Dublin, June 27, 2023 (GLOBE NEWSWIRE) -- The "Global Synthetic Data Generation Market by Offering (Solution/Platform and Services), Data Type (Tabular, Text, Image, and Video), Application (AI/ML Training & Development, Test Data Management), Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global synthetic data generation size is expected to grow from USD 300 million in 2023 to USD 2.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 45.7%
The rising importance of data privacy and compliance regulations, such as GDPR and CCPA, drive organizations' need to handle personal data. Increasing investments in AI lead to new and more sophisticated synthetic data generation techniques driving the synthetic data generation market.
Key vendors have adopted many organic and inorganic growth strategies, such as new product launches, partnerships, and collaborations, to expand their offerings and market shares in the synthetic data generation market.
By data type, text data to segment to record a highest growth rate during the forecast period
By data type, the text data segment is expected to have the highest growth rate during the forecast period. The increasing demand for artificial intelligence (AI) and machine learning (ML) applications requires large amounts of data to train and develop models, further driving the text data segment.
Among applications, Test data management segment has the second-highest market share during the forecast period
Under the applications segment, the Test data management segment is expected to have second the highest market share during the forecast period. The need for high-quality, diverse, and representative data for testing and validation purposes will drive the segment.
Businesses can enhance the effectiveness and efficiency of their testing processes using synthetic data leading to improved product quality, faster time-to-market, and reduced costs associated with traditional test data management approaches.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
The synthetic data generation market in Asia is experiencing significant growth driven by rapid digital transformation, increasing data privacy regulations, growing adoption of AI and ML technologies, rising cybersecurity concerns, and a thriving startup ecosystem.
Organizations in the region are leveraging synthetic data generation to address data-driven challenges, comply with regulations, enhance AI and ML model performance, strengthen cybersecurity measures, and drive innovation. With the region's focus on digitalization and the emerging need for data-driven solutions, Asia Pacific's synthetic data generation market is poised for continued expansion and opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 261 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $0.3 Billion |
| Forecasted Market Value (USD) by 2028 | $2.1 Billion |
| Compound Annual Growth Rate | 45.7% |
| Regions Covered | Global |
Premium Insights
- Increasing Investments in Ai to Drive Market Growth
- Bfsi Segment and North America to Account for Significant Share in 2023
- Solutions Segment to Account for Larger Share in 2023
- North America to Account for Largest Share in 2023
Market Overview and Industry Trends
Market Dynamics
Drivers
- Rising Adoption of Ai and Machine Learning Technologies
- Increasing Need for Data Privacy and Compliance
- Rise in Investments in Ai
- Increase in Content Creation
Restraints
- Regulatory and Ethical Considerations
- Issues Related to Achieving Quality Data and Realism
Opportunities
- Increasing Deployment of Large Language Models
- Growing Interest of Enterprises in Commercializing Synthetic Images
- Robust Advancements in Machine Learning and Computing Innovation
Challenges
- Market Immaturity
- Lack of Skilled Workforce
- High Costs Associated with High-End Generative Models
Case Study Analysis
- Case Study 1: Mostly Ai Helped Retail Bank Shorten Development of Sprints by Several Days
- Case Study 2: Swedish Government Incorporated Artificial Intelligence into Daily Operations
- Case Study 3: Everlywell Gained 5X Deployment Velocity with Support from Tonic Api
- Case Study 4: Vodafone Adopted Hazy Synthetic Data to Quickly and Accurately Predict Churn
- Case Study 5: Scale Ai Helped Kaleido Ai's Ml Team to Improve Model Performance on Business-Critical Edge Cases
Business Models in Market
- Software Licensing
- Data-As-A-Service (Daas)
- Custom Development
- Consulting and Professional Services
- Partnerships and Collaborations
- Data Monetization
- Integration with Existing Platforms
- Research and Development
- Freemium Model
- Open Source
Ecosystem Analysis
- Synthetic Data Generation Technology Providers
- Synthetic Data Generation Cloud Platform Providers
- Synthetic Data Generation Cloud End-users
- Synthetic Data Generation Cloud Regulators
Synthetic Data Generation Techniques and Methods Based on Data Types
Tabular
- Rule-Based Methods
- Data Augmentation
- Generative Adversarial Networks (Gans)
- Variational Autoencoders (Vaes)
- Bayesian Networks
Text
- Markov Chains
- Neural Networks (Rnns)
- Transformer Models
- Language Models
- Variational Autoencoders
Images and Videos
- Generative Adversarial Networks (Gans)
- Variational Autoencoders (Vaes)
- Conditional Gans
- Image and Video Synthesis with Neural Networks
- Style Transfer and Data Augmentation
Time Series & Transactional Data
- Autoregressive Integrated Moving Average (Arima)
- Long Short-Term Memory (Lstm) Networks
- Hidden Markov Models (Hmms)
- Sequence Generative Adversarial Networks (Seqgans)
- Gaussian Mixture Models (Gmms)
- Synthetic Oversampling and Undersampling
Company Profiles
Key Players
- Microsoft
- IBM
- AWS
- Nvidia Corporation
- Openai
- Informatica
- Broadcom
- Capgemini
- Mphasis
- Databrics
- Mostly Ai
- Tonic
- Md Clone
- Tcs
Startups/SMEs
- Hazy
- Synthesia
- Synthesized
- Facteus
- Anyverse
- Neurolabs
- Rendered Ai
- Gretel
- Oneview
- Genrocket
- Y Data
- Cvedia
- Syntheticus
- Anylogic
- Bifrost Ai
- Anonos
For more information about this report visit https://www.researchandmarkets.com/r/jncrtv
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