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Market Overview:
The Synthetic Data Generation Market is expected to witness significant revenue growth. Increasing data privacy concerns and the growing need for robust AI and machine learning models would drive market growth. Market Research Future (MRFR) confirms the global synthetic data generation market is poised to escalate from USD 0.25 BN in 2022 to USD 7.67 BN by 2032, registering a 46.30% CAGR throughout the forecast period (2023-2032).
Besides, the immensely growing need for data management led by the rising use of the internet and smart & connected devices drives the synthetic data generation market. Also, the enormous amount of data generated, the shift towards the IoT-enabled platform-as-a-service model, and cloud-based solutions create substantial market demand.
With rising numbers of enterprises and the adoption of cloud-based solutions for service virtualization & containerization, the market is estimated to witness a significant rise in the years to come. Furthermore, the growing focus on creating solutions that can deal with data management and security influences the market revenues. Conversely, the high costs and complexity of developing custom software applications for each project are significant factors likely to impede market growth.
Major Players
Active synthetic data generation market players include:
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Scope of the Report – Synthetic Data Generation Market:
|
Report Metrics |
Details |
|
Market Size by 2032 |
USD 7.67 Billion |
|
CAGR during 2023-2032 |
46.30% |
|
Base Year |
2022 |
|
Forecast |
2023-2032 |
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Market Segmentation:
The report is segmented into components, deployment modes, data types, applications, industry verticals, and regions.
Of these, the component segment is sub-segmented into solutions and services.
The deployment mode segment is sub-segmented into on-premise and cloud.
The data type segment is sub-segmented into tabular data, text data, image & video data, and others.
The application segment is sub-segmented into AI training & development, test data management, data sharing & retention, data analytics, and others.
The industry vertical segment is sub-segmented into BFSI, healthcare & life sciences, transportation & logistics, government & defense, IT & telecommunication, manufacturing, media & entertainment and others.
By region, the synthetic data generation market is segmented into the Asia-Pacific, Americas, Europe, and the rest of the world.
Regional Analysis:
North America dominates the global synthetic data generation market. The increasing need for diverse, high-quality training data to create and test AI and ML models drives market growth. Besides, the growing emphasis on data security and privacy, especially in light of legislation, substantiates the synthetic data generation market revenues.
The early adoption of IoT and AI in the region boosts the synthetic data generation market size. The US, Canada, and Mexico are major synthetic data generation markets in North America. Moreover, the continually rising healthcare & manufacturing industry and the rapid adoption of smart devices impact the regional market growth.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) Synthetic Data Generation Market– https://www.marketresearchfuture.com/reports/synthetic-data-generation-market-12216
Competitive Analysis:
Highly competitive, the synthetic data generation market appears fragmented, with numerous well-established players forming a competitive landscape. Innovation, mergers & acquisitions, and expansion remain key trends to gain a larger competitive share.
Industry Analysis:
Oct. 16, 2023 – Treble Technologies, a sound simulation startup in Iceland, launched cloud SDK to provide synthetic data generation, sound simulation and spatial audio capabilities. Treble Technologies enables acoustic engineers, designers, and developers to model sound with unprecedented accuracy and efficiency within virtual environments.
The new software development kit is designed to generate synthetic audio data for AI-based audio software and enable the virtual prototyping of acoustics in audio hardware. The SDK will allow users to utilize Treble’s unique wave-based acoustic simulation technology in their solutions, seamlessly integrating the offering into existing workflows at any scale.
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