NEWS16 May 2024

MRS Delphi Group releases synthetic data report

AI News UK

UK – Synthetic data could be a valuable addition to the market research industry, according to a new report from the MRS Delphi Group.

MRS Delphi Group sythetic data report front cover

The report, called Using synthetic participants for market research, looks at the application of large language models to generate synthetic data and simulate synthetic participants.

The case for synthetic respondents is explored from legal, ethical, methodological and financial standpoints in the report.

The report is the second instalment in a series looking at the implications of artificial intelligence (AI) for the market research sector.

The purpose of these reports is to demystify discussions about AI and set them within the context of the business of research.

Jane Frost, chief executive at the Market Research Society, said: “As with all aspects of AI, synthetic data offers huge potential – not just in terms of cost and time efficiencies, but also in providing more representative, more useful findings, for example, by correcting biased or unbalanced data sets. 

“However, it also suffers from similar challenges as AI, particularly around normative results which can flatten diverse groups, and researchers need to be aware of these and how to mitigate them. 

“That said, ours is a sector well versed in identifying the right situations and the right ways to use different methods and technologies. The latest report from MRS Delphi Group aims to help research professionals to confidently make synthetic data another weapon in our arsenal and further improve the quality of our insights.”

The full report can be read here.