Synthetic Data
What combination of drivers is leading to accelerated growth in the synthetic data market?
The synthetic data market’s expansion is anticipated to be fueled by the surge in digitalization. Digitalization entails transitioning operations and data into a digital layout to enhance innovation, accessibility, and efficiency. The escalating digitalization stems from the aspiration for superior customer experiences, the necessity for better efficiency and productivity, and the push to stay competitive in a swiftly changing market. Synthetic data serves as a flexible tool in various aspects of digitalization, including training, testing, compliance, and innovation, consequently making it simpler and secure for establishments to adopt digital metamorphosis. For example, a report released in February 2024 by the Department for Science, Innovation, and Technology, a ministerial department in the UK, demonstrated that the UK’s digital sector added £158.3 billion ($ 199.46 billion) to the economy in 2022, making up 7.2% of the total UK gross value added (GVA), a rise from 7.1% in 2021 (at current prices). Thus, the synthetic data market’s growth is propelled by the surge in digitalization.
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What is the projected compound annual growth rate (CAGR) of the synthetic data market from 2025 to 2034, and what factors influence it?
The market size for synthetic data has witnessed tremendous growth over the recent years. The projection is that it will expand from $0.51 billion in 2024 to $0.69 billion in 2025, with a compound annual growth rate (CAGR) of 35.2%. The historic growth can be ascribed to factors such as an increase in data production from IoT devices, rise in automation, proliferation of synthetic data for self-driving vehicles, surge in virtual simulations for product testing, and a growing necessity for diverse data in training models.
Anticipations are high for an enormous expansion in the synthetic data market size within the upcoming years. The projection for 2029 places the market at a hefty $2.28 billion, with a compound annual growth rate (CAGR) of 35.0%. Factors contributing to this expected growth within the forecast period encompass the rising requirement for data privacy solutions, amplified unstructured data volumes, growing unease about data security, increasing funding in AI research, and an escalating demand for scalable data solutions. Significant trends anticipated during the forecast period comprise technological progress, machine learning models, digital twin technology, data privacy, and cybersecurity.
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How are the latest trends influencing the growth of the synthetic data market?
The foremost players in the synthetic data market are striving to create innovative solutions such as platforms for synthetic data generation that offer scalable, economical, and data that complies with privacy norms. Synthetic data generation platforms are software tools that develop artificial data sets, replicating real-world data used for training, testing, and validating AI models and other digital platforms. For example, the Israel-based software firm, K2view, launched the K2view Synthetic Data Management solution in October 2023, to cater to the growing need for authentic and compliant synthetic data. The K2view Synthetic Data Management solution is unique, as it integrates generative AI and rule-based synthetic data generation with a patented business-entity data model, ensuring exceptional synthetic data accuracy and compliance. By merging four data generation methods – generative AI, a rules engine, entity cloning, and data masking, the solution effectively caters to a variety of use cases such as software testing, ML model training, and data collaboration. This exclusive incorporation of business-entity data modeling into the synthesis process ensures unmatched accuracy and retains referential integrity across structured and semi-structured synthetic data.
What are the major segments of the synthetic data market and their role in driving growth?
The synthetic data market covered in this report is segmented –
1) By Offering: Fully Synthetic Data; Partially Synthetic Data; Hybrid Synthetic Data
2) By Data Type: Tabular Data; Text Data; Image And Video Data
3) By Modeling Type: Direct Modeling; Agent-Based Modeling
4) By Application: Data Protection; Data Sharing; Predictive Analysis; Natural Language Processing; Computer Vision Algorithms; Other Applications
5) By End Use Industry: Banking, Financial Services, And Insurance; Healthcare And Life Sciences; Transportation And Logistics; Information Technology And Telecommunication; Retail And E-Commerce; Manufacturing; Consumer Electronics; Other End User Industries
Subsegments:
1) By Fully Synthetic Data: Tabular Synthetic Data; Image Synthetic Data; Text Or Document Synthetic Data; Speech Or Audio Synthetic Data; Video Synthetic Data; Synthetic Time Series Data
2) By Partially Synthetic Data: Mixed Tabular Data; Augmented Image Data; Textual Data with Real Labels; Synthetic Audio with Real Sound Samples; Partially Simulated Time Series
3) By Hybrid Synthetic Data: Synthetic-to-Real Transfer Learning Data; Realistic Virtual Environment Data; Synthetic Anonymized Data; Augmented Reality (AR) Training Data; Real-And-Synthetic Blended Image Data
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Which regions are key players in the growth of the synthetic data market?
North America was the largest region in the synthetic data market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic data market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the synthetic data market?
Major companies operating in the synthetic data market are Amazon.com Inc., Google LLC, Microsoft Corporation, Truata Limited, International Business Machines Corporation, Meta Platforms Inc., NVIDIA Corporation, Genpact Limited, OpenAI, Informatica LLC, Syntho, Delphix Corp., Anthropic, Tonic.ai, DataGen Technologies Ltd., Synthesis AI, Gretel Labs, CVEDIA Inc., Neuromation, Mostly AI Inc., AI.Reverie, ANYVERSE, Hazy, Aircloak, Replica Analytics Ltd., Diveplane Corporation, Predibase Inc.
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What Is Covered In The Synthetic Data Global Market Report?
•Market Size Forecast: Examine the synthetic data market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the synthetic data market for a structured understanding.
•Key Players Overview: Analyze major players in the synthetic data market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the synthetic data market.
•Segment Contributions: Evaluate how different segments drive overall growth in the synthetic data market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the synthetic data market.
•Industry Challenges: Identify potential risks and obstacles affecting the synthetic data market.
•Competitive Landscape: Review strategic developments in the synthetic data market, including expansions, agreements, and new product launches.
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