Data Annotation Tools Market Eminent Players – Alegion, Inc., Appen Limited, Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc., CloudFactory Limited, Cogito, Google LLC, Hive, IBM Corporation, iMerit, Labelbox, Inc., LionBridge AI, Mighty AI,

Top 4 trends fostering the data annotation tools market outlook through 2026

With rising applications across healthcare institutions for classification of medical literature and labelling medical images, data annotation tools market growth is slated to pick up significant momentum in coming years. The rapid growth of wearable health devices and the rising volumes of digital medical information have made it extremely difficult for data scientists to label data manually.

Data annotation tools help healthcare organizations address these problems by offering top-quality and accurate medical data with least assistance from medical experts. Citing an example, TrainingData.io, a NVIDIA Inception startup program backed startup, back in October 2019, unveiled a web interface for medical data labeling, which supposedly speeds up labeling by up to ten times as well as lessen the error rate of labeling by more than 15%.

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Moreover, these tools are enabling sophisticated AI algorithms to detect signs of diseases and medical issues accurately without the need for expert medical staff. Meanwhile, rising importance of textual data that is accurately labeled to develop new technologies like text-to-speech, voice recognition and natural language generation would generate a positive outlook for the data annotation tools market.

With these trends Global Market Insights, Inc., estimates that, the data annotation tools market size may exceed $5 billion by 2026.

Mentioned below are four key trends that are likely to influence data annotation tools market expansion majorly over the coming years.
Growing use of text annotation tools
The text annotation tools segment is likely to observe an immense growth rate with a CAGR of nearly 35% between 2020 and 2026 since textual data labeling has become important for conducting sentiment analysis and for developing algorithms for document classification.

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Furthermore, textual data annotation is also attaining importance for social media text mining since national security authorities and federal agencies examine the behavior of citizens for possible terrorist threats.

By using deep learning neural networks combined with solutions for text annotation, security agencies could also monitor threat topics as well as objectional material posted on social media handles.

Performance of manual data annotation tools
The manual data annotation tools segment held a share of over 75% in 2019 owing to the improved quality of labeled data in comparison to automated data labeling. Typically, only skilled experts with strong expertise on the content and nature of data perform manual data labeling as human annotators could easily handle and detect even the smallest amounts of disparity in input data, that are likely to be missed by automated data labeling tools.

Additionally, manually labeled data is gaining traction due to developing AI algorithms that are applied in critical applications because of its accuracy and quality.

Role of data labeling solutions in agriculture
The agriculture segment is projected to record a growth of over 30% CAGR during the forecast time period owing to the rising growth of AI in the field of precision agriculture. Solutions for data labeling allow organizations to develop computer vision models, that are being utilized for several agricultural end-uses like crop monitoring, crop harvesting, pest & disease control, livestock monitoring and soil quality assessment.

Additionally, semantic breakdown of videos and images through data labeling tools facilitates farming robots to perform various real-time actions like automated examining of large acreage farmlands, herbicide spraying, and weed control.
Increasing adoption of AI technologies in Europe
Europe is likely to witness lucrative growth in coming years, recording a CAGR of nearly 30% between 2020 and 2026 owing to the widespread implementation of AI technologies by European business organizations.

The region has a well-established AI industry, with a number of countries like the Nordics, Germany, and the Netherlands being regional leaders in the execution of applications for machine learning.
Moreover, the requirement for annotated training datasets to foster machine learning algorithms throughout numerous applications like big data analytics, cognitive systems, and robotics would further boost the growth of the data annotation tools market in Europe.

Notable industry players operating in the data annotation tools industry include Webtunix AI, MonkeyLearn Inc., Cogito, Playment Inc., Alegion, Inc., Neurala, Inc., Mighty AI, Trilldata Technologies Pvt. Ltd., Hive, CloudApp, Inc., Labelbox, Inc., iMerit, Amazon Web Services, Inc., LionBridge AI, Scale, Inc., CloudFactory Limited, IBM Corporation, Samasource Inc., Appen Limited, Google LLC, and Clickworker GmbH.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.