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Text Data Collection and Labelling Market to Witness CAGR of 17% and Increase in Value Share By the Forecast Period 2030 - States Fact.MR
Text Data Collection and Labelling Market
Penetration of artificial intelligence (AI), internet of things (IoT), and machine learning (ML) warrants the deployment of advanced data collection and labelling products and services.
The global data collection and labelling market exhibits a meteoric 17% CAGR during the forecast period (2020 - 2030). Digitization across industries and countries lays a fertile ground for growth of data collection and labelling organizations.
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Video surveillance, facial recognition, and password privacy are a few end-uses that drive the data collection and labelling market on a skyrocketing growth trajectory.
Key Takeaways of Data Collection and Labelling Market Study
Image/video data types used for facial recognition and consumer sentimental analysis gives this segment a stronghold with over 35% of total market value share.
Audio data collection and labelling for voice assistance, and speech recognition positions this segment having the highest growth potential by data type. Audio segment exhibits a stellar 19% CAGR through 2030.
IT applications of data collection and labelling in big data analysis for various end-uses such as financial lending, and digital security drive the demand from this vertical. IT accounts for more than 36% of the total market value share.
Increasing digitization of retail customer experience coupled with parallel surge in e-commerce adoption makes this vertical a high growth potential segment. Retail & e-commerce segment will grow at a stupendous 20% CAGR through 2030.
North America leads global sales with over 32% of the total market value share. Increasing expenditure in healthcare services propels the demand for data collection and labelling of patient records and medical treatment procedures.
South Asia & Oceania will offer the most remunerative growth opportunities with an astonishing 20% CAGR through 2030. Adoption of data driven services in the public and private sector will continue to drive demand for data collection and labelling.
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Healthcare Expenditure amid COVID-19 will Drive Profits
Medical imaging that employs computer vision and sensors to diagnose and depict internal functioning of the body warrant enhanced data collection and labelling services.
Coupled with ubiquitous government investments, this will drive the demand for data collection and labelling products and services. Global concerns about the COVID-19 pandemic will significantly increase demand through 2030.
Patients with underlying health conditions and weak respiratory systems are at greater risk of getting infected with coronavirus. The resultant need for medical imaging and remote diagnosis will further the demand for data collection and labelling products and services.
Market players stand a chance to garner profitable revenues by research and development of advanced data collection and labelling tools. Analysts expect increased demand for high performance and big-data collection and labelling during post pandemic normalization.
Organizations across the world have realized the benefits of digital transformation from the work-from-home induced by COVID-19.
Hence, data collection and labelling will witness a lackluster rise in demand which is still better than manufacturing industry growth rates. Large enterprises that depend on conventional operations will drive revenues for data collection and labelling as these giants look to mitigate losses and plan ahead for a speedy recovery of business operations.
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Find More Valuable Insights on Data Collection and Labelling Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the data collection and labelling market, presenting historical demand data (2015-2019) and forecast statistics for the period 2020-2030. The study divulges compelling insights on the data collection and labelling market on the basis of data type (text, image/video, and audio), vertical (IT, automotive, government, healthcare, BFSI, retail & eCommerce, and others), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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