The way we can classify any data as 'big' data is through the concept of the ‘5 V’s’. These are: volume, velocity, variety, veracity and value. And they’re the 5 keys to making big data a huge business.
To give you an idea, let’s use the example of big data in healthcare.
Volume: the NHS collects a huge amount of data annually
Velocity: all of this data is generated at a very high speed e.g. test results
Variety: there’s a lot of different types of data being collected e.g. ‘structured data’ like excel records, ‘semi-structured data’ like log files, and ‘unstructured data’ like x-ray images
Veracity: this means the accuracy and trustworthiness of the data collected
Value: all of this data can benefit the NHS by improving disease detection, treatment and reducing cost.