Press release
What's driving the Data Annotation Tools market Size? IBM Corporation,Google LLC, Amazon Web Services, Alegion, Appen Limited, Clickworker GmbH, CloudApp, Cogito, Hive
Global data annotation tools market growth is characterized by the seamless transition of raw unstructured data into insightful and useful Business Intelligence (BI) by machine learning facilities with human guidance, through the use of data annotation tools. Data annotation refers to the labelling of data in myriad forms, from video, audio, image, text, etc.
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Computer vision and natural language processing-based artificial intelligence has numerous favorable applications, particularly in healthcare. The healthcare application segment is expected to account for nearly 20% of the total data annotation tools market share over the forecast period, owing to the robust use of the technology for medical image labelling.
Data annotation tools are used extensively in numerous medical disciplines including cardiology, pathology, oncology, radiology and even psychiatry, to detect patterns, facilitate diagnoses and establish treatment plans.
With regards to the regional spectrum, North America held over 40% of the global data annotation tools industry share in 2019, as a result of rising prevalence of AI startups in the region.
Data annotation in the medical sector involves recognizing disease or pathological markers for other medical properties, for instance in drawing outlines around tumors, designation ECG rhythm strips and pinpointing cells, among others.
To illustrate, Dataminr, an AI and machine learning startup based in New York, raised funding of over $392 million in 2018. The company is involved in providing comprehensive insights on information and news in real time.
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Likewise, Scale AI, a San Francisco-based startup dealing with data annotation closed a blockbuster funding round of $100 million in 2019. This expansion was made possible by the firm's vast range of data annotation services, especially for autonomous driving clients including Waymo, Lyft, and the Toyota Research Institute.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Data Annotation Tools Industry Insights
Chapter 4. Competitive Landscape
Chapter 5. Data Annotation Tools Market, By Data Type
Chapter 6. Data Annotation Tools Market, By Annotation Approach
Chapter 7. Data Annotation Tools Market, By Application
Chapter 8. Data annotation tools Market, By Region
Chapter 9. Company Profiles
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