According to an official release, synthetic data startups might improve artificial intelligence (AI), by redefining data generation processes. With insights from GlobalData, a data and analytics company, with substantial venture capital investments, these startups are expected to transform industries, overcome data limitations, and improve AI innovation.
“Ranging from financial services and healthcare to automotive and retail sectors, GlobalData expects more innovation and impact across industries in the realms of synthetic data,” Shagun Sachdeva, project manager, disruptive tech, GlobalData, explained.
It is expected that it will also optimise healthcare systems for enhanced patient care. Supposedly, with synthetic data, automotive companies can optimise manufacturing processes. Synthetic data in the retail sector might enable demand forecasting, personalised marketing and fraud detection, among others.
Furthermore, “Despite the considerable attention and substantial investment in synthetic data, dependency on real data, lack of standards, trust and awareness can hinder the acceptance,” Shagun Sachdeva concluded.
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