The Ultimate Guide to Synthetic Data: Uses, Benefits & Tools

Synthetic data is cheap to produce and can support AI / deep learning model development, software testing. User data frequently includes Personally Identifiable Information (PII) and (Personal Health Information PHI) and synthetic data enables companies to build software without exposing user data to developers or software tools. Synthetic data generation tools generate synthetic data to match sample data while ensuring that the important statistical properties of sample data are reflected in synthetic data. It's estimated that by 2024, 60% of the data used for the de vel op ment of AI and an a lyt ics projects will be syn thet i cally gen er ated. Synthetic data, as the name suggests, is data that is artificially created rather than being generated by actual events.