What is synthetic Data in machine learning, and why do you need it?

As the name suggests, synthetic data is the data that is artificially generated rather than being created by actual events. In marketing, social media, healthcare, finance, and security, synthetic data helps build more innovative solutions. Data is the key to resolution and quality service, whether you are processing an invoice or extracting information from a centralized legacy system. Many organizations complain that collecting and using data raises privacy concerns and leave their business to data breaching issues. Also, some data is tough to collect and incurs a high cost to the organization. For example, collecting data related to real-time events like banking transactions and road events for autonomous vehicles take a heavy load on organization costing.