BTW, some previous HN discussions along these lines:
"Don't use Hadoop - your data isn't that big " - https://www.chrisstucchio.com/blog/2013/hadoop_hatred.html and https://news.ycombinator.com/item?id=6398650
"Your data fits in RAM " - http://yourdatafitsinram.com/ - https://news.ycombinator.com/item?id=9581862
The most commonly used definition deduced from reading online articles is, in terms of size
"More data than naively fits into the memory of my (midrange) laptop using a high overhead platform"
or in terms of speed
"More data per second than can be handled using the same naive database code we used in the 90s for our website's comment section"
For example 1TB of data won't fit in memory, but if all you need to do is a sequential read in under a day then it's not a problem.
If it fits in memory, you can honestly apply normal algorithmic analysis and optimize for memory access and cpu cycles. Once it no longer fit in memory, you become severely limited by IO.