Fort Collins, Colorado, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Synthetic Data Generation Market size was valued at USD 0.3 Billion in 2022 and is expected to reach USD 6.9 Billion in 2032 at a CAGR of 37.5%.
The growing adoption of generative AI, predictive analytics, and machine learning contributes to market growth. The availability of data is a crucial component for the successful implementation of these technologies. These systems require a large amount of data to process and analyze the trends to recognize patterns and deliver accurate insights. The large and curated dataset is paramount to artificial intelligence, analytics, and machine learning applications. Gathering and labeling this data in the real world is time-consuming, inconvenient, and expensive. Moreover, other issues with real-world data, such as scalability and privacy issues, make the data collection process difficult. Synthetic data mimics real-world data and is helpful in these situations, leading to an increased demand.
The rising importance of data-driven decisions for business is another factor bolstering market growth. Businesses employing machine learning and artificial intelligence can leverage synthetic data to reduce the data collection and storage cost required and minimize issues such as biases in data and other underlying quality issues. Additionally, synthetic data can be more diverse than real-world datasets, which can be helpful for businesses analyzing data from regions or populations with limited information. Synthetic data also eliminates the need for data gathering, thus saving the organization time and enabling faster product or service development.
Request Sample Report:
https://datahorizzonresearch.com/request-sample-pdf/synthetic-data-generation-market-2473
Segmentation Overview:
The global synthetic data generation market has been segmented into the offering, data type, application, industry, and region. The automotive and transportation segment also held a substantial market share in the synthetic data market 2022. The tabular data generation segment also held a substantial market share in the synthetic data generation market in 2022. North America held the largest market share in the synthetic data generation market in 2022. The various government initiatives to promote the proliferation of AI technologies in this region positively impact the market expansion.
Buy This Research Report:
https://datahorizzonresearch.com/checkout-page/synthetic-data-generation-market-2473
Synthetic Data Generation Market Report Highlights:
- The global synthetic data generation market growth is anticipated at a CAGR of 37.5% by 2032.
- Data is crucial for various artificial intelligence applications. Gathering real-world data is complicated, expensive, time-consuming, and has privacy implications. Synthetic data can be generated according to the user's requirements.
- The BFSI segment held a significant market share in 2022. The generation and use of synthetic data are pivotal for banks and financial institutions due to various privacy concerns and legislations.
- Some prominent players in the synthetic data generation market report include AI, Synthesis AI, Statice, Gretel Labs, YData, Ekobit d.o.o, Hazy, Kinetic Vision, Inc., CVEDIA Inc., Lexset.ai, Kymera-labs, NVIDIA Corporation, MDClone, Neuromation, TwentyBN, DataGen Technologies, and Informatica Test Data Management among others.
Industry Trends and Insights:
- In 2022, Anonos acquired Statice GmbH. The acquisition improves the capabilities of Anonos to provide a comprehensive platform for data insights while enhancing data protection.
- In 2021, the White House established the National Artificial Intelligence Initiative Office to promote various applications of AI and implement and oversee the U.S. national AI strategy in this region.
Looking Exclusively For Region/Country Specific Report?
https://datahorizzonresearch.com/ask-for-customization/synthetic-data-generation-market-2473
OR
Ask For Discount
https://datahorizzonresearch.com/ask-for-discount/synthetic-data-generation-market-2473
Synthetic Data Generation Market Segmentation:
- By Offering: Solutions, services
- By Data Type: Tabular data, text data, image and video data, others.
- By Application: AI, M/L training and development, test data management, data analytics and visualization, enterprise data sharing, others.
- By Industry: BFSI, healthcare & life sciences, retail & e-commerce, automotive & transportation, government & defense, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Product Engineering Services Market 2023 to 2032
Immersive Analytics Market 2023 to 2032
Data Analytics Market 2023 to 2032
Cellular IoT Module Market 2023 to 2032
Cross Border Payments Market 2023 to 2032
