Synthetic Data Generation Market Trends, Emerging Opportunities
Global synthetic data generation market will grow from $0.3 billion in 2023 to $2.1 billion by 2028, with a growth rate of 45.7% per year during this period.
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Uses of Synthetic Data:
The synthetic data generation market is used in various areas, such as AI/ML training, data anonymization, test data management, data sharing, and analytics. Major industries using synthetic data include Banking, Financial Services, and Insurance (BFSI), Healthcare, Retail, Automotive, Government, IT, Energy, Manufacturing, and more.
Why Synthetic Data is Important:
Stricter data privacy rules and security concerns make it harder to use real-world data. Synthetic data provides a safe alternative by allowing organizations to generate data without risking sensitive information. This helps businesses make data-driven decisions while complying with privacy regulations.
BFSI Sector to Lead the Market:
The BFSI (Banking, Financial Services, and Insurance) sector is expected to be the largest user of synthetic data. This sector needs synthetic data to meet privacy rules and improve risk management, fraud detection, and customer analytics. Synthetic data allows BFSI organizations to create realistic datasets without compromising sensitive information, helping them comply with regulations.
Image and Video Data Segment to Dominate:
Synthetic data for image and video involves creating artificial visual content that mimics real-world scenarios. This is crucial for training AI models in areas like computer vision, object detection, and video analysis. Synthetic image and video data are used in developing algorithms for autonomous vehicles, surveillance, medical imaging, and virtual reality. This segment is expected to have the highest market share during the forecast period.
Asia Pacific Region to Experience Fastest Growth:
The synthetic data generation market in Asia Pacific is growing rapidly due to digital transformation, stricter data privacy regulations, and the increasing use of AI and ML technologies. The region’s focus on digitalization and the need for data-driven solutions will drive continued growth and new opportunities in this market.
Key Players in the Market:
Major companies in the synthetic data generation market include Microsoft, Google, IBM, AWS, NVIDIA, OpenAI, Informatica, Broadcom, Sogeti, Mphasis, Databricks, MOSTLY AI, Tonic, MDClone, TCS, Hazy, Synthesia, Synthesized, Facteus, Anyverse, Neurolabs, Rendered.ai, Gretel, OneView, GenRocket, YData, CVEDIA, Syntheticus, AnyLogic, Bifrost AI, and Anonos. These companies are based in various countries, including the US, UK, India, Israel, Austria, Spain, Scotland, and Switzerland.
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