What are the applications of synthetic data?

What are the applications of synthetic data?

Synthetic data is used in various fields like machine learning, healthcare, and finance for training models without privacy concerns.

Can you give me some specific examples?

Sure! In healthcare, synthetic data can simulate patient records for research. In finance, it helps in fraud detection.

How does it help in training AI models?

It provides diverse and abundant data, allowing models to learn better patterns without the risk of overfitting.

Are there any limitations to using synthetic data?

Yes, synthetic data may not capture all real-world complexities, which can lead to biases if not generated carefully.