Selbyville, Delaware, March 02, 2022 (GLOBE NEWSWIRE) --
The data annotation tools market size is anticipated to surpass USD 10 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth can be attributed to the steadily growing uptake of data annotation tools by healthcare institutions for medical image labeling and classification of medical literature.
The text annotation tools segment will witness a rapid growth rate by 2028, as textual data labeling is becoming increasingly crucial for developing document classification algorithms and performing sentiment analysis. Textual data annotation is also gaining importance for social media text mining as federal agencies and national security authorities monitor the behavior of citizens for potential terrorist threats. Security agencies can monitor potential threat topics and objectional materials mentioned in social media handles using deep learning neural networks integrated with text annotation solutions.
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The manual data annotation tools segment held a substantial market share in 2021 due to the better quality of labeled data compared to automated data labeling. Manual data labeling is performed by highly skilled professionals with strong expertise on the nature and content of data. Human annotators can detect & handle even the smallest of discrepancies in the input data, which are prone to be missed by automated data labeling tools.
The agriculture segment is anticipated to register an exponential growth through 2028 owing to the proliferation of Artificial Intelligence (AI) in precision agriculture. Data labeling solutions will enable enterprises to develop computer vision models, which are being used for a variety of agricultural end-uses such as livestock monitoring, crop monitoring, pest & disease control, soil quality assessment, and crop harvesting.
Europe data annotation tools market is set to register a lucrative growth rate of above 30% till 2028 on account of the extensive adoption of AI technologies by the European business corporations. The region has a mature AI industry, with several countries including Germany, the Netherlands, and the Nordics being regional leaders in the implementation of machine learning applications. The European Commission also prioritized the importance of machine learning in improving the digital economy of the region, with an allocated budget of around USD 775 million for AI-related projects in its Horizon 2020 digital strategy.
The companies operating in the data annotation tools industry are focusing on various business growth strategies, including investments in new data labeling solutions, strengthening the partner network, and geographical expansion. Through such strategic moves, companies are trying to gain a broader market share and maintain their leadership in the market. For instance, in May 2021, Cogito expanded its medical annotation capabilities in pathology, ophthalmology, and cardiology. It has enabled the company to precisely annotate quality Digital Imaging and Communications in Medicine (DICOM) files to develop convoluted neural networks.
Some major findings of the data annotation tools market report include:
- Data annotation tools enable healthcare institutes to automate the diagnosis process by training deep learning algorithms with annotated medical images.
- Asia Pacific is expected to grow at a rapid pace between 2022 and 2028 due to the improvements in ICT landscape, abundance of skilled workforce, and increasing awareness regarding reliable training data amongst AI-related SMEs.
- Data scientists are reaping the benefits of automated data labeling tools, facilitating the quick & accurate labeling of large-scale datasets including the support for Big Data and Hadoop platforms.
- Some of the leading market players are Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc., Google LLC, and IBM Corporation.
- Data annotation tool providers are focusing on strategic collaborations and long-term contracts with clients to gain a market share.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Data annotation tools industry 360º synopsis, 2018 – 2028
2.2 Business trends
2.3 Regional trends
2.4 Data type trends
2.5 Annotation approach trends
2.6 Application trends
Chapter 3 Data Annotation Tools Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Evolution of data annotation tools
3.4 Data annotation tools industry architecture
3.5 Data annotation tools industry ecosystem analysis
3.6 Investment portfolio
3.7 Patent analysis
3.8 Technology & innovation landscape
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Rising demand for annotated data to improve machine learning models
3.10.1.2 Increasing investments in the development of autonomous driving technologies
3.10.1.3 Growing adoption of data annotation for medical imaging data
3.10.1.4 Surging uptake of text annotation for document classification
3.10.2 Industry pitfalls & challenges
3.10.2.1 Inaccurate data labelling due to poor content quality
3.10.2.2 Lack of skilled professionals
3.10.2.3 High costs associated with manual data annotation
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTLE analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
