New York, March 01, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Data Collection and Labeling Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Data Type (Text, Image/Video, Audio); Vertical (Information Technology, Automotive, Government, Healthcare, BFSI, Retail and E-commerce, Others) and Geography”, the global data collection and labeling market growth is driven by increasing usage of smartphones & internet services and growing use of machine learning (ML), artificial intelligence (AI), and big data.
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Global Data Collection and Labeling Market – Report Scope:
| Market Size Value in | USD 1.82 Billion in 2021 |
| Market Size Value by | USD 9.07 Billion by 2028 |
| Growth rate | CAGR of 27.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Data Type, Vertical, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Data Collection and Labeling Market - Key Companies:
During the study, Alegion Inc., Appen Limited, Dobility Inc., IBM Corporation, and Reality Analytics Inc. were among the data collection and labeling market players profiled. The research study also analyzed several other major players in the market to gain a comprehensive understanding of the data collection and labeling market and its ecosystem.
Global Data Collection and Labeling Market Overview:
Data labeling involves assigning a unique label to each collected data, which helps group it into a specific category. For example, all images containing people's faces are separated, and each individual in those images is identified and tagged with a name. This process is performed for huge amounts of data, containing various identifiers and millions of labels. ML models identify data vectors and provide predictions based on the labels attached to a data pointer. Any labeling errors can result in inaccurate models. Solutions provided by data collection and labeling market players can help mitigate these challenges and significantly improve the efficiency of ML models.
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Global Data Collection and Labeling Market Growth Dynamics:
The increasing usage of smartphones and internet services has brought about a significant change in the business industry. As a result, social media marketing has seen a steady rise and businesses are using data collected from these platforms to promote their products and enhance their operations. In today's business landscape, data from various sources, including social media, is a key driver of business intelligence strategies. This trend has led to an increase in data generation and utilization, which is expected to drive the growth of the data collection and labeling market. The data collection and labeling market is being driven by the growing use of machine learning (ML), artificial intelligence (AI), and big data. This involves integrating data annotators, software, and various processes to create a base for an ML model. The quality of data fed to the model is crucial as ML models reflect their input data. Data can be in various forms such as audio, text, images, or video. However, collecting, sorting, and labeling such data can be a time-consuming and costly process.
The success of the data collection and labeling market is largely attributed to the innovative solutions provided by its players. A significant trend is the shift from on-premise to cloud-based solutions, with the development of cloud-based automated image organization being a particularly appealing feature. This solution can quickly identify and group images, providing a seamless user experience in a fraction of the time. Moreover, data collection and labeling market players are collaborating with enterprises to create customized solutions, while AI-driven data labeling platforms are experiencing high demand. For instance, Heartex, Inc. secured almost US$ 25 million in funding in May 2022 to develop such a platform. The use of solutions developed by data collection and labeling market players is most prominent in the information technology, retail, and e-commerce industries. In particular, retail and e-commerce heavily rely on social media marketing, which has changed the way consumers research products, made purchases, and engage with their favorite brands. These digital touchpoints have also changed the frequency and speed with which consumers share feedback about their retail experiences with their peers.
The data collection and labeling market is expected to grow due to the increasing digital browsing and purchasing in the retail and e-commerce industry, which has led to a rise in expenditure on data analytics for consumer and business insights. In addition, the IT and telecom industry is embracing data collection and labeling solutions to gain a competitive edge. Quantzig and MVNO Analytics are some companies aiding the IT and telecom industry to gather insightful data from social media platforms for business growth. These trends and factors are expected to drive the growth of the data collection and labeling market.
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