The multi-billion-dollar potential of synthetic data

by | Oct 15, 2022 | Technology

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Synthetic data will be a huge industry in five to 10 years. For instance, Gartner estimates that by 2024, 60% of data for AI applications will be synthetic. This type of data and the tools used to create it have significant untapped investment potential. Here’s why.

Synthetic data can feed data-hungry AI/ML

We are effectively on the cusp of a revolution in how machine learning (ML) and artificial intelligence (AI) can grow and have even more applications across sectors and industries. 

We live in an era of skyrocketing demand for ML algorithms in every aspect of our lives, from fun face-masking applications such as filters on Instagram or Snapchat to deeply useful applications designed to improve our work and living experiences, such as assisting in diagnosing illness or recommending treatment. Among the prime opportunities are emotion and engagement recognition, better homeland security features and better anomaly detections in industrial contexts. 

At the same time, while people and businesses are hungry for ML/AI-based products, algorithms are hungry for data to train on. All of that means we will inevitably see more and more different data needs, and entirely manufactured data is the key. 

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From Grand Theft Auto to Google

Heard about self-driving cars learning the rules of the road by playing games like Grand Theft Auto V to study virtual traffic? That was an early version of ML through synthetic data. Similarly, many in tech may have come across synthetic “scanned documents,” which have been used to train text recognition and data extraction models. 

Banking and finance is one sector that already leans heavily on synthetic data for certain processes, while tech giants like Google and Facebook are also using it, drawn by the extraordinary efficiency it can bring to t …

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