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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=176419553&utm_source=steemit.com&utm_medium=referral+&utm_campaign=chatbotmarket
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.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/