- Velocity – speed at which data is created currently is almost unimaginable. e.g., 2.5 million Google queries per minute
- Volume – enormous amount of data generated. e.g., airplanes generate 2.5 billion TB of data each year from the sensors installed in the engines.
- Variety – Data today comes in many different formats: structured data, semi-structured data, unstructured data and even complex structured data. e.g., Facebook, Twitter, etc.
- Veracity – Trust-worthy data. Analysis performed would be useless unless the data is accurate.
- Variability – Meaning of the same data could be different based on the context. e.g., Same tweet words can have different meanings and sentiments.
- Visualization – Visual representation of analysed data in a comprehensible way.
- Value – Data in itself is not valuable at all. The value is in the analyses done on that data and how the data is turned into information and eventually turning it into knowledge.
More detailed explanation: http://www.bigdata-startups.com/3vs-sufficient-describe-big-data/