Happy New Year! From everyone at GenRocket, we wish you a happy, healthy, and prosperous 2023.
by admin on Jan 11, 2023We invite you to view a 2022 recap and 2023 outlook recorded by GenRocket CEO and Co-Founder Garth Rose.
GenRocket highlights from 2022:
- GenRocket revenues grew by 144%
- GenRocket’s synthetic data platform added more enterprise scalability features
- GenRocket’s leadership team grew with the addition of Karthik Loganathan as Chief Customer Officer allowing us to better serve our customers
- GenRocket’s customer base expanded by adding many new enterprise customers including new global brands in banking, healthcare, insurance and technology
- GenRocket’s channels grew by adding multiple innovative systems integrator partners
a. 727+ data generators
b. 101+ supported data formats
c. More methods and faster data modeling
d. New automations for faster data design
GenRocket Synthetic Data Market View for 2023:
GenRocket enters 2023 with excitement and enthusiasm. Even with some organizations reducing staff due to recession concerns, most of the leading research organizations agree that IT spending will continue to increase. In fact, Gartner expects worldwide IT spending to reach $4.66 trillion in 2023. IT services is expected to see the highest rate of growth at 7.9%. And, digital transformation and AI has made enterprise IT spending virtually recession proof.
What about the synthetic data market? It’s growing at an even faster pace. Grandview research indicates that the synthetic data product market will reach $1.79 billion by 2030, a growth rate of 35% per year. Additionally, Gartner states that 20% of all test data used for consumer facing use cases will be synthetically generated by 2025. And 60% of the data used for AI will be synthetically generated by 2024.
Testing Automation Needs Test Data Automation
Challenges remain when fully automating the process of testing and test data provisioning. According to the World Quality report, an automated test data provisioning process integrated with CI/CD pipelines still needs to mature in most organizations. Fortunately, GenRocket is a Test Data Automation tool that enables testing automation with direct data integration into CI/CD pipelines.
Our Final Word for 2023
Our goal for 2023 is to help our enterprise customers transition to synthetic data at scale. And we believe we’re putting in place the right systems, technology, and personnel to support this goal.