Chicago, June 03, 2024 (GLOBE NEWSWIRE) -- The global Data Annotation and Labeling Market size 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, according to a new report by MarketsandMarkets™. The key elements that are positively affecting market expansion include the rising efficiency of AI assisted automated data annotation and the growing demand to train AI and ML algorithms for enhancing the performance across various business verticals.
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Data Annotation and Labeling 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
List of Top Companies in Data Annotation and Labeling Market:
- Google (US))
- Appen (Australia)
- TELUS International (Canada)
- IBM (US)
- Adobe (US)
- AWS (US)
- Alegion (US)
- Cogito Tech (US)
- Anolytics (US)
- AI Data Innovation (US)
- Clickworker (Germany)
- CloudFactory (UK)
- Oracle (US)
- CapeStart (US)
- DataPure (US)
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The amount of data generated daily is increasing dramatically. The effectiveness of automated data annotation and labeling tools and the increasing utilisation of cloud-based computing resources for huge dataset annotation contributes to market expansion. Businesses' usage of data annotation tools can help them to grow in the near future because of their accuracy and ability to label huge amounts of data used for Al training.
The Data Annotation and Labeling Market has been segmented by component into solution and services. The market for data annotation and labeling depends heavily on services. Due to the growing number of data sources, more data every day needs to be examined. The services section is anticipated to be driven by the rising demand for cloud-based services and the rising usage of data annotation and labeling solutions. The effective delivery of services boosts operational effectiveness, system dependability, and cost savings. During the forecast period the services segment is projected to grow at a highest CAGR. The service segment is also anticipated to lead the Asia Pacific market, growing with the highest CAGR during the forecast period.
By deployment mode, the Data Annotation and Labeling Market has been segmented into on-premises and cloud. The cloud segment is expected to register the largest market size during the forecast period. The use of cloud based data annotation and labeling solutions offers flexibility to the businesses for adjusting dynamic business environments. Companies such as Dataloop offer AI annotation platform which is an end-to-end cloud-based annotation platform with integrated tools and automations for more quickly creating high-quality datasets.
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By application, the Data Annotation and Labeling Market has been segmented into data management, workforce management, data quality control, content management, security and compliance, catalogue management, sentiment analysis, and other applications. Among theses applications, the dataset management is anticipated to register the largest market size during the forecast period. Dataset management becomes more important with the rising complexities of Al algorithms that are being built through data annotation. Businesses employ data annotation and labeling to refine business operations to fulfil consumer expectations and get valuable insights from very large datasets. The flexibility to save the output of annotated data in many forms and the ease of processing huge datasets are some of the major benefits of using data annotation for dataset management.
The Data Annotation and Labeling Market has been segmented into five geographic regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these regions, the market in Asia Pacific is expected to register the highest CAGR during the forecast period. The technology sector in the region is growing and disruptive quickly, including big data, cloud computing, and more. The considerable growth of the Data Annotation and Labeling Market in the Asia Pacific region may be attributed to the significant increase in business deals and transactions, such as mergers and acquisitions, joint ventures, and funding, across all industry verticals in the region. In July 2021, TELUS International acquired Bengaluru based data annotation startup Playment. The acquisition enbales TELUS International to assist technology companies and large businesses in developing Al-powered solutions, from enhancing the customer experience for current customers to opening new opportunities for developing computer vision-powered applications across industries.
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