What industries are using synthetic data?

What industries are using synthetic data?

Synthetic data is being used in various industries, including healthcare, finance, automotive, and retail.

Can you give examples of how healthcare uses synthetic data?

In healthcare, synthetic data is used for training AI models, improving patient privacy, and conducting research without compromising real patient data.

What about the finance sector?

In finance, synthetic data helps in risk assessment, fraud detection, and developing trading algorithms without exposing sensitive information.

Are there any challenges associated with using synthetic data?

Yes, challenges include ensuring data quality, maintaining realism, and addressing potential biases in the synthetic datasets.