What Does Synthetic Data Mean?
Synthetic data is input that is generated mathematically from a statistical model. Synthetic data plays an important role in finance, healthcare and artificial intelligence (AI) when it is used to protect personally identifiable information (PII) in raw data and fabricate massive amounts of new data to train machine learning (ML) algorithms.
Techopedia Explains Synthetic Data
Perhaps the clearest way to explain the concept of synthetic data is that synthetic data is not “real” data created naturally in the real world, “IRL” or “in the meatspace” as pros sometimes refer to the non-digital world. Synthetic data is created without actual driving organic data events.
