How will the market for synthetic data develop in 2023
Synthetic data is a copy of real data that has been generated by a computer. It is used to train machine learning models and can be used to test applications without using sensitive or confidential data. The market for synthetic data is expected to grow from $1.3 billion in 2018 to $6.5 billion by 2023, according to MarketsandMarkets research. This growth is being driven by the need for more realistic test data, the increasing use of machine learning, and the need to protect privacy.
A brief look back at 2022
https://elise-deux.medium.com/everything-that-happened-in-the-synthetic-data-space-in-2022-c5d6cb5aaf06
Here is an overview of all providers in the synthetic data market, compiled by Elise Devau.
Structured synthetic data: tabular and test data / Unstructured synthetic data: image, sound, and video
Strong development of unstructured synthetic data solutions
The development of unstructured synthetic data solutions continues apace. A few factors account for the faster development of this segment of the market: the maturity of use-cases such as computer vision training, the availability of supporting technology such as image modeling software and game engines, and the increased adoption of the technology in fast-growing industries such as automotive, retail, and video games
Strategic developments
The most fascinating aspect of market development was the market changes. Below are six patterns identified in the synthetic data space during the previous few months:
- Funding: investments have been a key element in the development of companies in recent months. They amounted to at least $325 million in the last 18 months.
- Pure-players specialization: after having known a homogeneous market for the first years, vendors are accentuating the differentiation with positioning choices on use-cases or industries.
- Moving away from a pure product industry: we are seeing the arrival of services and new business models in an industry that until now has been very focused on a product-oriented offer.
- In-house development: synthetic data is no longer the prerogative of pure players. In recent months, large companies have announced the development of in-house synthetic data capabilities.
- Key partnerships: in parallel to internal developments of synthetic data capacities, other large companies have taken the path of partnerships, creating deals between pure players and big tech or specialized companies.
Outlook and Trends for Synthetic data in 2023
The market for synthetic data is expected to grow significantly in 2023. This is due to the increasing demand for artificial intelligence (AI) and machine learning (ML) applications, which require large amounts of data for training. There is a big demand for more realistic and accurate data sets, as well as the need for more efficient and scalable data solutions. Synthetic data will continue to be used in a variety of industries, including healthcare, finance, and retail.
Here are a few market developments that we expect for the year 2023:
Increased adoption across industries: In recent years, the use of synthetic data has been primarily limited to the technology and finance industries. However, as the capabilities and benefits of synthetic data become more widely known, we can expect to see increased adoption across a range of industries, including healthcare, education, and government.
Development of new synthetic data generation techniques: One of the major challenges with synthetic data is the ability to generate data that is realistic and representative of the real world. As a result, there has been a growing focus on developing new techniques and algorithms that can generate more realistic and diverse synthetic data. In 2023, we can expect to see the emergence of new generation techniques, such as GANs and differential privacy, that will enable organizations to generate high-quality synthetic data.
Increased use of synthetic data for privacy protection: One of the key benefits of synthetic data is its ability to protect sensitive information by replacing real data with fake data. In 2023, we can expect to see an increase in the use of synthetic data for privacy protection, as organizations look for ways to comply with increasingly strict data privacy regulations, such as the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
Development of user-friendly synthetic data tools and platforms: In the past, generating and using synthetic data has required specialized expertise and complex algorithms, which has made it difficult for many organizations to take advantage of these tools. In 2023, we can expect to see the emergence of new tools and platforms that make it easy for anyone to generate and use synthetic data, allowing organizations of all sizes to benefit from these technologies.
What we at Synthetic Future will contribute
As the demand for synthetic data continues to grow, it’s more important than ever to have a reliable and advanced platform for generating high-quality data sets. That’s where Synthetic Future comes in. We are dedicated to providing the best possible synthetic data solutions to our customers, and we are constantly improving and updating our platform to ensure that it meets the needs of the market.
One of the key features of our platform is the ability to create your own data on demand using your 3D models. This gives you complete control over the data that you use to train your machine learning models, and allows you to iterate quickly as you develop your computer vision applications. With this powerful tool at your disposal, you can take your data pipeline to the next level and achieve the highest levels of accuracy and realism.
But we don’t just stop at providing high-quality synthetic data. We are also committed to helping our customers understand and utilize synthetic data to its full potential. From training and support to consulting and custom solutions, we are here to support you every step of the way. Whether you are a seasoned machine learning expert or just starting out, we have the resources and expertise to help you succeed.
So if you want to take your business to the next level with synthetic data, look no further than Synthetic Future. With our advanced platform and expert support, we are the partner you can count on to deliver the best possible data sets and drive innovation in your industry.
