Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "AI Training Dataset Market By Type (Text, Audio, Image/Video), By End User (IT and Telecom, BFSI, Automotive, Healthcare, Government and Defense, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The AI training dataset market is poised for remarkable growth, projected to reach a value of USD 17.59 billion by 2030, exhibiting a CAGR of 3.6% from 2023 to 2030.
This expansion is fueled by the growing prevalence of AI applications in a range of industries such as manufacturing, IT, BFSI, retail & e-commerce, and healthcare. The demand for application-specific training data is on the rise, creating new opportunities for candidates entering the field.
At the heart of this growth is the symbiotic relationship between AI and big data. AI enables the extraction of intricate abstractions through hierarchical learning from massive datasets. This technology plays a pivotal role in extracting meaningful patterns from extensive data, thus augmenting the potency of big data analysis.
Moreover, AI empowers machines to perform tasks reminiscent of human capabilities, learning from experiences and adapting to new inputs. This entails analyzing vast datasets to uncover patterns and execute specific tasks, necessitating the use of specialized training data.
The AI training dataset market is further catalyzed by factors like machine learning and intelligence expansion. The surge in data production and rapid technological advancement are major growth drivers. However, challenges such as limited technology expertise in developing regions can impede market growth. Nevertheless, the market holds immense potential, particularly in expanding the functionality of training datasets across multiple industry verticals.
Within this context, the AI training dataset market is segmented by type into Text, Audio, and Image/Video. While the text segment dominated the market in 2021, driving AI text generators for various applications, the image/video segment is anticipated to exhibit the highest growth due to the generation of parameters for forecasting fresh data or synthesizing new content.
Regionally, North America took the lead in the AI training dataset market in 2021, driven by industries adopting automation, which escalated the demand for AI and machine learning tools. Meanwhile, Asia-Pacific is projected to experience the highest growth due to the proliferation of new datasets to expedite AI technology adoption.
Market Dynamics
Drivers
- Quick Expansion of Machine Learning (ML) and Artificial Intelligence (AI): The rapid growth and adoption of Machine Learning (ML) and Artificial Intelligence (AI) technologies serve as major drivers, enabling enhanced data analysis and decision-making.
- Production of Large Amounts of Data and Technological Advancements: The generation of substantial data volumes coupled with continuous technological advancements contributes to driving the market, as more data becomes available for analysis and insights.
Restraints
- Lack of Technological Expertise of Technology in Developing Regions: The absence of adequate technological expertise, particularly in developing regions, acts as a restraint, limiting the adoption and effective implementation of AI and ML technologies.
Opportunities
- Broad Functionality of Training Datasets in Multiple Business Verticals: The versatility of training datasets, capable of serving various business verticals, presents opportunities for leveraging AI and ML technologies across diverse industries.
Key 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.
These players are actively pursuing strategies to enhance their market reach and influence.
In essence, the global AI training dataset market is a dynamic arena that is being reshaped by the integration of AI, big data, and technological innovation. With businesses embracing these technologies, the demand for accurate and pertinent training data is soaring, creating a landscape of opportunities for both industry players and new entrants.
For more information about this report visit https://www.researchandmarkets.com/r/jgxxmc
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