Every day, a plethora of data is collected by organizations, to generate datasets that would help in running algorithms. And this data is compiled from an assortment of unidentifiable sources. Data scientists face the challenge of collecting, segregating and handling the data, which delays the process of generating accurate datasets in a given time frame. To rectify this problem, some organizations are procuring synthetic data, where data is generated through the computing processes of the systems and constructs datasets faster, as compared to the datasets created with real-world data. Unlike real-world data, synthetic data is invented and imagined.
The generation of synthetic data is not new, but as the demand for data-driven operations has increased, privacy infringement is one of the major concern amongst organizations. With the heavy dependence of organizations on data, over the past few years, the incidents of cyber-attacks and malware have increased, where organizations were rendered to face heavy losses. To mitigate such incidents, the organizations are now looking forward to generating synthetic data without affecting the privacy of the organization.
Product testing is another area where organizations are facing challenges as either the required data doesn't exist or remains unavailable. By procuring data from the computing programs, a model can be created that will help in product testing.
Synthetic Data refers to generating data through computer programs, for creating datasets that can assist the construction of Artificial Intelligence, and deep learning model, as well as aids in software testing. It is also required for training the data on machine learning algorithms.
Synthetic data is generated with various techniques, which includes:
All these techniques reflect the statistical property of synthetic data.
Synthetic data is being utilized in the following sector:
Though Synthetic data has been recognized as an option that can be used instead of real-time data, it does have some limitations.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.