Data Annotation Market Analysis, Trends, Size, and Forecast. Data Annotation Market Industry Overview, Market Growth, Market Share, Syndicate Report, and Business Research Reports – US and UK

Description

Data Annotation Market: by Data Type (Text, Image/Video, and Audio), by Annotation Type (Automated Annotation, and Manual Annotation), and by Application (Healthcare, Automotive, IT & Telecom, Agriculture, BSFI, Government, Retail, and Others)–Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)

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Data Annotation Industry Outlook

The data annotation market size was valued at USD XX billion in 2020 and is estimated to register a modest CAGR of XX% during the forecast period (2021-2027). Data annotation is the process of organizing unstructured data into structured information, which makes it usable for machine learning. It gives labels to the data available in the form of images, text, and videos. Data annotation tools benefit the machine learning algorithm to get labeled data so that machines can easily and clearly understand the input and provide an accurate result. These data annotation tools improve the accuracy of output and enhance the end-user experience. Increasing usage of artificial intelligence in various industries is anticipated to fuel the demand for data annotation tools as the labeled data help machine learning tools in critical areas, such as image recognition and voice recognition.

Data Annotation Market Dynamics

Growing usage of AI in various industries such as automotive, healthcare, banking, and financial services, changing technologies, and adoption of advanced technologies are boosting the growth of the data annotation market. Data annotation tools support automotive manufacturers in developing smart applications such as voice recognition and Natural Language Processing (NLP). Further, advanced technologies such as the Internet of Things (IoT), robotics, machine learning, artificial intelligence, and advanced predictive analytics generate huge data. Therefore with changing technology, data efficiency proves to be necessary for creating new business innovations, economies, and infrastructures are major factors propelling the market's growth.

Increasing innovations in the retail segment in improving the e-commerce sector using data annotation tools are estimated to fuel the market's growth during the forecast period. For instance, in 2019, Walmart Labs acquired an Indian startup, Dataturks, which provides tools for text and image by using machine learning. This acquisition helped Walmart to innovate in quality and other aspects of merchandising platform. Additionally, various companies are investing funds to develop data annotation to gain a competitive edge in the market. For instance, in 2018, Hive, a data labeling service provider, raised funds worth USD 30 million in venture capital from Paypal founder Peter Theil’s founder's funds and others.

Impact of COVID-19 on Data Annotation Market:

Further, the outbreak of the covid-19 pandemic has raised the demand for data annotation in the healthcare sector as hospitals are implementing artificial intelligence and machine learning to reduce the spread of coronavirus cases globally. However, inaccurate data labels because of the low quality of content and lack of a skilled workforce can hamper the growth of the global data annotation market. With manual annotation, the employee may label erroneous labeling on data, and time to detect such error may vary, which further add cost to the whole annotation process; moreover, with the development of algorithms and improvement in annotation tools, reduction of dependency on manual annotation and cost of the tools in the upcoming year.

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Scope of the Report

The report outlines the study of the data annotations market based on annotation type, data type, and application.

Based on annotation type, the data annotation market is segmented into-

• Automated Annotation
• Manual Annotation

Based on data type, the data annotation market is segmented into-

• Images/Videos
• Text
• Audio

Based on application, the data annotation market is segmented into-

• Healthcare
• Automotive
• IT & Telecom
• Agriculture
• BSFI
• Government
• Retail
• Others

Data Annotation Market: Regional Outlook

From a geographical viewpoint, the data annotation market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa (MEA). In 2019, North America anticipated holding the largest market share in the global data annotation market. This is because of various industries' rapid product and geographical expansion to gain a competitive edge in the market. Increasing the focus of image annotation in industries such as the automotive and retail sectors to enhance operation are major factors for the growth of the data annotation market. The rising demand for smart products and increasing disposable income are boosting the market's growth across the region.

Asia Pacific is anticipated to project the highest CAGR throughout the forecast duration. Developing economies in the Asia Pacific hold considerable potential for the rapid adaption of data annotation tools, especially in the banking & financial service, and healthcare sectors. The implementation of advanced technology in healthcare and innovative healthcare programs in the Asia Pacific region has positively boosted the growth of the market in the region in the upcoming years. Further, increasing digitalization across Malaysia, Indonesia, and India, government support to adopt new technologies in every vertical, and development of public infrastructure generates demand for big data analysis since big data analysis create demand for data annotation tools which plays a major role in the data analysis which further boost the growth of the market in the region.

Key Global Data Annotation Market Competitors Includes –

The leading manufacturers of data annotation in the global market include – Appen Limited, Amazon Mechanical Turk, Inc., Hive, Playment Inc., and Edgecase.

Other data annotation manufacturers include Annotate.com, CloudApp, Cogito Tech LLC, Labelbox, Inc., and Clickworker GmbH.

• In August 2018, Toyota invested $500 million in Advanced Technology Group (ATG), a division of Uber that focuses on the self-driving program to develop autonomous taxis. ATG used this fund to acquire Mighty AI, a data-label startup specializing in autonomous vehicle data annotation.
• In December 2018, Playment and Scale AI came into a partnership to develop advanced deep learning labeling tools for Ouster to quickly and accurately label LiDAR data sensors.
• In 2018, BMW Group invested a huge share of its revenue in the R&D of image annotation to develop the segment of self-driving vehicles.

The data annotation market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive market analyses, capturing all the data annotation industry aspects.

Data Annotation Market Report Covers Comprehensive Analysis On:

• Market Segmentation & Regional Analysis
• Market Size of 10 years
• Pricing Analysis
• Supply & Demand Analysis
• Product Life Cycle Analysis
• Porter's Five Forces & Value Chain Analysis
• Developed & Emerging Economies Analysis
• PEST Analysis
• Market and Forecast Factor Analysis

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