Why Synthetic Data Should be on Your Radar

Gartner predicts that by 2030, most of the data used in AI will be artificially generated by rules, statistical models, simulations, or other techniques. 

CB Insights, in its Tech trends 2024 as well as GenAI predictions calls this as a Synthetic Data Bonanza. 

Researchers estimate that by 2026, we will exhaust high quality text data for training LLMs – a trend that can slow down AI progress.

Bottom line and I cite from Gartner’s report here – “You won’t be able to build high quality, high value AI models without synthetic data.”

We dive into synthetic data - what is it, why is it gaining importance and how are businesses using synthetic data. This episode of Blockchain Hustle covers this and more.

TIME STAMPED SHOW NOTES:

0:0          Opening

0:11         Episode introduction

0:22        What is Synthetic Data

4:36        Types if Synthetic Data

6:51         Why is Synthetic Data gaining importance

11:10        How are businesses using Synthetic Data

15:40       How is Synthetic Data generated

18:00       A few companies in this space

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