Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Data Annotation and Labeling Market Component, Data Type, Application (Dataset Management, Sentiment Analysis), Annotation Type, Vertical (BFSI, IT and ITES, Healthcare and Life Sciences) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global data annotation and labeling market is projected to grow from USD 0.8 billion in 2022 to USD 3.6 billion by 2027, at a CAGR of 33.2% during the forecast period.
Any model or system that relies on a computer-driven decision-making system must annotate and label the data in order to guarantee that the decisions are accurate and pertinent. Businesses use massive amounts of datasets when building an ML model, carefully customizing them according to the model training needs.
As a result, machines can detect data that has been annotated in a variety of comprehensible formats, including images, texts, and videos. This explains why AI and ML firms seek out this type of annotated data to put into their ML algorithm, training it to learn and detect recurrent patterns, and ultimately employing the same to create accurate estimates and predictions.
The major market players, such as Google, Appen, IBM, Oracle, TELUS International, Adobe, AWS have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.
By organization size, SMEs are anticipated to grow at the highest CAGR during the forecast period
The increased competitive market scenario is expected to prompt SMEs to invest in cutting-edge technologies and adopt go-to-market strategies for making informed business decisions. SMEs are more open to adopting new technology to improve and streamline business operations as well as to expand their market presence in the global economy. During the forecast period, SMEs are anticipated to grow at highest CAGR.
By application, catalogue management segment to register the highest CAGR during the forecast period
The catalogue management tool helps businesses handle enormous amounts of unstructured data across many AI and ML projects. Teams that work on data annotation need strong tools that can gather all different kinds of data and information from various sources into a single, searchable database. Companies such as LabelBox developed a data annotation tool powered by catalogue management with the intent to filter out unstructured data based on metadata properties. Among applications, catalogue management is projected to register the highest CAGR during the forecast period.
Asia Pacific market to register highest CAGR during the forecast period
The data annotation and labeling market is projected to register the highest CAGR in the Asia Pacific region during the forecast period. The rapid industrialization of the countries across the Asia Pacific and the increasing digitalization trend is leading to the production of the bulk of unstructured data. Since the Asia Pacific region has shown untapped potential in the increased adoption of data annotation and labeling solutions, most organisations are moving there to extend their market reach. Due to the expanding corporate productivity awareness and the competently designed data annotation and labeling solutions offered by the vendors in this market, the Asia Pacific has emerged as a very promising region.
Market Dynamics
Drivers
- Increasing Need to Improve Machine Learning Models and Train AI Algorithms
- Growing Demand for Annotated Datasets in Autonomous Mobility Technologies
- Rising Popularity of Labeled Data in Medical Imaging
Restraints
- High Costs Associated with Manual Data Annotation
- Issues Associated with Poor Quality of Training Data
- Failure Regarding Data Security Regulations and Compliance
Opportunities
- Rising Efficiency of AI-Assisted Automated Data Annotation
- Rapid Adoption of Computer Vision Technologies in Novel Applications
- Increasing Traction of Crowdsourced Data Annotation for Improved ROI
Challenges
- Complexity in Handling Vast Datasets Leads to Human Bias
- Dearth of Skilled Data Annotators
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $0.8 Billion |
| Forecasted Market Value (USD) by 2027 | $3.6 Billion |
| Compound Annual Growth Rate | 33.2% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Data Annotation and Labeling Market, By Component
6.1 Introduction
6.2 Solutions
6.3 Services
6.3.2 Professional Services
6.3.2.1 Training and Consulting
6.3.2.2 System Integration and Implementation
6.3.2.3 Support and Maintenance
6.3.3 Managed Services
7 Data Annotation and Labeling Market, By Data Type
7.1 Introduction
7.2 Text
7.3 Image
7.4 Video
7.5 Audio
8 Data Annotation and Labeling Market, By Deployment Type
8.1 Introduction
8.2 On-Premises
8.3 Cloud
9 Data Annotation and Labeling Market, By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises
10 Data Annotation and Labeling Market, By Annotation Type
10.1 Introduction
10.2 Manual
10.3 Automatic
10.4 Semi-Supervised
11 Data Annotation and Labeling Market, By Application
11.1 Introduction
11.2 Dataset Management
11.3 Security and Compliance
11.4 Data Quality Control
11.5 Workforce Management
11.6 Content Management
11.7 Catalogue Management
11.8 Sentiment Analysis
11.9 Other Applications
12 Data Annotation and Labeling Market, By Vertical
12.1 Introduction
12.2 BFSI
12.3 Healthcare and Life Sciences
12.4 Telecom
12.5 Government, Defense, and Public Agencies
12.6 IT and ITES
12.7 Retail and Consumer Goods
12.8 Automotive
12.9 Other Verticals
13 Market, By Region
14 Competitive Landscape
15 Company Profiles
16 Adjacent and Related Markets
17 Appendix
Companies Mentioned
- Adobe
- AI Data Innovation
- Alegion
- Anolytics
- Appen
- Aws
- Capestart
- Clickworker
- Cloudfactory
- Cogito Tech
- Dataloop
- Datapure
- Datasaur
- Defined AI
- IBM
- Keylabs
- Kili Technology
- Label Box
- Label Your Data
- Lighttag
- Lxt
- Oracle
- Precise Bpo Solution
- Scale AI
- Segments.AI
- Sigma
- Superannotate
- Telus International
- Understand.AI
- V7
For more information about this report visit https://www.researchandmarkets.com/r/j2el21
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
