Synthetic Data Generation Market to grow by USD 1.07 billion between 2022 - 2027, Growth Driven by Rising Demand for privacy protection - Technavio

NEW YORK, Oct. 9, 2023 /PRNewswire/ -- The Synthetic Data Generation Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the synthetic data generation market between 2022 and 2027 is USD 1.07 billion. The rising demand for privacy protection drives the synthetic data generation market. There is a growing number of data breaches and cyber-attacks. This leads to an increased demand for privacy protection in the synthetic data generation market. Such incidents have become more frequent and sophisticated, which leads to a greater need for businesses to safeguard their sensitive information. Hence, such factors drive the growth of the synthetic data generation market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge - The high costs associated with high-end generative models challenge the growth of the synthetic data generation market. As a result of the growing demand for data in a variety of industries, such as healthcare, financial, and retail, the global synthetic data generation market is set to grow significantly. Furthermore, factors like the high costs associated with generative models make it challenging for smaller retailers with limited budgets to adopt these advanced data generation techniques. Learn about additional key drivers, trends, and challenges available with Technavio. Read the FREE Sample PDF Report Now

The synthetic data generation market is segmented by End-user (Healthcare and life sciences, Retail and e-commerce, Transportation and logistics, IT and telecommunication, and BFSI and others), Type (Agent-based modelling and Direct modelling), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• By end-user, the healthcare and life sciences segment will be significant during the forecast period. It is one of the fastest-growing industries in the global synthetic data generation market. Insurance companies are capable of identifying patterns and anomalies which indicate possible fraud by generating synthetic data that simulate customer profiles and claims records, and in order to avoid affecting the privacy of its policyholders. Hence, such factors drive the healthcare and life sciences segment of the synthetic data generation market during the forecast period.
• By geography, North America is estimated to contribute 35% to the growth of the global market during the forecast period. View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the synthetic data generation market:

Alphabet Inc., Amazon.com Inc., AnyLogic North America LLC, Anyverse SL, DADoES Inc, Facteus Inc, GenRocket Inc., Gretel Labs Inc., International Business Machines Corp., MDClone Ltd., Microsoft Corp., Neurolaboratories Ltd., NVIDIA Corp., OpenAI L.L.C., Synthesia Ltd., Synthesized Ltd, Syntheticus, Tata Consultancy Services Ltd., YData, Hazy Ltd.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio