Synthetic data is system-generated or artificially created data that mimics real data in terms of essential parameters set by the user. Compared to real-world data, synthetic data generation is faster, more flexible, and more scalable. Synthetic data creation platforms for AI training can generate the thousands of high-quality images needed in a couple of days instead of months. And because the data is computer-generated through this method, there are no privacy concerns. Gartner predicted that 60% of the data used for AI and data analytics projects will be synthetic by 2024 and by 2030, synthetic data will completely overtake real data in AI models.
