What is Synthetic Data and Why is it so Important?
Originally posted on Dedomena’s website.
We live in a data-driven world. According to Statista, the total amount of data created, captured, copied, and consumed globally is forecast to reach more than double in 2025 compared to 2021. Much of this data is personal or sensitive, representing a threat to our privacy if it is leaked and costing millions to companies when accidentally there is a data breach.
Also, Artificial Intelligence (AI) solutions need tons of data to be created. To make forecasts, avoid fraud or just understand their customers better, companies need to analyze those lakes of data. But one thing is what you want and another totally different thing is what you can do. Privacy is too important to all, and for that reason, regulations are everywhere. One good example in Europe is the General Data Protection Regulation (GDPR for short).
But this won’t stop here, according to Gartner, 65% of the world’s population will have it’s personal data covered under modern privacy regulations. Then the engineers, data scientists, analysts and the rest of AI-alike professionals formulae some questions: how we feed the Machine Learning (ML)…
