Global Synthetic Data Generation Market Report 2023: Increasing Need for Data Privacy and Compliance Fuels the Sector

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Jun 12, 2023, 22:30 ET

DUBLIN, June 12, 2023 /PRNewswire/ -- The "Global Synthetic Data Generation Market by Offering (Solution/Platform and Services), Data Type (Tabular, Text, Image, and Video), Application (AI/ML Training & Development, Test Data Management), Vertical and Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global synthetic data generation size is expected 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.

The rising importance of data privacy and compliance regulations, such as GDPR and CCPA, drive organizations' need to handle personal data. Increasing investments in AI lead to new and more sophisticated synthetic data generation techniques driving the synthetic data generation market.

By data type, text data to segment to record a highest growth rate during the forecast period

By data type, the text data segment is expected to have the highest growth rate during the forecast period. The increasing demand for artificial intelligence (AI) and machine learning (ML) applications requires large amounts of data to train and develop models, further driving the text data segment.

Among applications, Test data management segment has the second-highest market share during the forecast period

Under the applications segment, the Test data management segment is expected to have second the highest market share during the forecast period. The need for high-quality, diverse, and representative data for testing and validation purposes will drive the segment. Businesses can enhance the effectiveness and efficiency of their testing processes using synthetic data leading to improved product quality, faster time-to-market, and reduced costs associated with traditional test data management approaches.

Among regions, Asia Pacific to grow at the highest CAGR during the forecast period

The synthetic data generation market in Asia 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.

Market Dynamics

Drivers

  • Rising Adoption of AI and Machine Learning Technologies
  • Increasing Need for Data Privacy and Compliance
  • Rise in Investments in AI
  • Increase in Content Creation

Restraints

  • Regulatory and Ethical Considerations
  • Issues Related to Achieving Quality Data and Realism

Opportunities

  • Increasing Deployment of Large Language Models
  • Growing Interest of Enterprises in Commercializing Synthetic Images
  • Robust Advancements in Machine Learning and Computing Innovation

Challenges

  • Market Immaturity
  • Lack of Skilled Workforce
  • High Costs Associated with High-End Generative Models

Case Study Analysis

  • Mostly AI Helped Retail Bank Shorten Development of Sprints by Several Days
  • Swedish Government Incorporated Artificial Intelligence into Daily Operations
  • Everlywell Gained 5X Deployment Velocity with Support from Tonic API
  • Vodafone Adopted Hazy Synthetic Data to Quickly and Accurately Predict Churn
  • Scale Ai Helped Kaleido Ai's Ml Team to Improve Model Performance on Business-Critical Edge Cases 

Companies Mentioned

  • Anonos
  • Anylogic
  • Anyverse
  • Aws
  • Bifrost Ai
  • Broadcom
  • Capgemini
  • Cvedia
  • Databrics
  • Facteus
  • Genrocket
  • Google
  • Gretel
  • Hazy
  • Ibm
  • Informatica
  • Md Clone
  • Microsoft
  • Mostly Ai
  • Mphasis
  • Neurolabs
  • Nvidia Corporation
  • Oneview
  • Openai
  • Rendered Ai
  • Synthesia
  • Synthesized
  • Syntheticus
  • Tcs
  • Tonic
  • Y Data

For more information about this report visit https://www.researchandmarkets.com/r/jxrbr2

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