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Synthetic Data Generation Market Size To Grow USD 3.5 Billion by 2031 at a CAGR of 35.8% | Valuates Reports

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11 months ago

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synthetic-data-generation-market-size-to-grow-usd-35-billion-by-2031-at-a-cagr-of-35.8%-|-valuates-reports

BANGALORE, India , Aug. 9, 2023 /PRNewswire/ — Synthetic Data Generation Market by Component (Solution, Services), by Deployment Mode (On-Premise, Cloud), by Data Type (Tabular Data, Text Data, Image and Video Data, Others), by Application (AI Training and Development, Test Data Management, Data Sharing and Retention, Data Analytics, Others), by Industry Vertical (BFSI, Healthcare and Life Sciences, Transportation and Logistics, Government and Defense, IT and Telecommunication, Manufacturing, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.
The global synthetic data generation market was valued at USD 168.9 Million in 2021, and is projected to reach USD 3.5 Billion by 2031, growing at a CAGR of 35.8% from 2022 to 2031.
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Major Factors Driving the Growth of Synthetic Data Generation Market:
The market is expanding as a result of an increase in digitalization transformation across companies and an increase in the adoption of cutting-edge technologies like AI and ML. The market is also anticipated to benefit from lucrative growth prospects in the coming years due to the rise in demand for connected devices, IoT, and other technologies.
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TRENDS INFLUENCING THE GROWTH OF SYNTHETIC DATA GENERATION MARKET:
Stricter laws like GDPR and HIPAA have been created in response to the growing demand for data privacy and security. A solution is provided by synthetic data, which generates plausible but artificial data while preserving the statistical characteristics of genuine data and protecting sensitive information. In sectors like healthcare and banking that deal with sensitive data, this element is especially crucial.
The creation and training of AI and machine learning models may be hampered by the lack of and difficulty in gaining access to vast, diverse datasets. This problem is addressed by synthetic data creation, which offers a scalable method for producing different datasets that represent a range of scenarios and edge cases. This helps to enhance the generalization and resilience of AI models, which is essential for systems like autonomous vehicles and image recognition systems. Additionally, the requirement for testing and innovation in technology development happens quickly. Companies can replicate a variety of situations using synthetic data without being constrained by the limits of real-world data collecting. This shortens the development lifecycle, lowers expenses, and makes it possible to test new features and products quickly.
In businesses where genuine data collection is risky, expensive, or logistically difficult, synthetic data is very useful. For instance, in the healthcare industry, simulating medical scenarios can improve patient safety and lower risks when creating medical devices and educating medical workers. Another important element fueling the expansion of synthetic data generation is the rise of Industry 4.0 and the Internet of Things (IoT). Massive volumes of data are produced by IoT devices, making it difficult to conduct testing using real data. In order to ensure the functioning and security of IoT systems, synthetic data offers a solution for the creation of various testing environments.
Furthermore, efficient training requires a lot of data due to the increasing complexity of AI models like deep neural networks. Without the requirement for intensive data collecting activities, synthetic data augmentation approaches can aid in increasing the training dataset and enhancing model performance.
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SYNTHETIC DATA GENERATION MARKET SHARE ANALYSIS
The projection period is expected to see the highest growth in Asia-Pacific. This is ascribed to an increase in the usage of cloud-based services and improved technology, which both drive the growth of the synthetic data production market in this area.
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Key Companies:
DatagenMetaSynthesis AIMostly AINVIDIA CorporationIBM CorporationMicrosoft Corporationcom, IncCVEDIA IncGretel LabsBuy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-2B103&lic=single-user 
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SIMILAR REPORTS
–  AI Content Generation market was valued at USD 1400 million in 2022 and is anticipated to reach USD 5958 million by 2029, witnessing a CAGR of 27.3% during the forecast period 2023-2029.
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Artificial Intelligence

Transforming Healthcare with AI: Yidu Tech’s Gong Rujing at Summer Davos

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July 1, 2024

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DALIAN, China, July 1, 2024 /PRNewswire/ — “AI in healthcare is extremely challenging. For companies, it requires not only solving scientific problems but also understanding AI technology and respecting the complexity of the healthcare industry.” At the 15th Annual Meeting of the New Champions, also known as Summer Davos, Ms. Gong Rujing (Yingying), Chairwoman and Founder of Yidu Tech, was invited as a distinguished representative of the healthcare technology sector. She shared her unique insights into the future of AI in healthcare during the thematic dialogue on “Healthcare Analytics, Not Moving Fast Enough.”

This year marks the 10th anniversary of Yidu Tech and Ms. Gong Rujing’s decade-long dedication to the healthcare industry. From the inception of her entrepreneurial journey 10 years ago, she has been driven by the mission to leverage the power of technology to deliver precise healthcare to every individual.
Ms. Gong described the past decade as a journey filled with miracles and achievements. During this period, Yidu Tech has progressively established close collaborations with key stakeholders in the healthcare industry, including government agencies, hospitals, pharmaceutical companies, insurance firms, experts, and clinicians. As of March 31, 2024, Yidu Tech’s “AI Medical Brain” YiduCore has been authorized to process and analyze over 5 billion medical records, covering more than 2,500 hospitals.
In AI-powered clinical research, Yidu Tech has supported researchers and clinicians in producing over 240 high-level papers, accelerating the application of research outcomes. Additionally, Yidu Tech provides clinical trial services to globally renowned pharmaceutical companies, helping them optimize trial processes, reduce costs, and bring new drugs to market more swiftly, ultimately benefiting patients. In healthcare management, Yidu Tech’s AI technology plays a crucial role by analyzing vast amounts of medical data to provide comprehensive decision support to healthcare administrators, helping them optimize resource allocation and improve service efficiency.
“We are now entering a new era of AI technology.” The development of large language model technologies has opened up new possibilities across various industries. Yidu Tech has independently developed a large language model specific to the medical field and is advancing its application across the entire healthcare industry chain. The goal is to promote further progress and innovation through new AI technologies. However, Ms. Gong also emphasized that the healthcare industry is professional, complex, and sensitive, and the application of new technologies must address challenges such as data security, privacy protection, and ethics.
“Data security and privacy protection are fundamental to the development of AI technology and medical big data technology. We must ensure that all stakeholders are satisfied with compliance, security, accessibility, and privacy protection.”
“AI technology still has a long way to go.” She called on policymakers, healthcare institutions, and technology companies to work together to realize the immense potential of healthcare data. Ms. Gong highlighted that building trust is key, and enhancing data operability is essential to fully unleash the power of data. “It’s not just about better data quality; it’s about a better future for health.”

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Artificial Intelligence

Yidu Tech’s FY2024 results: existing business achieves first full-year profit on adjusted EBITDA

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2 hours ago

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July 1, 2024

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HONG KONG, July 1, 2024 /PRNewswire/ — On June 27, 2024, Yidu Tech Inc. (the ”Company” or ”Yidu Tech”) (2158.HK), a leader in China’s AI medical industry, announced its results for the 2024 fiscal year. During the reporting period, the Company recorded revenue of RMB 807.1 million. Gross profit margin in FY2024 increased to 42.1% from 34.1% in FY2023, representing an increase of 8 percentage points, hitting a record high. Adjusted net loss narrowed from RMB 448.7 million in FY2023 to RMB158.1 million, down 64.8% year-on-year. The management of Yidu Tech said at the annual results conference the next day that excluding strategic investments in proprietary large language model, non-cash items, and non-operating items, the adjusted EBITDA for our current business has achieved profit, moving from a RMB 327 million loss to a profit of RMB 31.1 million for the first time this fiscal year.

Management added that as of market close on June 27, the Company’s P/B ratio has decreased to 1.06. Not including the valuation of its domestic and international businesses, its market value is still lower than its fund reserves on hand. As such, management believes that the Company’s share price is still severely undervalued. Notably, renowned sovereign fund BIA has continually increased its shareholding of Yidu Tech by 21.50% over the past two months. The management is confident in the Company’s long-term growth potential and hopes to continually create innovative technologies and increase returns to its shareholders.
In FY2024, Yidu Tech focused on its core business, improving internal operating efficiency and earning quality. Among its earnings, revenue from its big data platform and solutions segment reached RMB 313.6 million, an increase of 41.4% year-on-year. Revenue from its life science solutions segment reached RMB 324.0 million, up 28.1% year-on-year and the gross margin increased by 14.6 percentage points to a historical high of 32.1%. Revenue from its health management platform and solutions segment reached RMB 169.5 million, and the gross profit margin of this segment was 58.1%, representing a year-on-year increase of 17.4 percentage points.
During the reporting period, the Company has continued the development and training of large language model in the medical vertical field based on 500 billion fine-trained Tokens, with model training for 6B, 13B, and 70B parameters completed.

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Artificial Intelligence

Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024

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2 days ago

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June 28, 2024

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REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft. 

Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is  validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
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