Imagine if it were possible to produce infinite amounts of the world’s most valuable resource, cheaply and quickly. What dramatic economic transformations and opportunities would result?
This is a reality today. It is called synthetic data.
Synthetic data is not a new idea, but it is now approaching a critical inflection point in terms of real-world impact. It is poised to upend the entire value chain and technology stack for artificial intelligence, with immense economic implications.
Data is the lifeblood of modern artificial intelligence. Getting the right data is both the most important and the most challenging part of building powerful AI. Collecting quality data from the real world is complicated, expensive and time-consuming. This is where synthetic data comes in.
Synthetic data is an elegantly simple concept—one of those ideas that seems almost too good to be true. In a nutshell, synthetic data technology enables practitioners to simply digitally generate the data that they need, on demand, in whatever volume they require, tailored to their precise specifications.
According to a widely referenced Gartner study, 60% of all data used in the development of AI will be synthetic rather than real by 2024.
Take a moment to digest this. This is a striking prediction.
Data is the foundation of the modern economy. It is, in the words of The Economist, “the world’s most valuable resource.” And within a few short years, the majority of the data used for AI may come from a disruptive new source—one that few companies today understand or even know about.
Needless to say, massive business opportunities will result.
