New York, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global data annotation tools market size is predicted to expand at ~26% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 14 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022.This growth of the market is set to be dominated by a surge in IoT-connected devices. The number of devices that are connected has grown dramatically these days, and the associated services that these devices enable are expanding even faster. It is projected that by 2030, there will be over 28 billion Internet of Things (IoT) devices globally, nearly doubling from over 14 billion in 2020.
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The omnipresent Internet of Things (IoT) technology enables data sharing amongst linked items, including autos, medical equipment, and home appliances. Hence, this has increased the amount of data generated by IoT-connected devices. For instance, by 2025, it's forecasted that the amount of data produced by IoT devices will total about 72 ZB (zettabytes). Therefore, the market demand is predicted to rise over the coming years.
Surge in Utilization of the Internet to Boost the Growth of Global Data Annotation Tools Market
There were a total of approximately 4 billion internet users globally as of October 2023, or close to 64% of the world's population. With the help of the Internet, people are able to get information fast, contact people all over the world, handle finances, make purchases from home, enjoy music and films, and much, much more. The Internet is a vast information resource, with billions of web pages available now. However, this has created a vast amount of data that needs to be annotated which is why the demand for data annotation tools is growing.
Data Annotation Tools Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Use of Smartphones to Influence the Market Growth in North America
The North America market for data annotation tools is set to capture the largest market share of ~30% over the coming years. This growth of the market in this region is predicted to rise on account of the rising adoption of smartphones. In 2023, in North America there were over 309 million users of smartphones.
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Rising Use of Social Media to Influence the Market Growth in Asia Pacific
The data annotation tools market in Asia Pacific is estimated to capture a significant share in the market of ~28% over the forecast period. This could be on account of the rising number of social media users. For instance, with over 2 billion active social media users as of January 2023, Chinese residents certainly had a significant online presence.
Data Annotation Tools, Segmentation by End User
- Retail & E-Commerce
- IT & Telecommunication
- BFSI
- Government
- Automotive
- Healthcare
- Others
The retail & e-commerce segment is predicted to generate the highest revenue by the end of 2035. This rise in the segment’s revenue is set to be influenced by rising e-commerce activity. Over 3 billion people are expected to be purchasing digital goods by 2023. Around the world, this accounts for approximately 32% of all people.
Data Annotation Tools, Segmentation by Type
- Text
- Pictures & Videos
- Audio
The text segment is set to have notable growth in the market over the forecast period. However, in coming years the pictures and & videos segment might hit the limit owing to growing video traffic. For instance, currently, of all data traffic, video constitutes more than half (approximately 52%) of the total.
Data Annotation Tools, Segmentation by Component
- Solutions
- Services
Data Annotation Tools, Segmentation by Annotation Type
- Manual Annotation
- Semi-Supervised Annotation
- Automated Annotation
A few of the well-known market leaders in the global data annotation tools market that are profiled by Research Nester are Innodata, Inc., Telus Corporation, Figure Eight Federal Inc., Google LLC, Lighttag, Lionbridge Technologies, LLC., Lotus Quality Assurance, Scale Al, INC., SuperAnnotate Al, Inc., Tagtog Sp. Z.0.0, Cogito Tech LLC, and others.
Recent Development in the Market
- Combining their data annotation platform with their medical data extraction tool Synodex, Innodata, Inc. announced the expansion of services to facilitate the creation of predictive models for the medical record. The aforementioned extension showcases the effectiveness of the Indodata technique in obtaining superior Al training data from medical databases.
- The Telus International sector of the company has announced the purchase of Lionbridge Al, a market-leading global provider of solutions for annotation platforms and crowd-based training data. Lionbridge Al will help TELUS International increase its market share in the rapidly growing new economy services sector.
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