1. A method for performing an incremental quantile update using a data value of a received data record, comprising: determining an initial distribution function comprising a plurality of initial quantile estimates and a respective plurality of initial probabilities associated with the initial quantile estimates; updating the initial distribution function to form a new distribution function based on the received data value, wherein the new distribution function comprises a plurality of quantile points identifying the respective initial quantile estimates and a respective plurality of new probabilities associated with the initial quantile estimates; generating an approximation of the new distribution function by, for each pair of adjacent quantile points in the new distribution function, connecting the adjacent quantile points using a linear approximation of a region between the adjacent quantile points; determining a plurality of new quantile estimates associated with the respective plurality of new probabilities using the approximation of the new distribution function; and storing the new quantile estimates and the new probabilities associated with the new quantile estimates.