**3Vs – Volume, Velocity & Variety**. ‘Volume’ refers to the large quantum of data in terabytes which may be transactional data, customer data etc. ‘Velocity’ refers to the rate at which the data is generated which could be either scheduled batch process, or real-time data collection. Finally, ‘variety’ denotes the variation in the data formats and structures.

Data science, on the other hand, is a more specialized field which involves using mathematical & statistical modelling techniques on underlying data to devise patterns in data; and find actionable solutions to real-world problems.