Synthetic Data Generation Market is anticipated to reach USD 2353.38 Billion by 2030, growing at a CAGR of 30% during the forecast period of 2023-2030 – proclaimed by MarketDigits in its latest study.
The Global Synthetic Data Generation Market was valued USD 375.05 Million in 2023 and projected to reach USD 2353.38 Billion by 2030, growing at a CAGR of 30% during the forecast period of 2023-2030.
CarMia Way Richmond, Nov. 07, 2023 (GLOBE NEWSWIRE) — According to a research report Synthetic Data Generation Market, by Component (Solution, Services), Data Type (Text Data, Image & Video Data, Tabular Data, Others) Application (AI/ML Training and Development, Test Data Management, Data analytics and visualization, Enterprise Data Sharing, Others), Industry Vertical (Government & defense, BFSI, Healthcare & Life sciences, Retail & E-commerce, Automotive & Transportation, IT and ITeS, Manufacturing, Others), and Region.
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TOC Covers in Depth & Breath on Synthetic Data Generation Market
170 – Market Data Tables
67 – List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Synthetic data generation involves creating artificial datasets that mimic real-world data’s characteristics and statistical properties. It offers numerous benefits and is driven by various factors. Synthetic data generation provides organizations a cost-effective and time-efficient solution, eliminating the need to collect and label large volumes of real-world data. It enables businesses to overcome privacy and security concerns by generating data that does not contain sensitive information. Synthetic data also enhances data diversity, scalability, and customization, allowing organizations to simulate various scenarios and edge cases. The Synthetic Data Generation Market represents a rapidly expanding segment in the realm of data and technology, characterized by the generation of simulated data that closely resembles real-world datasets while ensuring the absence of any genuine information pertaining to individuals or entities. Synthetic data is crafted using algorithms, statistical models, or generative methods, replicating the essential features and structures of authentic data. This market is witnessing swift expansion primarily driven by the heightened requirement for data-driven insights and the imperative to strike a balance between data utility and the paramount considerations of data privacy and security.
Major vendors in the global Synthetic Data Generation Market – 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, Anonos.
Increasing Demand for Data Privacy and Compliance
The increasing emphasis on data privacy and the enforcement of compliance regulations like GDPR and CCPA have created a pressing need for organizations to handle personal data with the utmost care. Synthetic data generation has emerged as a compelling solution, enabling organizations to produce lifelike data while upholding privacy standards and regulatory mandates. The surging demand for data privacy and compliance is a pivotal driver propelling the synthetic data generation market forward. Businesses are actively seeking strategies to shield personal data and ensure strict adherence to stringent privacy regulations. Synthetic data generation offers a practical remedy by permitting the utilization of artificially crafted data that closely resembles genuine data while safeguarding privacy. It empowers organizations to mitigate risks, guarantee compliance, and uphold ethical and transparent data management practices. Furthermore, synthetic data generation grants access to constrained or scarce data, allowing various industries to foster progress while abiding by privacy regulations and limitations on data accessibility. In sum, the quest for data privacy and regulatory compliance serves as the impetus behind the widespread adoption of synthetic data generation, as it emerges as an invaluable, privacy-preserving solution for a wide array of data-intensive endeavors.
Market Dynamics
Drivers:
- Increasing Demand for Data Privacy and Compliance
- Ethical and Transparent Data Practices
- Increased explain ability and confidence in linear models
Opportunities:
- The importance of artificial intelligence and machine learning has significantly increased
- Growing Healthcare and Medical Research
The increase in the deployment of large language models is a key trend in the synthetic data generation market.
The surge in the adoption of large language models is indeed a pivotal trend in the synthetic data generation market, reflecting the increasing utilization of these advanced models across various industries. Large language models are proving to be instrumental in the generation of synthetic data, bringing valuable advantages to sectors like healthcare, among others.
The deployment of these extensive language models offers a multitude of benefits for the global synthetic data generation market. Notably, it provides an effective solution to address data privacy concerns, enabling organizations to create synthetic data that mirrors real-world information while protecting individual identities and sensitive details. This safeguarding of privacy is of utmost importance in compliance with data protection regulations such as GDPR and CCPA, which are driving the demand for synthetic data generation solutions. Furthermore, the use of large language models contributes to the advancement of innovation. It empowers industries to foster the development of AI and machine learning algorithms, enhancing their performance and capabilities. By reducing the reliance on expensive real-world data collection and its associated challenges, including data accessibility and privacy concerns, large language models open new avenues for research and development across diverse domains.
The market for Synthetic Data Generation is dominated by North America.
In 2021, North America emerged as the dominant region in the synthetic data generation market, and the factors contributing to its market share extend beyond just geographical location. The rise of synthetic data generation in North America was driven by a convergence of several key elements that collectively create a favorable environment for the market’s growth. The adoption of synthetic data generation in North America was particularly pronounced in the Banking, Financial Services, and Insurance (BFSI) sector. This industry recognized the potential of synthetic data to address data privacy and security challenges while simultaneously enabling innovative solutions for financial analytics, risk assessment, and fraud detection. The BFSI sector’s proactive embrace of synthetic data paved the way for the technology’s widespread adoption throughout the region.
In contrast to North America’s dominance in 2021, the Asia-Pacific region is anticipated to showcase the highest growth potential in the Synthetic Data Generation Market during the forecast period. This exponential growth can be attributed to several key factors that are shaping the dynamics of the market in the Asia-Pacific region. One of the driving forces behind the anticipated growth in Asia-Pacific is the increasing penetration of advanced technologies, particularly Artificial Intelligence (AI) and Machine Learning (ML). The region has seen a rapid integration of AI and ML into various industries, ranging from finance to healthcare and manufacturing. Synthetic data generation is a critical enabler for these technologies, providing the diverse and high-quality datasets required to train and refine AI and ML algorithms. As a result, the expanding adoption of AI/ML technologies in Asia-Pacific is significantly propelling the growth of the synthetic data generation market.
The Tabular Data Segment is anticipated to hold the Largest Market Share during the Forecast Period
The Tabular Data segment is poised to claim the largest market share during the forecast period and stands as the dominant segment in the Synthetic Data Generation Market. This segment’s supremacy is underpinned by several key factors that make it the go-to choice for various industries seeking to harness the benefits of synthetic data. Tabular data, which is structured information organized in rows and columns, is a fundamental and pervasive data format across industries. This format is especially prevalent in fields such as finance, healthcare, retail, and customer analytics. Its structured nature makes it highly amenable to synthetic data generation, as it is relatively straightforward to mimic the characteristics and distributions of real-world tabular data.
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Recent Developments
- In May 2022, Databricks acquired Okera, a data governance platform with a focus on AI. the acquisition will enable Databricks to expose additional APIs that its own data governance partners will be able to use to provide solutions to their customers.
- In January 2023, Microsoft entered into a multi-billion-dollar partnership with OpenAI to accelerate the development of AI technology. The partnership aims to democratize AI and make it accessible to everyone. The partnership has already yielded impressive results, including the development of GPT-3
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