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According to a new report, published by KBV research, The Global Synthetic Data Generation Market size is expected to reach $880.2 Million by 2028, rising at a market growth of 34.1% CAGR during the forecast period.
The Predictive Analytics segment is showcasing a CAGR of 34.6% during (2022 - 2028). Predictive analytics has developed as a viable application field, fueled by robust demand from the BFSI industry. Banks and financial industries are likely to utilize synthetic data for fraud detection via predictive analytics. In 2020, for instance, American Express announced testing technologies to assist in the creation of false videos to counter financial fraud.
The Fully Synthetic Data segment acquired maximum revenue share in the Global Synthetic Data Generation Market by Offering in 2021 thereby, achieving a market value of $4.7 billion by 2028. The rapidly rising growth of this segment is mostly attributed to privacy protection and greater utility, as comprehensive and partially synthetic data offer benefits. Fully synthetic data offers higher privacy as a result of the complete elimination of any type of real data.
The Image & Video Data segment has shown the growth rate of 33.8% during (2022 - 2028). The growth of the segment is increasing due to the growing demand for database expansion. In addition, the usage of artificial media as a drop-in substitute for the original data has become prevalent in both developing as well as developed countries. Synthetic graphics and movies have gained immense popularity in the automotive industry.
The Agent-based Modeling segment is leading the Global Synthetic Data Generation Market by Modeling Type in 2021 thereby, achieving a market value of $5.4 billion by 2028. ABM has gained popularity for its ability to create a physical model of real-world data and reproduce data using the same model. In recent years, agent-based modeling has surpassed traditional models in the financial sector.
The Healthcare & Life sciences segment is showcasing a CAGR of 31.8% during (2022 - 2028). The healthcare and life sciences industry is anticipated to exhibit robust demand for synthetic data that protects privacy. Patient privacy, legal frameworks, distinct data sources, as well as artificial data-generating techniques have acquired substantial pace amidst threats of the data leak.
The North America market dominated the Global Synthetic Data Generation Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.4 billion by 2028. The Europe market is exhibiting a CAGR of 33.2% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 35.3% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Kinetic Vision, Inc. (Deep Vision Data), MOSTLY AI Solutions MP GmbH, Synthesis AI, Inc., Statice GmbH, YData, Ekobit d.o.o, Hazy Limited, Kymera-labs, MDClone Limited, and Neuromation.
By Data Type
By Modeling Type