean that not only consumers but also businesses generate more data in much shorter cycles.
Today’s data no longer fits into neat, easy to consume structures. New types include content, geo-spatial, hardware data points, location based, log data, machine data, metrics, mobile, physical data points, process, RFID etc.
Veracity: This refers to the uncertainty of the data available. Veracity isn’t just about data quality, it’s about data understandability. Veracity has an impact on the confidence data.