The global synthetic data generation size is expected to grow from USD 0.3 billion in 2023 to USD 2.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 45.7% during the forecast period.
The key and emerging market players in the Synthetic Data Generation market include Microsoft (US), Google (US), IBM (US), AWS (US), NVIDIA (US), OpenAI (US), Informatica (US), Broadcom (US), Sogeti (France), Mphasis (India), Databricks (US), MOSTLY AI (Austria), Tonic (US), MDClone (Israel) TCS (India), Hazy (UK), Synthesia (UK), Synthesized (UK), Facteus (US), Anyverse (Spain), Neurolabs (Scotland), Rendered.ai (US), Gretel (US), OneView (Israel), GenRocket (US), YData (US), CVEDIA (UK), Syntheticus (Switzerland), AnyLogic (US), Bifrost AI (US), Anonos (US). These players have adopted various strategies to grow in the global Synthetic Data Generation market.
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IBM is a multinational technology and consulting corporation offering infrastructure, hosting, and consulting services. The company operates through five major business divisions: Cloud and Cognitive Software, Global Business Services, Global Technology Services, Systems, and Global Financing. IBM Cloud has emerged as a platform of choice for all business applications, as it is AI-compatible. It is a unifying platform that integrates IBM’s capabilities with a single architecture and spans public and private cloud platforms. With this powerful cloud platform, the company can cater to the requirements of different businesses worldwide. IBM caters to various verticals, including aerospace and defense, education, healthcare, oil & gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemical, government, manufacturing, travel and transportation, construction, and metal and mining. The company has a strong presence in the Americas, Europe, the Middle East and Africa, and Asia Pacific, with clients in more than 175 countries. In the synthetic data generation market, IBM offers IBM InfoSphere Optim Test Data Fabrication solutions. InfoSphere Optim Test Data Fabrication help organization address the challenges of creating high-quality test data. The solution quickly and efficiently creates high-quality test data while minimizing the risks of using sensitive production data.
Amazon Web Services (AWS) is a subsidiary of Amazon and primarily offers cloud computing services in the form of web services. It offers a wide range of products and services to customers present in 190 countries. AWS’ product portfolio comprises segments such as computer, storage, database, migration, network, content delivery, developer tools, management tools, media services, ML, and analytics. The solutions segment offers websites, web apps, mobile services, back-up, storage and archive, financial services, and digital media. The company caters to various industry verticals, including media and entertainment, automotive, education, BFSI, game tech, government, healthcare and life sciences, manufacturing, retail, telecommunications, oil & gas, and power utilities. It is currently operating in North America, Europe, Asia Pacific, the Middle East, and Latin America. In the synthetic data generation market the company offers, Amazon SageMaker Ground Truth synthetic data a turnkey data generation and labeling service that makes it quicker and more cost-effective for machine learning (ML) scientists to acquire images used to train computer vision (CV) models.
Synthetic Data Generation Market by Offering (Solution/Platform and Services), Data Type (Tabular, Text, Image, and Video), Application (AI/ML Training & Development, Test Data Management), Vertical and Region - Global Forecast to 2028
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