Synthetic Data Generation Market by Size,Trends and Analysis Reports

The synthetic data generation market was valued at USD 288.5 million in 2022 and is forecasted to rise from USD 351.2 million in 2023 to USD 2,339.8 million by 2030, with a CAGR of 31.1% during this period. In 2022, North America led the global market, holding a 33.41% share.Synthetic data generation involves creating data artificially through algorithms rather than based on real-world phenomena. It produces a distorted version of original data using statistical models and simulations, utilizing cost-effective data augmentation tools.Experts predict that by 2024, nearly 60% of the data for AI and analytics projects will be synthetically generated. This data, created through techniques like simulations, statistical sampling, and Generative Adversarial Networks (GANs), is used to test mathematical models and train machine learning systems when real-world data is difficult to collect or unavailable.