Future Analysis of Data Annotation Tools Market to 2030 | Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC

Data Annotation Tools Market

Market growth is primarily driven by increasing adoption of image data annotation tools in automotive, retail, and healthcare industries.

PORTLAND, PORTLAND, OR, USA, September 27, 2022 /EINPresswire.com/ — Rapid automation of multi and hybrid cloud solutions across major industries is propelling the growth of the Data Annotation Tools Market Size. Additionally, advancements in machine learning and artificial intelligence technology have revolutionized various industries globally. Subsequently, this provides significant growth opportunities for the market.

The growth of global data annotation tools is mainly due to high penetration of artificial intelligence and machine learning solutions and increasing demand for annotated data to improve machine learning models. However, the high cost and lack of skilled labor associated with manual complex annotation acts as a major impediment to the global market.

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On the contrary, the growing adoption of data annotation for medical imaging data and increasing investment in the development of self-driving technologies are expected to provide lucrative opportunities for the data annotation tools industry. during the forecast period.

The solution segment dominated the data annotation tools market size in 2020 and is expected to maintain its dominance during the forecast period. Soaring adoption of cloud computing hybrid technology applications in IT, healthcare and BFSI industries has driven the growth of the solution segment in the data annotation tools market.

The emergence of COVID-19 has significantly increased the growth of the Artificial Intelligence and Machine Learning market, subsequently increasing the demand for data annotation tools across the globe. However, partial or complete lockdown in various regions has had a significant impact on the growth of the data annotation tools market, owing to the lack of availability of skilled labor during the pandemic.

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Additionally, increasing investments in machine learning solutions from various leading industries are expected to hamper the market growth in the coming years. Also, IT and telecommunications sector witnessed significant growth during and post pandemic for the data annotation tools market.

Regionally, North America holds a major share of the global data annotation tools market. The adoption of artificial intelligence and machine learning technology in healthcare, IT and telecommunications is expected to propel the growth of the data annotation tools industry in this region. Additionally, increasing demand for text annotation for document classification technologies in government and BFSI sectors in North America is expected to drive the growth of the data annotation tools market in this region.

Key players profiled in the Data Annotation Tools Market analysis include Amazon Mechanical Turk, Inc., APPEN LIMITED, clickworker GmbH, Cogito, Dbrain, LightTag, Lionbridge Technologies, Inc., Playment, Scale AI, Inc. and tagtog Sp. zoo. The market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their presence in the data annotation tools market.

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