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Harnessing Synthetic Data Value for AI Applications

Publisher IDC
Published May 23, 2023
Length 8 Pages
SKU # IDC17969398

Description

Harnessing Synthetic Data Value for AI Applications


This IDC Market Perspective examines artificial data solutions for AI applications. It also discusses categories of synthetic data generation, use cases, benefits, and challenges. The use of synthetic data helps preserve the confidentiality of the original data set while enhancing the accuracy of the trained model. Synthetic data can be generated rapidly, and users can train models with a minimal initial data set, which can help eliminate some of the bias that results from training on a small quantity of data. Furthermore, the generation of synthetic data is less expensive. This enables organizations to rapidly construct and test AI models without the need for large amounts of actual data. This can assist in reducing costs and accelerating the development process."Synthetic data is emerging as a solution to data scarcity and privacy concerns as the need for data-driven decision making increases," Raghunandhan Kuppuswamy, research manager for AI Software and Strategies, stated. "Organizations have begun experimenting with their AI applications more than ever. Organizations can enhance the accuracy and efficacy of AI models by utilizing synthetic data. This can lead to enhanced decision making, more efficient processes, and better results."

Please Note: Extended description available upon request.

Table of Contents

8 Pages
Executive Snapshot
New Market Developments and Dynamics
Synthetic Data Generation Techniques
Exploring the Benefits and Challenges of Synthetic Data for AI Applications
Benefits
Challenges
Synthetic Data Solution Providers Versus Open Source for AI Applications: Which One Should Organizations Choose?
Synthetic Data Solution Providers
When to Choose a Synthetic Data Solution Provider
Open Source
When to Choose Open Source Solution
Notable Players in This Space
Synthetic Data Use Cases
Manufacturing and Infrastructure
Technology Services
Financial Services
Distribution
Usage of Synthetic Data in Metaverse and Generative AI Space
Metaverse
Large Language Models
Multimodal AI
Advice for the Technology Supplier
Learn More
Related Research
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