Synthetic Data Generation Market 2031: A Key Driver in the Fourth Industrial Revolution

The surge in digitalization transformation and the rise in adoption of advanced technology such as AI and ML drive the global synthetic data generation market.

PORTLAND, PORTLAND, OR, UNITED STATES, February 21, 2024 /EINPresswire.com/ -- According to the report, the global synthetic data generation industry is estimated to generate $168.93 million in 2021 and $3.5 billion by 2031, witnessing a CAGR of 35.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

The use of synthetic data has accelerated in the past few years with the rise of deep learning. Successful deep-learning applications require a large number of labeled observations. Synthetic data generation plays a critical role in this. Furthermore, increasing digital initiatives, and the availability of advanced & robust IT infrastructure open up numerous possibilities for synthetic data generation solutions, which is expected to provide lucrative opportunities for synthetic data generation market forecast.

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Synthetic data offers a significant advantage by enhancing data testing and sharing capabilities, both within organizations and with external entities such as government departments, academia, and other sectors. Streamlining services will facilitate collaboration, ultimately enhancing services for consumers. Additionally, synthetic data will play a crucial role in promoting data literacy and comprehension. By creating realistic replicas, organizations can swiftly develop informative dashboards, empowering businesses to make better decisions. This improved data literacy can also facilitate enhanced data sharing and collaboration across industries and academia, tapping into the advantages of crowd-sourced innovation. Presently, such opportunities are often limited and require substantial effort to realize, thus driving growth within the market.

Surge in digitalization transformation across enterprises and rise in adoption of advanced technology such AI and ML fuel the growth of the global synthetic data generation market. However, lack of skilled workforce is likely to hinder the global market growth. On the other hand, increase in demand for connected devices and IoT and other technologies will present new growth opportunities for the global synthetic data generation market in the coming years.

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Based on components, the solution segment dominated the synthetic data generation market size in 2021 and is expected to continue this trend during the forecast period. The adoption of synthetic data generation provides numerous benefits to the industry such as streamlining the business process, eliminating the manual process and reducing the time and costs, further fuel the growth of the market. However, the services segment highest growth in market share in the upcoming year. The adoption of synthetic data generation enhances software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks, and others, further fueling the growth of the synthetic data generation industry for this segment.

Based on data type, the tabular data segment held the largest share of nearly two-fifths of the global synthetic data generation market in 2021, and is expected to maintain a prominent growth during the forecast period, as tabular data presentation helps in simplifying complex data, comparing different data sets, bringing out the important aspects, and provides the foundation for statistical analysis. However, the text data segment is expected to exhibit the highest CAGR of 39.8% in 2031, as text data has greater use in research and art projects.

Region-wise, North America dominated the market share in 2021 for the synthetic data generation market. The adoption of synthetic data generation growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of advanced technology such as AI, big data and IoT and higher adoption of cloud-based solutions and services are particularly fueling regional market growth.

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Covid-19 Scenario:

• The outbreak of COVID-19 is expected to provide various growth opportunities for the market during the forecast period. These opportunities include a surge in demand for AI-driven synthetic data generation in enterprises due to remote work initiatives, as businesses see the benefits of these platforms.

• It is also expected that market players will focus more on solutions that will support advanced planning and overcoming the impact of such events in the future. The focus will also be on end-to-end stock visibility, complex supplier monitoring, and process automation, thereby raising the demand for synthetic data generation technology in the future.

• The pandemic has positively impacted mobile and internet uses and the growing use of computing services, which is likely to offer various opportunities for the synthetic data generation market growth in the upcoming year.

Leading Market Players

• Gretel Labs
• Microsoft Corporation
• Meta
• IBM Corporation
• NVIDIA Corporation
• Synthesis AI
• CVEDIA Inc.
• Datagen
• Mostly AI
• Amazon.com, Inc.

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