Portland, OR , April 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “AI training dataset Market by Type (Text, Audio, and Image/Video), Industry vertical (IT and Telecom, BFSI, Automotive, Healthcare, Government And Defense, Retail, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031” According to the report, the global AI training dataset industry generated $1.4 billion in 2021, and is estimated to reach $9.3 billion by 2031, witnessing a CAGR of 21.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities-
The AI training dataset market is growing rapidly, fueled by the rise of machine learning and artificial intelligence, as well as technological advancements that enable the generation of vast amounts of data. Despite this growth, the market is hindered to some extent by a lack of technological expertise in developing regions. However, the expanding use of training datasets across various industries is expected to create profitable opportunities for market growth in the foreseeable future.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.4 Billion |
| Market Size in 2031 | $9.3 Billion |
| CAGR | 21.6% |
| No. of Pages in Report | 340 |
| Segments covered | Type, End User, and Region. |
| Drivers | Quick expansion of Machine learning (ML) and Artificial Intelligence (AI) Production of large amounts of data and technological advancements |
| Opportunities | Broad functionality of training datasets in multiple business verticals |
| Restraints | Lack of technological expertise in developing regions |
Covid-19 scenario-
- The COVID-19 pandemic s accelerated the adoption of AI-based tools and solutions in various industries, particularly in healthcare.
- As businesses faced operational difficulties due to the crisis, many were turning to digital transformation, leading to significant demand for AI solutions. This trend created a favorable impact on the market for AI training datasets.
- Also, major industry players are focusing on implementing digital technologies to enhance their operations, resulting in a surge in the use of AI.
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The text segment to rule the market-
By type, the text segment held the major share in 2021, garnering more than two-fifths of the global AI training dataset market revenue, and is expected to rule the roost by 2031. The image/video segment, on the other hand, would showcase the fastest CAGR of 23.3% during the forecast period. This is due to the rising focus of key players to launch new datasets along with a rising number of applications. Moreover, AI training offers datasets of photographs in the public domain for testing.
The IT and telecom segment to dominate by 2031-
By end user, the IT and telecom segment accounted for around one-fourth of the global AI training dataset market share in 2021, and is expected to dominate by 2031. The healthcare segment, on the other hand, would display the fastest CAGR of 24.9% throughout the forecast period. This is because AI in healthcare offers various opportunities in therapy areas such as lifestyle and wellness management, diagnostics, virtual assistants, and wearables.
Asia-Pacific garnered the major share in 2021-
By region, North America garnered the highest share in 2021, holding around one-third of the global AI training dataset market revenue in 2021, and is projected to retain its dominance by 2031. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 24.1% during the forecast period, owing to the widespread release of new datasets to speed up the usage of artificial intelligence technology in developing sectors.
Leading Market Players-
- Google LLC
- Amazon Web Services Inc.
- Microsoft Corporation
- SCALE AI INC.
- APPEN LIMITED
- Cogito Tech LLC
- Lionbridge Technologies, Inc.
- Alegion, Deep Vision Data
- Samasource Inc.
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The report analyzes these key players in the global AI training dataset market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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