What is Synthetic Data? No, It's Not "Fake" Data
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Synthetic data is artificially generated data versus data based on actual events, but it's not "fake" data. It replicates the properties of real data without the troubles of capturing it, such as confidentiality, low-volume, or expensive-to-validate. With synthetic data, it's easier and less costly to train AI models, however, it's not a panacea. For example, synthetic data may not fully represent the unexpected events that happen in the real world. In this video, Martin Keen explains what synthetic data is, its uses, benefits, and challenges; he wraps up his presentation by explain how it's generated.
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