Pune, India, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The Global Data Collection and Labeling Market Size was valued USD 2.6 billion in 2021 and is anticipated to exhibit a CAGR of 27.7% during the forecast period. Data collection and labelling usually refers to the process of collecting information or databases from either online platforms or other sources and labelling them according to their data type, feature, nature, and properties. The factors such as rising awareness among the people about digitalization, growing healthcare treatments, and advanced technologies are driving the global data collection and labelling market.
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The technological advancements in different industries for application in large organizations, healthcare sectors are rising the demand for data collection and labelling. The use of data labelling on the products and services by the producers for offering the ingredients list to the customers is also increasing, which is expected to boost the global data collection and labelling market.
Further, with technological innovations, there are various opportunities available in the industries. For instance, artificial intelligence (AI), and machine learning (ML) helps to offer enhanced safety features in autonomous vehicles such as terrain detection, emergency vehicle detection, wear detection, monitoring conditions, and others, which are providing scope for the various industries.
Also, some industries are facing challenges in workforce management as the unstructured data needs to be managed before uploading, which requires a huge workforce. It is a time-consuming process and has a risk of personal data breach that are factors restraining the growth of global data collection and labelling market.
COVID-19 Impact on Global Data Collection and Labeling Market
The QMI is closely monitoring the impact of COVID-19 on the global data collection and labelling market. The data collection and labelling play an important role in executing, and planning, a digital shift in business working procedures. These tools permit organizations to label, record, and recall data as and when required.
Major companies can gather sustainable revenues in the COVID-19 period by devising modified products for specific use-cases. The digital nature of data collection and labelling displays to be a boon for market companies. The demand for market will grow as the world battles COVID-19. The growth is on account of the automatic devices used for data collection and labelling, which reduce physical efforts.
Global Data Collection and Labeling Market, by Data Type
By data type, the market is bifurcated into text, image/video, and audio. Among all, the image/video segment hold the largest market share in 2021 and is anticipated to remain largest during the forecast period also.
Factor attributed to the growth of image/video segment is the advanced technology used in the segment. Additionally, the increasing use of computer application in healthcare industries for x-ray, computed tomography (CT) scan, magnetic resonance imaging (MRI), patient treatments will drive the segment growth.
Global Data Collection and Labeling Market, by Organization Size
By organization size, the market is bifurcated into small and medium-sized enterprises, and large enterprises. Large enterprises segment holds the largest market in 2021 and is anticipated to remain largest market till the forecast period.
Factor attributed to the growth of large enterprises segment is uncountable data and information available in large enterprises, which needs to be recorded properly.
To maintain the complex data, enterprises require various tools such as artificial intelligence, or machine learning to record properly. And hence, there is increasing the demand for data collection and labelling market in large enterprises.
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Global Data Collection and Labeling Market, by Vertical
By vertical, the market is bifurcated into BFSI, IT, automotive, government, healthcare, retail & e-commerce, and others. Healthcare sector captured the largest market share in 2021 for data collection and labelling and is expected to remain largest during the forecast period also.
Factor attributed to the growth of healthcare segment is large dependence on data collection and labelling for the treatment of patients. Healthcare, medicine research, patient treatment, disease prevention or control are uplifting the global data collection and labelling market.
Global Data Collection and Labeling Market, by Region
By region, the global data collection and labelling market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America holds the largest market in 2021 and it is expected to remain largest during the forecast period.
Factor attributed to the growth of North America market is e-commerce and online shopping and increasing preference of customers to buy products through these sites. Product sold on online platform require labelling.
Further, Asia Pacific is the fastest growing market for data collection and labelling because of highly dependent on digital platform for healthcare, retail, and large industries in the developing economies.
Recent Developments in the Global Data Collection and Labeling Market
- July 2021 - Data collection will be led by food labelling, European commission proposed. The new labelling scheme will look data collection and digitization of food supply chain. This food labelling will provide nutritional aspects useful for public health as well as social elements and sustainable elements of food products.
Some Key Findings of the Global Data Collection and Labeling Market Report Include:
- The analysis includes a global data collection and labelling market study, expansions, and forecasts, along with a country-specific analysis.
- An in-depth analysis of the global data collection and labelling market comprises segment by data type, organization size, vertical, and regions with an analysis of trend-based insights and factors.
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global data collection and labelling market.
- The research also helps understand the dynamics of the data collection and labelling market structure by analyzing market segments and by projecting the size of the market.
- The report helps to understand the effects of COVID-19 pandemic on data collection and labelling market.
- Some major industry players functional in the global data collection and labelling market are: Amazon Inc., Appen Limited, Reality AI, Summa Linguae Technologies, Global Technology Solutions, Alegion, Labelbox, Inc., Dobility, Inc., Scale AI, Inc., Dataloop Ltd., Playment Inc., and Falkonry.
Browse key industry insights from the report, “Data Collection and Labeling Market, By Data Type (Text, Image/Video, and Audio), Application (IT, Automotive, Government, Healthcare, BFSI, Retail & E-Commerce, and Others), And By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028”, with table of contents (ToC) and in-depth analysis.
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