Pune,India, Sept. 18, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights Global Synthetic Data Generation Market Size was valued at USD 288.5 Million in 2022 and is projected to reach USD 2,339.8 Million by 2030, exhibiting a CAGR of 31.1% during the forecast period. Fortune Business Insights™ shares this information in its report titled Synthetic Data Generation Market Forecast, 2023-2030.
Synthetic data generation involves the algorithmic or artificial creation of data that does not rely on real-world occurrences. This process becomes particularly valuable when obtaining real-world data is difficult or impractical, leading to the market's growth during the forecast period.
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Key Industry Development-
May 2023: Private AI formed a strategic partnership with Replica Analytics Ltd. This partnership aims to provide synthetic structured data solutions catering to the healthcare sector and other industries, with the primary objective of safeguarding sensitive medical research data and valuable insights.
Key Takeaways-
- Synthetic Data Generation Market is expected to flourish & reach USD 2,339.8 Million in 2030
- Virtual replicas of datasets are produced by synthetic data production so that users can test them and share them.
- Due to privacy issues, compliance risks, and the General Data Protection Regulation's restrictions, real-world data cannot be accessible.
- Synthetic Data Generation Market Size in North America was USD 96.4 Million 2022
Discover the Leading Players Featured in the Report-
“Datagen (U.S.), MOSTLY AI (Austria), TonicAI, Inc. (U.S.), Synthesis AI (U.S.), GenRocket, Inc. (U.S.), Gretel Labs, Inc. (U.S.), K2view Ltd. (Israel), Hazy Limited. (U.K.), Replica Analytics Ltd. (Canada), YData Labs Inc. (U.S.), Sogeti (France)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 31.1% |
| 2030 Value Projection | USD 2,339.8 Million |
| Base Year | 2022 |
| Synthetic Data Generation Market Size in 2022 | USD 288.5 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Data Type, Application, Industry, Regional, |
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Drivers and Restraints
Betterdata Leverages Synthetic Data to Enhance Data Security and ML Models
Due to privacy concerns and regulatory restrictions, such as GDPR, CCPA, and HIPAA, accessing real-world data becomes challenging. To address these issues, synthetic data is increasingly in demand as it offers a realistic version of the original dataset without compromising privacy. For instance, Betterdata, announced in April 2023, that the company uses synthetic data to secure confidential information and improve machine learning models.
However, maintaining a constant synthetic dataset over time, influenced by real-world data and innovations, significantly hampers the accuracy and realism of synthetic data, impeding the synthetic data generation market growth.
Leading Segments Covered in this Report-
By Data Type
- Text Data
- Image & Video Data
- Tabular Data
- Others (Sound, Time Series Data)
By Application
- Test Data Management
- AI Training & Development
- Enterprise Data Sharing
- Data Analytics & Visualization
By Industry
- Healthcare
- Manufacturing
- Media and Entertainment
- Automotive
- BFSI
- Retail & E-commerce
- IT & Telecommunication
- Others (Agriculture, Transportation)
Regional Insights
North America Dominates with Abundance of AI Startups and Research Institutions
North America leads the synthetic data generation market share due to its abundance of AI startups, research institutions, and high-tech companies. The region's demand for high-quality synthetic data for research and experiments drives market growth.
Asia Pacific to grow with the highest CAGR due to increasing AI/ML adoption and cloud-based services in various industries for secure business infrastructure.
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Competitive Landscape
Key Players Embrace Partnerships and Acquisitions to Meet Rising Industry Demand
Companies operating in the synthetic data generation space are making significant investments in the generation of synthetic data for various industry verticals, aiming to maintain a competitive edge. To expand their business and distribution network, key players engage in strategic partnerships, acquisitions, and collaborations, driving market growth. These initiatives enable them to cater to the rising demand for synthetic data across different sectors.
FAQs
How big is the Synthetic Data Generation Market?
Synthetic Data Generation Market size was USD 288.5 Million in 2022. It is expected to reach USD 2,339.8 Million by 2030.
How fast is the Synthetic Data Generation Market growing?
The Synthetic Data Generation Market will exhibit a CAGR of 31.1% during the forecast period, 2023-2030
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