The promise of limited-risk data even for new use cases such as AI training has brought synthetic data into the spotlight. But getting the right mix of fidelity and privacy while also obtaining bias- and discrimination-free synthetic data to live up to this promise is tricky. This report provides an overview of the current state of synthetic data with a particular focus on AI-generated synthetic data. It examines the benefits, challenges, and applications of synthetic data and explores how AI is revolutionizing the generation of synthetic datasets. The report also discusses the ethical considerations associated with the use of synthetic data and highlights potential future developments in this field.