Data Annotation Market: By Data Type (Text, Image/Video and Audio), By Annotation Type (Automated Annotation and Manual Annotation) and By Application (Healthcare, Automotive, IT & Telecom, Agriculture, BSFI, Government, Retail, and Others) Global Industry Sizing, Growth, Trend, Opportunities and Forecast (2021-2027)
Get a sample full PDF copy of the report: https://www.marketstatsville.com/request-sample/data-annotation-market
Data Annotation Industry Outlook
The Data Annotation market size was valued at USD XX Billion in 2020 and is expected to register a modest CAGR of XX% during the forecast period (2021-2027). Data annotation is the process of organizing unstructured data into structured information, making it usable for machine learning. It gives labels to data available in the form of images, text and videos. Data annotation tools benefit the machine learning algorithm to get labeled data so that machines can easily and clearly understand the input and provide an accurate output. These data annotation tools improve the accuracy of the output and enhance the end user experience. The increasing use of artificial intelligence in various industries is expected to fuel the demand for data annotation tools, as labeled data helps machine learning tools in critical areas, such as image recognition and speech Recognition.
Data Annotation Market Dynamics
Growing use of AI in various industries such as automotive, healthcare, banking and financial services, changing technologies and adoption of advanced technologies are driving the growth of the data annotation market . Data annotation tools help automakers develop smart applications such as speech recognition and natural language processing (NLP). Additionally, advanced technologies such as Internet of Things (IoT), robotics, machine learning, artificial intelligence, and advanced predictive analytics are generating huge data. Therefore, with the evolution of technology, data efficiency proves necessary to create new business innovations, cost savings and infrastructure are major factors propelling the growth of the market.
Increase in innovations in the retail segment in enhancing the e-commerce sector with the help of data annotation tools is estimated to fuel the growth of the market over the forecast period. For example, in 2019 Walmart Labs acquired an Indian startup, Dataturks, which provides text and image tools using machine learning. This acquisition helped Walmart innovate in quality and other aspects of the merchandising platform. Moreover, various companies are investing funds to develop data annotation to gain a competitive advantage in the market. For example, in 2018, Hive, a data labeling service provider, raised $30 million worth of venture capital funds from Paypal founder Peter Theil and others. .
Impact of COVID-19 on Data Annotation Market:
Additionally, the outbreak of the covid-19 pandemic has increased the demand for data annotation in the healthcare sector as hospitals implement artificial intelligence and machine learning to reduce the spread of cases. of coronavirus in the world. However, inaccurate data labels due to low content quality and lack of skilled manpower may hamper the growth of the global data annotation market. With manual annotation, the employee can label erroneous labeling on the data, and the time required to detect such an error may vary, which further increases the cost of the entire annotation process; moreover, with the development of algorithms and the improvement of annotation tools, the dependence on manual annotation and the cost of tools will be reduced in the coming year.
Inquire before purchase @: https://www.marketstatsville.com/buy-now/data-annotation-market?opt=2950
The report outlines the Data Annotations market study based on annotation type, data type, and application.
Based on annotation type, the data annotation market is segmented into
- Automated annotation
- Manual annotation
Based on data type, the data annotation market is segmented into
Based on Application, the data annotation market is segmented into
- Health care
- IT & Telecom
Data Annotation Market: Regional Outlook
Geographically, the data annotation market is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa (MEA). In 2019, North America was expected to hold the largest market share in the global data annotation market. This is due to the rapid expansion of products and geography of various industries to gain a competitive advantage in the market. Increasing emphasis on image annotation in industries such as automotive and retail sectors to improve functioning are major factors for the growth of the data annotation market. Growing demand for smart products and increasing disposable income is driving the market growth in the region.
The Asia-Pacific region is expected to project the highest CAGR throughout the forecast span. Developing Asia-Pacific economies hold considerable potential for the rapid adaptation of data annotation tools, especially in the banking and financial services and healthcare industries. The implementation of advanced technologies in healthcare and innovative healthcare programs in the Asia-Pacific region has positively boosted the market growth in the region in the coming years. Additionally, increasing digitalization in Malaysia, Indonesia, and India, government support for the adoption of new technologies across all verticals, and development of public infrastructure are driving demand for big data analytics as the Big data analysis is creating a demand for data annotation tools that play a major role in data analysis that is further driving the market growth in the region.
Key Competitors in Global Data Annotation Market include-
Leading Data Annotation Manufacturers in Global Market are – Appen Limited, Amazon Mechanical Turk, Inc., Hive, Playment Inc. and Edgecase.
Other data annotation makers include Annotate.com, CloudApp, Cogito Tech LLC, Labelbox, Inc., and Clickworker GmbH.
- In August 2018, Toyota invested $500 million in Advanced Technology Group (ATG), a division of Uber that focuses on self-driving program to develop self-driving taxis. ATG used this fund to acquire Mighty AI, a data label startup specializing in autonomous vehicle data annotation.
- In December 2018, Playment and Scale AI entered into a partnership to develop advanced deep learning labeling tools allowing Ouster to quickly and accurately label LiDAR data sensors.
- In 2018, BMW Group invested a significant portion of its revenue in image annotation R&D to develop the autonomous vehicle segment.
The Data Annotation Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by major market players operating in the world. It involves in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will feature one of the most comprehensive market analyses, capturing all aspects of the Data Annotation industry.
Request Full Table of Contents and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/data-annotation-market
Data Annotation Market Report Covers Comprehensive Analysis on:
- Market Segmentation and Regional Analysis
- 10 year market size
- Price analysis
- Supply and demand analysis
- Product life cycle analysis
- Porter’s Five Forces and Value Chain Analysis
- Analysis of developed and emerging economies
- PEST analysis
- Factor analysis of the market and forecasts
- Opportunities, risks and market trends
- Conclusion and recommendation
- Regulatory landscape
- Patent Analysis
- Competition Landscape
- More than 15 company profiles
Regional Analysis of Data Annotation Market Includes:
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA
Data Annotation Market: Target Audience
- Data Annotation Device Manufacturers
- Data Annotation Service Providers
- Tier 1 Component Suppliers
- Research institutions and universities
- Trade publications and magazines
- Government authorities, associations and organizations
- Independent Aftermarket Players