New York, United States, April 10, 2024 (GLOBE NEWSWIRE) -- AI enables machines to learn from experience, perform human-like tasks, and adjust to new inputs. These machines are taught to analyze vast amounts of data and find patterns to carry out a specific activity. Introducing these robots to perform a particular task requires specialized datasets. Thus, there is a growing market for training datasets for artificial intelligence to satisfy this demand for datasets. Therefore, providing excellent training datasets becomes essential. Additionally, it aids in accelerating data preparation and enhancing prediction precision. As a result, market players are focusing on buying companies that could help them increase the quality of their data.
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Rapid Growth of AI and Machine Learning Drives the Global Market
The emergence of big data, which involves the recording, storing, and processing of a significant amount of data, is anticipated to accelerate the development of the artificial intelligence sector. The demand for AI training datasets is predicted to rise dramatically as the application of artificial intelligence spreads. This is because annotated data stimulates the development of AI models and machine learning systems in crucial domains like speech recognition and image identification. Multiple applications, including those for national intelligence, fraud detection, marketing, medical informatics, and cybersecurity, are used by many public and private organizations to collect domain-specific data. Such unstructured and unsupervised data can be classified thanks to datasets, which continuously improve the accuracy of each piece of knowledge.
Growing Applications of Training Dataset across Diversified Industry Verticals Creates Tremendous Opportunities
A flood of apps, websites, social networks, and other digital channels have enabled the collection and dissemination of a massive amount of visual and digital data. Several businesses have taken advantage of this available web content annotated with data to provide their customers with cutting-edge, superior offerings. One of the most important tools for clinical research is the unstructured text records obtained due to the rise in the use of electronic health record (EHR) systems. The growing applications in various industries are anticipated to create tremendous opportunities for market growth over the forecast period.
Regional Analysis
Asia-Pacific AI training dataset market share is expected to grow at a CAGR of 21.5% during the forecast period. Organizations in emerging countries like India are considerably increasing the adoption rate of cutting-edge technologies to modernize their businesses. To collect diverse data from buildings in Chinese cities, including the geomagnetic field and interior Wi-Fi signature, Microsoft built a dataset called Indoor Location Dataset. The purpose of these datasets is to support research into and advancement of localization, indoor settings, and navigation. These factors are expected to boost dataset usage in the region and cause it to increase dramatically throughout the projection period.
Europe is expected to grow at a CAGR of 20.6%, generating USD 1,990.20 million during the forecast period. AI has revolutionized business management practices in Europe by combining technologies for workflow management, brand buying advertising, and trend forecasting. These considerations have led companies to invest significantly in machine learning and artificial intelligence technology, driving the market for AI training datasets to grow. Numerous tech companies and small startups are also investing in implementing artificial intelligence to increase the efficiency of their businesses. The market for AI training datasets is growing faster than other training datasets since there is a direct correlation between the demand for training datasets and the requirement for AI.
Key Highlights
- Based on type, the global AI training dataset is bifurcated into text, image/video, and audio. The image/video segment is the highest contributor to the market and is expected to grow at a CAGR of 22.2% during the forecast period.
- Based on industry verticals, the global AI training dataset is bifurcated into IT, automotive, government, healthcare, BFSI, retail and e-commerce, and others. The automotive segment owns the highest market share and is expected to grow at a CAGR of 21.1% during the forecast period.
- Asia-Pacific is the most significant shareholder in the global AI training dataset market and is expected to grow at a CAGR of 21.5% during the forecast period.
Competitive Players
The global AI training dataset market’s major key players are Alegion, Amazon Web Services, Appen Limited, Clickworker Gmbh, Cogito Tech LLC, Deep Vision Data, Google, LLC (Kaggle), Lionbridge Technologies, Inc., Microsoft Corporation, Sama Inc. Scale Ai, Inc., and Deeply, Inc.
Market News
- In October 2022, Crowdworks (CEO Park Min-woo), an Artificial Intelligence (AI) training data platform company, announced on the 28th of October that it completed the registration of a US patent for a 'method for selecting workers according to the feature of project based on crowdsourcing.’
- In June 2022, Amazon Web Services Inc. added new capabilities to its cloud platform to help developers write code more efficiently and generate training datasets for their artificial intelligence projects.
Global AI Training Dataset Market: Segmentation
By Type
- Text
- Image/Video
- Audio
By Industry Vertical
- IT
- Automotive
- Government
- Healthcare
- BFSI
- Retail and E-commerce
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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