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How Has the Synthetic Data Market Grown from 2024 to 2025?

There has been an explosive growth in the size of the synthetic data market in recent years. The market is predicted to expand from $0.51 billion in 2024 to $0.69 billion in 2025, representing a compound annual growth rate (CAGR) of 35.2%. Factors contributing to this historical growth include the increasing generation of data from IoT devices, the rise in automation, the growing use of synthetic data in self-driving vehicles, increased demand for virtual simulations in product testing, and the heightened need for diverse data in training models.

What Growth Rate Is Anticipated for the Synthetic Data Market in the Coming Years?

The market size of synthetic data is predicted to expand dramatically in the forthcoming years, anticipated to reach $2.28 billion by 2029, with a compound annual growth rate (CAGR) of 35.0%. The predicted growth during the forecast period can be linked to the escalating demand for data privacy solutions, an upsurge in the volume of unstructured data, increased concerns about data security, higher investments in AI research, and a rising need for scalable data solutions. The forecast period is set to be characterized by major trends such as technological innovation, machine learning models, digital twin technology, data privacy, and cybersecurity.

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Who Are the Leading Companies in the Synthetic Data Market?

Major companies operating in the synthetic data market are Amazon.com Inc., Google LLC, Microsoft Corporation, Truata Limited, International Business Machines Corporation, Meta Platforms Inc., NVIDIA Corporation, Genpact Limited, OpenAI, Informatica LLC, Syntho, Delphix Corp., Anthropic, Tonic.ai, DataGen Technologies Ltd., Synthesis AI, Gretel Labs, CVEDIA Inc., Neuromation, Mostly AI Inc., AI.Reverie, ANYVERSE, Hazy, Aircloak, Replica Analytics Ltd., Diveplane Corporation, Predibase Inc.

What Are the Key Drivers of the Synthetic Data Market?

The synthetic data market is set to experience considerable growth, fueled by the rise in digitalization. This process, which involves transferring information and operations to digital formats for increased efficiency, accessibility, and innovation, is driving the use of synthetic data. The need to enhance productivity, enrich customer experiences and maintain competitiveness in a fast-paced business environment has resulted in a proliferation of digitalization. Synthetic data, being a flexible tool that facilitates various stages of the digitalization process – from training and testing to compliance and innovation – is enabling organizations to navigate their digital transformations more easily and securely. An example can be seen in February 2024, when a report from the Department of Science, Innovation, and Technology, a ministerial department in the UK, revealed that the digital sector in the UK contributed £158.3 billion ($199.46 billion) to the country’s economy in the year 2022. This figure equates to 7.2% of the total UK Gross Value Added (GVA), a slight increase from 7.1% in 2021 (in current prices). Therefore, the rise in digitalization is a significant contributor to the expansion of the synthetic data market.

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What Are the Key Market Segments in the Synthetic Data Industry?

The synthetic data market covered in this report is segmented –

1) By Offering: Fully Synthetic Data; Partially Synthetic Data; Hybrid Synthetic Data

2) By Data Type: Tabular Data; Text Data; Image And Video Data

3) By Modeling Type: Direct Modeling; Agent-Based Modeling

4) By Application: Data Protection; Data Sharing; Predictive Analysis; Natural Language Processing; Computer Vision Algorithms; Other Applications

5) By End Use Industry: Banking, Financial Services, And Insurance; Healthcare And Life Sciences; Transportation And Logistics; Information Technology And Telecommunication; Retail And E-Commerce; Manufacturing; Consumer Electronics; Other End User Industries

Subsegments:

1) By Fully Synthetic Data: Tabular Synthetic Data; Image Synthetic Data; Text Or Document Synthetic Data; Speech Or Audio Synthetic Data; Video Synthetic Data; Synthetic Time Series Data

2) By Partially Synthetic Data: Mixed Tabular Data; Augmented Image Data; Textual Data with Real Labels; Synthetic Audio with Real Sound Samples; Partially Simulated Time Series

3) By Hybrid Synthetic Data: Synthetic-to-Real Transfer Learning Data; Realistic Virtual Environment Data; Synthetic Anonymized Data; Augmented Reality (AR) Training Data; Real-And-Synthetic Blended Image Data

What Are the Latest Trends in the Synthetic Data Market?

Leading firms in the artificial data market are concentrating on developing sophisticated technologies such as synthetic data generation platforms. These are digital tools designed to create artificial datasets that simulate real-world data. The data is then utilized for training, testing, and validation of AI models, along with other digital applications. K2view, a software development firm based in Israel, introduced the K2view Synthetic Data Management solution in October 2023. This solution was launched in response to the rising demand for authentic and compliant synthetic data. The K2view Synthetic Data Management solution sets itself apart by integrating generative AI and a patented business-entity data model with rule-based synthetic data generation. This ensures extraordinary accuracy and compliance for synthetic data. The solution uses a unique combination of four data generation methods – generative AI, a rules engine, entity cloning, and data masking. This effectively caters to a variety of needs such as software testing, ML model training, and data collaboration. The incorporation of business-entity data modeling into the synthesis process ensures unmatched precision and maintains referential integrity across structured and semi-structured synthetic data.

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What Are the Key Regional Markets in the Synthetic Data Industry?

North America was the largest region in the synthetic data market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic data market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This Report Delivers Insight On:

1. How big is the synthetic data market, and how is it changing globally?

2. Who are the major companies in the synthetic data market, and how are they performing?

3. What are the key opportunities and risks in the synthetic data market right now?

4. Which products or customer segments are growing the most in the synthetic data market?

5. What factors are helping or slowing down the growth of the synthetic data market?

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