Synthetic data is essential for organizations aiming to leverage high-quality, real-world data while addressing concerns like privacy issues, limited availability, and high acquisition costs.
But what is synthetic data?
Synthetic data is artificially generated to mimic the characteristics and statistical properties of real-world datasets. It is created using generative models, simulations, and algorithms, replicating the patterns, distributions, and correlations found in actual data.
In fields such as healthcare, life sciences, and financial services, synthetic data enables organizations to develop artificial datasets that accurately reflect the features of real data while protecting sensitive information.
This white paper explores how tabular synthetic data generation can address data scarcity and what organizations should consider when selecting vendor partners. It includes:
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