Synthetic Data Generation Market Growing At A 35.8% Cagr To Hit Usd 3.5 Billion By 2031; Allied Market Research

The synthetic data generation market is expected to grow from $168.93 million in 2021 to $3.5 billion by 2031, growing at a CAGR of 35.8% from 2022 to 2031. This growth is driven by the surge in digitalization transformation across enterprises and the rise in adoption of advanced technology such as AI and ML. The manufacturing segment is expected to exhibit the highest growth during the forecast period. The solution segment dominated the synthetic data generation market size in 2021 and is expected to continue this trend during the forecast period. The services segment is expected to experience the highest growth in market share in the upcoming year.