GITNUX MARKETDATA REPORT 2024

Synthetic Data Industry Statistics

The synthetic data industry is projected to grow rapidly in the coming years, driven by increasing demand for data privacy protection, AI and machine learning applications, and regulatory compliance requirements.

With sources from: grandviewresearch.com, datarobot.com, marketsandmarkets.com, venturebeat.com and many more

Statistic 1

The synthetic data market size is estimated to grow from USD 1.5 billion in 2021 to USD 6.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 35.5%.

Statistic 2

Synthetic data usage in healthcare is estimated to hold a large market size of 29%.

Statistic 3

32% of data professionals are expected to start using synthetic data by 2022.

Statistic 4

Europe is projected to witness the highest CAGR at 38.4% during the forecasted period, owing to the increased demand for security and privacy concerns.

Statistic 5

The synthetic data industry in Asia-Pacific is expected to grow at a CAGR of 23.6% from 2020 to 2027.

Statistic 6

The commercial sector makes up roughly 68% of the synthetic data market.

Statistic 7

The finance and insurance industry will see the highest growth rate of synthetic data at a CAGR of 25.1% from 2020 to 2027.

Statistic 8

Synthetic data reduces the cost of data acquisition by 80-90%.

Statistic 9

Synthetic data has been observed to reduce time spent on data gathering and cleaning by up to 75%.

Statistic 10

The government sector is estimated to grow at a robust CAGR of 39.8% during 2020-2030.

Statistic 11

In the U.S, more than 50% of businesses have started leveraging synthetic data for AI model training.

Statistic 12

Companies in the high-tech industry are twice as likely to use synthetic data compared to other industries.

Statistic 13

Nearly 75% of organizations prefer synthetic data to collect insights for strategic decision-making process.

Statistic 14

Revenues from synthetic data software are forecasted to reach $280 million by 2022.

Statistic 15

The software application segment is going to lead the market with the largest share of 48.3% in 2021.

Statistic 16

The BFSI industry is expected to lead adoption rates of synthetic data, with 31% already using it in their operations.

Statistic 17

Financial services firms using synthetic data have reduced model development times by up to 60%.

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In this post, we will explore the burgeoning synthetic data industry and its rapid growth trajectory. With statistics pointing towards significant market expansion, adoption rates across various sectors, and the tangible benefits of using synthetic data, the landscape of data analytics is evolving at a remarkable pace. Join us as we delve into the latest trends and insights shaping this dynamic field.

Statistic 1

"The synthetic data market size is estimated to grow from USD 1.5 billion in 2021 to USD 6.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 35.5%."

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Statistic 2

"Synthetic data usage in healthcare is estimated to hold a large market size of 29%."

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Statistic 3

"32% of data professionals are expected to start using synthetic data by 2022."

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Statistic 4

"Europe is projected to witness the highest CAGR at 38.4% during the forecasted period, owing to the increased demand for security and privacy concerns."

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Statistic 5

"The synthetic data industry in Asia-Pacific is expected to grow at a CAGR of 23.6% from 2020 to 2027."

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Statistic 6

"The commercial sector makes up roughly 68% of the synthetic data market."

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Statistic 7

"The finance and insurance industry will see the highest growth rate of synthetic data at a CAGR of 25.1% from 2020 to 2027."

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Statistic 8

"Synthetic data reduces the cost of data acquisition by 80-90%."

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Statistic 9

"Synthetic data has been observed to reduce time spent on data gathering and cleaning by up to 75%."

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Statistic 10

"The government sector is estimated to grow at a robust CAGR of 39.8% during 2020-2030."

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Statistic 11

"In the U.S, more than 50% of businesses have started leveraging synthetic data for AI model training."

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Statistic 12

"Companies in the high-tech industry are twice as likely to use synthetic data compared to other industries."

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Statistic 13

"Nearly 75% of organizations prefer synthetic data to collect insights for strategic decision-making process."

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Statistic 14

"Revenues from synthetic data software are forecasted to reach $280 million by 2022."

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Statistic 15

"The software application segment is going to lead the market with the largest share of 48.3% in 2021."

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Statistic 16

"The BFSI industry is expected to lead adoption rates of synthetic data, with 31% already using it in their operations."

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Statistic 17

"Financial services firms using synthetic data have reduced model development times by up to 60%."

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Interpretation

The statistics presented highlight the significant and rapid growth of the synthetic data industry across various sectors and regions. The market is expected to soar in value, particularly in healthcare and finance, with substantial cost and time-saving benefits for organizations adopting synthetic data. The data indicates a clear shift towards the utilization of synthetic data in decision-making processes, with a strong preference from a wide range of industries. The projections underscore the increasing importance and adoption of synthetic data for driving efficiency, innovation, and strategic decision-making in the evolving data landscape.

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