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Text Annotation Tool Market exhibits a meteoric 15.1% CAGR by the forecast period 2030 - States Fact.MR
Text Annotation Tool Market
It is crucial for organizations to collect, and catalogue this data with the help of data annotation tools. Data once annotated is then utilized to train artificial intelligence programs. These programs are then consumerized and they further generate data starting the entire cycle again.
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On this backdrop, the global data annotation tool market will inflate more than seven-folds during the forecast period (2020 - 2030).
Omnipresent consumer demand for digital convenience impels digitization of conventional processes such as document verification.
The efficacy of data annotation tools in effectively executing conventional processes will continue to provide growth opportunities for market players.
Key Takeaways of Data Annotation Tool Market Study
IT is an industry vertical that primarily deals with data. Hence, the compatibility of data annotation tools with existing IT data collection and storage infrastructure, positions this vertical segment as the leader with over 35% of the total market value.
Disruptive financial technology such as blockchain lending services make financial services vertical the most lucrative growth prospect. The segment will multiply with a stupendous 19% CAGR during the forecast period
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Manual annotation type holds the largest share of over 76% of the total market revenue.
Automatic annotation type will offer the most lucrative growth opportunities with a meteoric 18% CAGR through 2030.
Research and development of advanced Internet of Things and machine learning products and services will bolster growth in automatic annotation type segment.
Image and videos are the highest growing data type with over 17% CAGR between 2020 and 2030. Penetration of social media and video calling in developing economies is billowing the need for data annotation tools to analyse and leverage the data produced from these products and services.
North America accounts for the largest market value share of over 32%. Early adopters in this region are witnessing an uptake in smart automation services. Prevalence of products such as smart homes and smart cars will continue to drive growth in this region.
South Asia & Oceania is home to many burgeoning digital economies. Countries such as Indonesia will drive the demand for data annotation tools with an astounding 18% CAGR during the projection period.
Surge in healthcare applications of data annotation tools is projected once the COVID-19 pandemic is contained. Authorities and healthcare institutions around the world are already employing data annotation tools to research and develop large scale mechanisms to contain and limit spread of the virus.
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The digital nature of data annotation tools will prove to be a boon for market players, considering the import, export lock downs around the world.
Further, the expenditure in healthcare will multiply post pandemic, which will also increase the demand for efficient and effective data annotation of medical records, research, MRI, and X-rays.
Autonomous Automotive - High Growth Vertical
Investments in development of autonomous automotive furthers the demand for data annotation tools to develop training datasets.
For instance, Electric car manufacturer Tesla Inc., has been training its self-driving AI systems to instantly recognize inanimate and living objects. It is in fact trained to differentiate between humans, and animals. A direct result of advanced data annotation tools.
Hence, market players stand a chance to gain profitable revenue opportunities by catering to image and video data type annotations.
Disruptive innovation in retail segments such as consumer behavior analysis, and advanced customer relationship programs will continue to drive the demand for data annotation tools.
Penetration of e-commerce in countries of Asia Pacific and Middle East & Africa is a top target area for most companies. Raising funds on the back of research and development efforts will lend additional support to global footprint expansion of organizations.
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