Global Data Annotation Tools Market (Services) Size Value to Reach USD 3,046.7 Million by 2028, at 27.2% CAGR: Polaris Market Research

January 27 18:44 2022
Global Data Annotation Tools Market (Services) Size Value to Reach USD 3,046.7 Million by 2028, at 27.2% CAGR: Polaris Market Research
According to the latest research study, the report predicts the global Data Annotation Tools Market size & share to reach around USD 3,046.7 Million by 2028 from USD 494.4 Million in 2020. The global Data Annotation Tools Market is anticipated to register a significant CAGR of 27.2% by 2028.

According to the latest research study, the report predicts the global Data Annotation Tools Market size & share to reach around USD 3,046.7 Million by 2028 from USD 494.4 Million in 2020. The global Data Annotation Tools Market is anticipated to register a significant CAGR of 27.2% by 2028.

The process of ticketing the available data in formats like video, images, and texts is known as data annotation. For monitoring machine learning, labeled data sets are needed to clearly and easily comprehend the patterns of input. Structuring an AI or ML model that performs like humans requires extensive training data. If the model has to make a resolution and take action, it must be tutored to comprehend information that is specific through data annotation. With data annotation that is human-powered and high quality, companies can structure and enhance AI implementations. The outcome is the intensified customer experience solution like a recommendation of products, search engine results that are relevant, speech recognition, computer vision, chatbots, and so on.

The appearance of covid-19 led to the dominant driver for the growth of the data annotation tools market due to the growing demand for machine learning-powered solutions and artificial intelligence. Growth in the comprehension of text annotation for document classification is anticipated to push the market growth.

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Important questions being answered by the market report

  • What is the growth rate of the data annotation tools market?
  • What are the dominant industry drivers?
  • What are the prominent industry trends in the data annotation tools market?
  • What are the several technologies used in the market?
  • Who are the significant industry players?

 

Top Market Players

  • Amazon Mechanical Turk
  • Annotate.com
  • Appen Limited
  • Clickworker
  • CloudFactory Limited
  • Cogito Tech LLC
  • Dbrain
  • Explosion AI GMbH
  • Figure Eight Inc.
  • Google LLC
  • Lighttag
  • Lionbridge Technologies Inc.
  • Lotus Quality Assurance
  • Playment Inc
  • Scale AI INC.
  • SuperAnnotate LLC
  • Tagtog
  • Trilldata Technologies Pvt Ltd

 

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The data annotation tools market: Growth leading factors

The market growth can be attributable to the competence of data annotation tools that are automated. There is a growing utilization of computing resources that are cloud-based to annotate data sets that are extensive. The categorization of data annotation tools by firms for their precision and ticketing volumes of data of AI training are alternative primary causes that can develop the industry. Also, the increasing demand for data annotated for the enhancement of machine learning models and growing investments for the progress in independent driving technologies is expected to expand the industry.

Presently there is a developing trend of producing autonomous vehicles, which is captivating more investments for the progression of these vehicles. An autonomous vehicle involves several networking systems and sensors that help the computer drive the car. The annotated details permit independent vehicle computer models to identify and learn from it.

Global Data Annotation Tools Market: Report Scope

Report Attribute

Details

Market Size 2020 Value

USD 494.4 Million

Market Outlook for 2028

USD 3,046.7 Million

Expected CAGR Growth

CAGR 27.2% from 2021 – 2028

Base Year

2020

Forecast Year

2021 – 2028

Top Market Players

Amazon Mechanical Turk, Annotate.com, Appen Limited, Clickworker, CloudFactory Limited, Cogito Tech LLC, Dbrain, Explosion AI GMbH, Figure Eight Inc., Google LLC, Lighttag, Lionbridge Technologies, Inc., Lotus Quality Assurance, Playment Inc, Scale AI, INC., SuperAnnotate LLC, Tagtog, Trilldata Technologies Pvt Ltd

Segments Covered

By Type, By Annotation, By Vertical, By Region

Geographies Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Customization Options

Customized purchase options are available to meet your research needs.

 

Global data annotation tools market: Key segmentation

Insight by Type, annotation type, vertical, and region

By Type, video segmentation was responsible for the highest share of the data annotation tools market. To train a machine learning algorithm, metadata is included by video annotation to the unlabelled video. For several tasks, video annotation is used to train algorithms from uncomplicated segmentation to tracing of objects across frames that are multiple. By annotation type, the supervision segment portrays the holding of the most extensive share as it lessens the administration’s efforts and increases the level of integrity of data, the outcome of which is enhanced efforts of discovering enthralling insights linked to data. By vertical, there is a significant growth in the market due to growing investments in research and development in autonomous vehicles. The growing demand for extracting relevant patterns from a massive chunk of data also underlines the growth of the data annotation tools market.

Regional Analysis

North America is emerging as a dominant force in the market due to the swift geographical and product expansion strategy handled by market vendors to gain an edge. The European market is anticipated to witness a speedy growth pattern. The growing concentration on annotation is expected to better the automotive and retail verticals in Europe.

Browse the full “Data Annotation Tools Market Share, Size, Trends, Industry Analysis Report, By Type (Text, Image/Video, Audio), By Annotation Type (Manual, Semi-supervised, Automatic), By Vertical (IT, Automotive, Government, Healthcare, Financial Services, Retail, Others), By Region; Segment Forecast, 2021 – 2028” Report at https://www.polarismarketresearch.com/industry-analysis/data-annotation-tools-market

The market principally depends on Type, annotation type, vertical and region

Data annotation tools market: by Type

  • Text
  • Image/Video
  • Audio

Data annotation tools market: By annotation type

  • Manual
  • Semi-supervised
  • Automatic

Data annotation tools market: By vertical

  • IT
  • Automotive
  • Government
  • Healthcare
  • Financial Services
  • Retail
  • Others

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