Healthcare and the Big Data V’s
The fastest revenue growth is expected to occur in the following market segments: utilities, resource industries, healthcare, and banking. Healthcare is in the throes of a data revolution, and the numbers of innovative data-driven analytics applications are increasing by the day. Developments in precision medicine, population health management, and preventive healthcare are requiring healthcare organizations to acquire all sources of data, integrate them into known and emerging lore/knowledge, and convert data into prescriptive insights. Worldwide revenues for big data and business analytics are forecasted to grow from nearly $122 billion in 2015 to $187 billion in 2019. The earliest definitions of big data focused on the size of data in storage. D. Laney defined the 3 V’s that make up big data as Volume, Velocity, and Variety. Separate from Laney’s original definition of the 3V’s, there have been several attempts to expand the definition of big data.