San Francisco, March 02, 2022 (GLOBE NEWSWIRE) — The Global Data Annotation Tools Market the size is expected to reach USD 3.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 27.1% from 2021 to 2028. The advent of big data is expected to drive the growth of the artificial intelligence market, as a large volume of information needs to be recorded, stored, and analyzed. The adoption of artificial intelligence is expected to significantly boost the market growth, as annotated information acts as a catalyst to train AI models and machine learning systems in critical areas such as speech recognition and recognition pictures. These tools offer AI its strength by directly providing relevant information to determine future outcomes and decision-making.
Main information and conclusions of the report:
- The growing demand for machine learning in automated data analysis is expected to increase the demand for automatic information labeling tools in various data-driven applications. Furthermore, the growing attention on image annotation is expected to improve the operations of automotive, retail, and healthcare industries and hence is expected to propel the growth of the market.
- In terms of annotation type, the manual segment captured the largest revenue share in 2020. Attributes such as accuracy, ability to capture edge cases, and smart human resources are effective enough to ensure high quality on large volumes of data. Which makes manual annotation tools perfectly suited for training machine learning algorithms for computer vision applications.
- Informative labeling tools are gaining acceptance in the automotive industry, especially for autonomous vehicles. High-resolution cameras, LIDAR sensors, and a huge amount of information are needed to create the training datasets for these highly sensitive visual perception models in autonomous vehicles.
- To gain a competitive edge in the market, major players have started adopting the strategy of customer expansion by raising funds for the development of their platform. For example, in February 2020, Labelbox, Inc. raised approximately $25 million in Series B funding to enhance its platform with data labeling capabilities for AI training models. The funds were used to accelerate computer vision and machine learning models by increasing the size of the company’s sales and engineering teams.
Read the 101-page market research report, “Data Annotation Tools Market Size, Share & Trends Analysis Report By Type (Text, Image/Video, Audio), By Annotation Type (Manual, Automated, Semi-supervised), by vertical, by region and by segment, 2021-2028”, published by Grand View Research.
Data Annotation Tools Market Growth and Trends
Currently, there is a growing trend of manufacturing autonomous vehicles in the automotive industry, which attracts greater investment for the development of these vehicles. An autonomous vehicle includes a combination of various sensors and networking systems that help the computer drive the vehicle. Annotated information allows computer models of autonomous vehicles to recognize and learn from it. Several technology providers such as Google LLC; Tesla Motors; Apple Inc.; and Huawei Technologies Co., Ltd. have also entered the autonomous vehicle market. Rising investment in the autonomous driving market is expected to drive the future demand for the data annotation market. For example, in February 2021, Appen Limited, a provider of effective training data and AI systems, announced the launch of new training data annotation and quality assurance services for autonomous vehicle manufacturers.
Growing innovations in the retail segment, especially in improving the e-commerce sector, using the information tagging tools are expected to drive the market demand over the forecast period. For example, in February 2019, Walmart Labs acquired Dataturks, an India-based data annotation startup. Dataturks offers annotation tools for image and text information using machine learning. The acquisition helped drive innovations in catalog quality and other aspects of the Walmart merchandising platform.
Data Annotation Tools Market Segmentation
Grand View Research has segmented the global data annotation tools market on the basis of type, annotation type, vertical, and region:
Outlook Type Data Annotation Tools (Revenue, USD Million, 2017 – 2028)
Data Annotation Tools Annotation Type Outlook (Revenue, USD Million, 2017 – 2028)
Data Annotation Tools Vertical Outlook (Revenue, USD Million, 2017 – 2028)
- Health care
- Financial services
Data Annotation Tools Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- South America
- Middle East and Africa
List of Key Players of Data Annotation Tools Market
- app limited
- Cogito Tech LLC
- Deep systems
- Labelbox, Inc.
- Lotus Quality Assurance
- Play Inc.
- Tagtog Sp.zoo
- CloudFactory Limited
- Clickworker GmbH
- Figure Eight Inc.
- Amazon Mechanical Turk, Inc.
- AI Blast GMbH
- Powerful AI, Inc.
- Trilldata Technologies Pvt Ltd
- AI Scale, Inc.
- Google LLC
- Lionbridge Technologies, Inc.
- SuperAnnotate LLC
Check out other related studies published by Grand View Research:
- Data Labeling Solutions and Services Market – The global data labeling solutions and services market size is expected to reach USD 38.11 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 23.5% from 2021 to 2028. The rising popularity of data tagging solutions and services in the automotive industry, associated with autonomous vehicles containing numerous sensors and networking systems that assist the computer behind the wheel of the car, propels the growth of the market.
- Alternative data market – The global alternative data market size is expected to reach USD 69.36 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 58.5% from 2021 to 2028. hedge fund alpha should drive demand for alternative data.
- User Generated Content Platform Market – The global UGC market size is expected to reach USD 18.65 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 26.6% from 2021 to 2028. Content (UGC) or User Generated Content Platform can be defined as software as a service (SaaS) that helps organizations keep images, videos and text to from social media and other online resources to reuse to create their authentic brand story.
Browse Grand View Research results Next Generation Technology Industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Registered in California and based in San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
The Web: https://www.grandviewresearch.com
Grand View Compass | Grand View Pipeline
Follow us: LinkedIn | Twitter