As the name suggests, synthetic data is artificially created information. It can be defined as - " data manufactured algorithmically resembling the original data." Synthetic data is the resemblance of original data but without any sensitive information. Companies use synthetics data tools to test their ML models. They use simulation to create completely new high-quality data that is not from the real world. Further, it can be used to test products, services as it mimics the statistical properties of real-world data and produces high-quality new data points.
Here are some amazing companies in the Synthetic Data.