Data Annotation Tools Market 2027 Sparkling Growth Along with Cogito, Google LLC., Deep Systems, Appen Limited, Labelbox, Inc, LightTag, PLAYMENT INC, Scale AI, Inc., Tagtog Sp. z o.o., CloudFactory

The process of data annotation includes labeling of data which makes it usable for machine learning. Data annotation tools are an important tool for data scientists as they make use of the labeled data with machine learning algorithms. Data can be in any form such as images (from cars, phones, or medical instruments), text (in English, Spanish, Chinese, or any other language), audio and video. There are different types of annotation techniques like polygon annotation, semantic segmentation, bounding box annotation, landmark annotation, polylines annotation and 3D point cloud annotation. In house teams can label the data if it is a small set, but this can be time consuming. When data is huge outsourcing it to companies like Precise BPO Solution who can handle millions of annotations in a week could save time.

The data annotation tools market operates in a highly fragmented and competitive marketplace. As leading companies in this market continue to broaden its addressable market, by expanding its current offerings, diversifying its client base, all the prominent players face an increasing level of competition, both from start-ups as well as the leading established companies in the globe. Several companies in the value chain are acquiring other players in the market to maintain their position in the market and provide efficient services to its customers. Major companies of data annotation tools providers are based in North America and mainly the US. However, the data annotation tools market is penetrating at a high growth rate in the APAC region.

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Impact of COVID-19 on Data Annotation Tools Market

The threat of coronavirus resulting the disease
COVID-19 is expected to have disruptive impact on the economy, globally. It has disrupted the global supply of goods and services resulting the companies to fulfill the orders. It has resulted to reduced labor on supply side and slow down in the demand for products and services other side. Due to the shutdown of businesses and the fall in the demand of data annotation tools in the first quarter of 2020, the market is negatively impacted. Moreover, due to the falling GDP, the market will have negative impact on the growth rate of data annotation tools market. However, it is expected that the economy will regain its momentum soon; the market for data annotation tools will witness a significant demand.

Leading key players:

• Cogito
• Google LLC.
• Deep Systems
• Appen Limited
• Labelbox, Inc
• LightTag
• PLAYMENT INC
• Scale AI, Inc.
• Tagtog Sp. z o.o.
• CloudFactory Limited

Machine learning and artificial intelligence are among fastest-growing technologies that are introducing incredible innovations and offering various advantages to several industries globally. Data annotation includes the process of labeling/tagging video, images, text, and speech. For machine learning, precisely labeled datasets are needed, so that machines can easily and clearly understand the input patterns. When the dataset is precisely labeled, an accurate output can be expected.

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TOC points of the market report:

• Market size & stocks
• Market trends and dynamics
• Market drivers and opportunities
• Competitive landscape
• Supply and demand
• Technological inventions in the industry
• Marketing channel development trend
• Market positioning
• Pricing strategy
• Brand strategy
• Target client

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