The European data annotation tools market is expected to register gains of 30% through 2028 thanks to the massive adoption of AI technologies by European companies.
Selbyville, Delaware, March 02, 2022 (GLOBE NEWSWIRE) —
The data annotation tools market size is expected to exceed USD 10 billion by 2028, as reported in a research study by Global Market Insights Inc. The growth of the market can be attributed to the increasing adoption of data annotation tools by healthcare institutions for labeling medical images and classifying medical literature.
The text annotation tools segment will experience a rapid growth rate by 2028 as text data labeling becomes increasingly crucial for developing document classification algorithms and performing sentiment analysis. Annotating textual data is also gaining importance for text mining on social media, as federal agencies and national security authorities monitor citizen behavior for possible terrorist threats. Security agencies can monitor potential threat topics and objectionable material mentioned in social media handles using deep learning neural networks integrated with text annotation solutions.
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The manual data annotation tools segment held substantial market share in 2021 owing to better quality of labeled data as compared to automated data labeling. Manual data labeling is performed by highly skilled professionals with solid expertise on the nature and content of the data. Human annotators can detect and handle even the smallest discrepancies in input data, which are likely to be missed by automated data labeling tools.
The agriculture segment is expected to register exponential growth through 2028 owing to the proliferation of artificial intelligence (AI) in precision agriculture. Data labeling solutions will allow companies to develop computer vision models, which are used for a variety of agricultural end uses such as livestock monitoring, crop monitoring, pest and disease control , soil quality assessment and crop harvesting.
Europe Data Annotation Tools Market is expected to record a lucrative growth rate above 30% through 2028 due to the massive adoption of artificial intelligence technologies by European companies. The region has a mature AI industry, with several countries including Germany, the Netherlands, and the Nordic countries being regional leaders in implementing machine learning applications. The European Commission has also prioritized the importance of machine learning in improving the region’s digital economy, with an allocated budget of approximately $775 million for AI-related projects in its Horizon 2020 digital strategy.
Companies operating in the data annotation tools industry are focusing on various business growth strategies, including investments in new data labeling solutions, strengthening the partner network, and geographic expansion. Through these strategic moves, companies attempt to gain a larger market share and maintain market leadership. For example, in May 2021, Cogito expanded its medical annotation capabilities in pathology, ophthalmology, and cardiology. It enabled the company to accurately annotate quality DICOM (Digital Imaging and Communications in Medicine) files to develop convoluted neural networks.
Some of the key findings of the Data Annotation Tools Market report include:
Data annotation tools enable healthcare institutes to automate the diagnostic process by training deep learning algorithms with annotated medical images.
Asia-Pacific is expected to grow at a rapid rate between 2022 and 2028 due to improvements in the ICT landscape, abundance of skilled labor and growing awareness of reliable training data among SMEs related to the AI.
Data scientists reap the benefits of automated data labeling tools, making it easy to quickly and accurately label large-scale datasets, including support for Big Data and Hadoop platforms.
Some of the major market players are Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc., Google LLC, and IBM Corporation.
Data annotation tool vendors are focusing on strategic collaborations and long-term contracts with customers to gain market share.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 360º Overview of Data Annotation Tools Industry, 2018-2028
2.2 Trade trends
2.3 Regional trends
2.4 Trends in data types
2.5 Trends in annotation approaches
2.6 Application trends
Chapter 3 Data Annotation Tools Industry Overview
3.2 Impact of the COVID-19 outbreak
3.3 Evolution of data annotation tools
3.4 Architecture of Data Annotation Tools Industry
3.5 Ecosystem Analysis of Data Annotation Tools Industry
3.6 Investment Portfolio
3.7 Patent Analysis
3.8 Technology and innovation landscape
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Drivers of growth
22.214.171.124 Growing demand for annotated data to improve machine learning models
126.96.36.199 Increase investment in the development of autonomous driving technologies
188.8.131.52 Growing Adoption of Data Annotation for Medical Imaging Data
184.108.40.206 Growing use of text annotations for document classification
3.10.2 Industry Pitfalls and Challenges
220.127.116.11 Inaccurate data labeling due to poor quality content
18.104.22.168 Lack of qualified professionals
22.214.171.124 High costs associated with manual data annotation
3.11 Analysis of growth potential
3.12 Porter’s analysis
3.13 PILON analysis
About Global Market Insights
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