Synthetic Data Generation: Global Markets Report Unveils Game-Changing Insights and Opportunities

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Sep 15, 2023, 04:00 ET

In the era of data-driven innovation, the "Synthetic Data Generation: Global Markets" report offers a comprehensive overview of the rapidly evolving landscape of synthetic data generation.

BOSTON, Sept. 15, 2023 /PRNewswire/ -- Synthetic data generation is redefining industries by enabling researchers, developers, and businesses to harness sensitive or scarce data without compromising privacy or security. This technology drives innovation, enhances model accuracy, and promotes ethical data utilization by reducing reliance on real data. BCC's latest report, authored by Shashank Sharma, Associate Analyst, with consulting guidance from Masaratjahan Kudle, Associate Consultant, offers surprising discoveries that can lead to remarkable innovations using the practice.

Key Highlights Include:

Expanding Beyond Boundaries: Synthetic data isn't limited to traditional datasets; it encompasses synthetic video, images, and sound. For instance, Amazon leverages synthetic data to train Alexa's language system, enhancing data security. In an era where digital theft affects 17% of the global online population, synthetic data generation bolsters cybersecurity by enabling organizations to safeguard sensitive information with fabricated yet realistic data.
Cross-Sector Efficiency: Cloud-based solutions, recognized for their cost-effectiveness, are gaining prominence. A study by Synthesis AI in collaboration with Vanson Bourne reveals that 89% of technology decision-makers view synthetic data as essential for staying ahead in the game.
99% Retention with Privacy: Mostly AI, a synthetic data generation startup, claims to retain 99% of the original dataset's value while protecting sensitive information from re-identification. Although these claims rely on in-house benchmark analysis, the underlying data remains unpublished.

The most astonishing revelation from this analysis is the promising advancement of synthetic data. In many cases, it is now highly customizable, scalable, and indistinguishable from real data. With the rapid progress of generative adversarial networks and novel techniques, synthetic data can be employed for simulating environments and training complex AI agents, paving the way for exciting possibilities in the near future.

Why Now?

Synthetic data generation is experiencing exponential growth due to its diverse applications, enhanced security features, and increased demand for large-scale data learning models. Major companies are actively investing in this technology, driving innovation and research and development across various industries.

Pioneer start-ups Synthesis AI, Cape Privacy, and GenRocket are now using synthetic data to successfully simulate environments and train complex AI agents, paving the way for exciting possibilities in the near future.

This report is a must-read for technology providers, software service providers, and those in research industries. That said, many professionals and organizations can benefit from this information.

To download this report or learn more, contact BCC Research today.

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