Data Annotation Tools Market Expected to Grow by 26.83% During 2022-2027

Data Annotation Tools Market Size

SHERIDAN, WY, USA, November 14, 2022 /EINPresswire.com/ — The latest research study”Data Annotation Tools Market Report : Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” by IMARC Group, the global data annotation tools market size is expected to grow at a CAGR of 26.83% during the period 2022-2027. Data annotation tools are cloud-based, on-premises, or containerized software solutions designed to label production-grade training data for machine learning (ML). They are typically designed with an explicit set of data types, such as spreadsheet, audio, video, text, image, and sensor data, which are used in different deployment models, including software as a service ( SaaS), on-premises, container, and open source systems. Data annotation includes sorting, cloning, filtering, and searching of datasets that improve user experience, integrate labeling services and security, and improve accuracy .

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Data Annotation Tools Market Growth:

The significant growth of automobile industry across the world is creating positive outlook for the market. Data annotation tools are widely used to develop advanced autonomous driving technologies and deploy self-driving mechanisms, such as vehicle, object and traffic sign detection and environment recognition . Moreover, the growing industrial need to improve machine learning (ML) models and the widespread use of artificial intelligence (AI) in various facial recognition and detection technologies are driving the market growth. Apart from this, the development of specialized and predictive data annotation tools that improve the accuracy of annotated videos and images and provide high-accuracy datasets for AI-based applications are driving the growth of the market . Additionally, the widespread adoption of AI in the healthcare sector to increase efficiency, detect patterns, identify injuries and help generate reports automatically is acting as another growth driver. Additionally, the growing need for high-quality and well-labeled input data to improve the accuracy of ML algorithms, extensive research and development (R&D) activities, and the increasing adoption of big data analytics to speed up processes. data collection and assimilation support the growth of the market.

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Key Market Segmentation:

Competitive landscape:

The competitive landscape of the industry was also reviewed, along with the profiles of key players, namely:

• Alegion
• Amazon Web Services Inc. (Amazon.com Inc.)
• Appen Limited, clickworker GmbH
• Cloud Factory Limited
• Cogito Tech LLC
• Labelbox Inc.
• Lionbridge Technologies LLC
• AI Scale Inc.
• tagtog Sp. zoo
• TELUS International (TELUS Corporation)

Breakdown by type of data:

• Text
• Image/Video
• Audio

Distribution by type of annotation:

• Manual
• Semi-supervised
• Automatique

Breakdown by end user:

• BFSI
• Health care
• Government
• Automotive
• IT and Telecommunications
• Retail and e-commerce

Breakdown by region:

• North America: (United States, Canada)
• Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, others)
• Middle East and Africa

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