Synthetic Data Generation Market worth $2.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 5, 2023 /PRNewswire/ -- The Synthetic data production is anticipated to have a bright future and a significant impact on many different sectors and industries. Data that is intentionally created but does not contain any personally identifiable information yet replicates the traits and patterns of real data is referred to as synthetic data. Due to the growing demand for extensive and varied datasets while maintaining privacy concerns, its value has increased.

The global Synthetic Data Generation Market size to grow from USD 0.3 billion in 2023 to USD 2.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 45.7% during the forecast period, according to a new report by MarketsandMarkets™.

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Scope of the Report

The global synthetic data generation market has various applications such as data democratization, AI/ML training and development, data anonymization, test data management, enterprise data sharing, data analytics and visualization, data monetization, and others. The major end-users of the Synthetic Data Generation market include BFSI, Healthcare & Life sciences, Retail & E-commerce, Automotive & Transportation, Government & Defense, IT and ITeS, Energy and Utilities, Manufacturing, and Other Verticals.

Stricter regulations, and limitations on the use of real-world data due to increasing concerns about data privacy and security have created a demand for synthetic data as a viable alternative. Synthetic data generation enables organizations to generate and utilize data without compromising sensitive information, addressing real-world data privacy and security challenges. Businesses are increasingly relying on data-driven decision-making to gain a competitive edge.

Among vertical, the BFSI segment is expected to dominate the market during the forecast period

Based on vertical, the BFSI segment of the synthetic data generation market is projected to hold a larger market size during the forecast period. The adoption of synthetic data generation drives the BFSI (Banking, Financial Services, and Insurance) vertical due to increasing concerns about data privacy and compliance regulations. Synthetic data provides a solution for generating realistic datasets without compromising sensitive information, allowing organizations in the BFSI sector to meet regulatory requirements. It enables improved risk management, fraud detection, model development, and customer analytics, facilitating more accurate predictions.

By data type, image and video segment to record the highest market share during the forecast period

Image and video data represent visual information in the form of images and videos. Synthetic data generation for image and video data involves creating artificial visual content that simulates real-world scenarios. This process is driven by the need for training computer vision models, object detection, image recognition, and video analysis. Synthetic image and video data enable organizations to generate diverse datasets that cover a wide range of scenarios, lighting conditions, and object variations. It supports the development and validation of algorithms for autonomous vehicles, surveillance systems, medical imaging, and virtual reality applications.

Asia Pacific to record the highest growth during the forecast period.

The synthetic data generation market in the Asia Pacific region is experiencing significant growth driven by rapid digital transformation, increasing data privacy regulations, growing adoption of AI and ML technologies, rising cybersecurity concerns, and a thriving startup ecosystem. Organizations in the region are leveraging synthetic data generation to address data-driven challenges, comply with regulations, enhance AI and ML model performance, strengthen cybersecurity measures, and drive innovation. With the region's focus on digitalization and the emerging need for data-driven solutions, Asia Pacific's synthetic data generation market is poised for continued expansion and opportunities.

Synthetic Data Generation Market Dynamics

Driver:

• Increasing Demand for Data Privacy and Compliance
• The use of artificially generated data that mimics real data while preserving privacy.

Restraint:

• Regulatory and Ethical Considerations
• compliance with relevant data protection and privacy laws

Opportunities:

• Increasing deployment of large language models
• Models can take multiple input modalities and produce outputs of different modalities

Challenges:

• Lack of Maturity in the Market
• Increasing awareness of the benefits of synthetic data

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Market Players

Major vendors in the Synthetic Data Generation Market include Microsoft (US), Google (US), IBM (US), AWS (US), NVIDIA (US), OpenAI (US), Informatica (US), Broadcom (US), Sogeti (France), Mphasis (India), Databricks (US), MOSTLY AI (Austria), Tonic (US), MDClone (Israel) TCS (India), Hazy (UK), Synthesia (UK), Synthesized (UK), Facteus (US), Anyverse (Spain), Neurolabs (Scotland), Rendered.ai (US), Gretel (US), OneView (Israel), GenRocket (US), YData (US), CVEDIA (UK), Syntheticus (Switzerland), AnyLogic (US), Bifrost AI (US), Anonos (US).

Recent Developments:

• In May 2023, Databricks acquired Okera, a data governance platform with a focus on AI. the acquisition will enable Databricks to expose additional APIs that its own data governance partners will be able to use to provide solutions to their customers.
• In January 2023, Microsoft entered into a multi-billion-dollar partnership with OpenAI to accelerate the development of AI technology. The partnership aims to democratize AI and make it accessible to everyone. The partnership has already yielded impressive results, including the development of GPT-3
• In December 2022, AWS and Stability AI collaborated to make its open-source tools and models. Stability AI, a community-driven, open-source artificial intelligence (AI) company, selected AWS as its preferred cloud provider to build and scale its AI models for image, language, audio, video, and 3D content generation. Stability AI will use Amazon SageMaker (AWS's end-to-end machine learning service), as well as AWS's proven computing infrastructure and storage, to accelerate its work on open-source generative AI models.
• In October 2022, Microsoft partnered with Informatica, an enterprise cloud data management leader, announcing its inclusion as an initial partner of the Microsoft Intelligent Data Platform Partner Ecosystem. Microsoft announced the launch of this ecosystem during its Microsoft Ignite 2022. This initiative represents both companies' investment toward helping enterprises truly operationalize AI with trusted and governed data.
• In June 2022, Tonic announced an integration with Snowflake, the Data Cloud company. The new integration will enable joint Tonic and Snowflake customers to build applications with realistic, de-identified data in the Snowflake Data Cloud. Joint customers can also tokenize data at scale and ensure regulatory compliance.

Synthetic Data Generation Market Advantages

• Protection of privacy: Organisations can work with data that is representative of actual situations while maintaining individual privacy thanks to synthetic data generation. Privacy problems can be reduced by creating synthetic data that mimics real data's statistical characteristics and patterns but excludes personally identifiable information. This is crucial in fields like healthcare and finance that deal with sensitive or regulated data.
• Data diversity and accessibility: Synthetic data generation tackles the problem of data shortage. It offers a way to produce huge amounts of varied, realistic data that closely resembles data from the real world. This is particularly helpful in fields where acquiring enough real data is expensive, time-consuming, or unfeasible. Synthetic data removes the constraints placed by data availability and enables more thorough testing, training, and experimentation.
• Cost-effectiveness: Acquiring real data can be expensive because it takes time and money to acquire, store, and manage the data. By lessening the need on pricey real data collecting, synthetic data production provides a financially viable alternative. It is simpler and more affordable to generate more data samples as needed after the infrastructure for synthetic data production has been developed.
• Scalability and flexibility: Synthetic data production offers both scalability and flexibility in terms of data modification. Organisations can produce data with the appropriate properties, distributions, and linkages by using synthetic datasets, which can be customised to meet specific requirements. This adaptability makes it possible to produce synthetic datasets that are tailored to particular use cases, enhancing the efficacy and efficiency of data-driven applications. Additionally, synthetic data production can scale easily to produce enormous volumes of data, meeting the requirements of machine learning and big data analytics.
• Risk reduction and testing: Synthetic data is a valuable tool for testing and verifying systems, algorithms, and models, as well as for reducing risk. Organisations are able to model and assess numerous scenarios and edge cases without taking any risks or suffering any unfavourable effects from using real data. Before deploying systems in actual situations, thorough testing using synthetic data ensures robustness and dependability.

Report Objectives

• To define, describe, and forecast the synthetic data generation market by offering (solutions/platforms and services), data type, application, and vertical.
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth.
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the synthetic data generation market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders.
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
• To profile the key players and comprehensively analyze their market ranking and core competencies.
• To analyze competitive developments, such as partnerships, product launches, and mergers and acquisitions, in the synthetic data generation market
• To analyze the impact of recession in the synthetic data generation market across all the regions

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