Data Collection and Labeling Market: Information by Data Type (Audio, Text, Images, Others), Application (IT, BFSI, Government, Healthcare, Others), and Region — Forecast till 2027

Data collection and labeling is an AI-driven data process used to categorize, classify, and identify the data collected to create powerful algorithms. The labeled data is fed to machine learning software to train the software about the data's properties. After completing the machine learning with the available information, the unlabeled data is sorted out by the machine learning stimulator to provide the consumers with operational results. The use of data collection and labeling in multiple industries such as healthcare, manufacturing facilities, automotive vehicles, and enterprises for data organization and automated data management is expected to boost the market.

Market Analysis

The global data collection and labeling market is estimated to progress at a healthy CAGR of 23.75% during the forecast period 2020–2027. The market size of data collection and labeling is estimated at USD 0.7 billion by the end of 2020. Further, the growth is attributed to several factors and extensive implementation of data collection and labeling in some crucial sectors like manufacturing, healthcare, and automotive.

According to Straits' analysis, the increasing use of social media, sharing of audio, video, and data in descriptive text format have gained more contextual in different applications, increasing the demand for the implementation of data collection and labeling. This feature improves the safety of operations, identifies the problem, and sorts the visual or audio data to use the collected data in various applications.
Regional Analysis

North America is expected to retain its strong share in the market after the market evaluation. Adopting AI services in multiple end-use sectors and consumers' increased use of smart devices and smart services in the region provides substantial opportunities for the market. Furthermore, the considerable influx of operations by manufacturers in the area increases easy access to the technology and diverse product portfolio with cost-effective solutions.

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Asia-Pacific is expected to register a swift growth pace in the market due to the high level of technology integration in the different end-use sectors and increase demand for smartphones and development in smartphone usage to promote the developments of the market. Adoption of IoT and artificial intelligence techniques to propel the market with a significant pace

Competitive Landscape

The market for data collection and labeling is categorized as a market with optimistic potential for developing the market with increasing applications in the variety of end-use sectors that leverage the advantages imparted by the AI technologies and machine learning stimulation. The development of specific data collection and labeling service providers provide the products based on the consideration of vital requirement factors before product procurement to develop the traction towards these manufacturers' products. The factors that need to be considered are the complexity of the use case, time parameter for the development of the system, size of the organization, the structure of the IT and data science team, and the available training data.

The prominent players identified across the value chain are Globalme Localization Inc., Trilldata Technologies Pvt Ltd, Alegion, and Reality AI. These players contribute to a promising share in the Global Data Collection and Labeling market. The market is classified as an emerging market due to the need to create awareness about the benefits of using technology. Additionally, the global market vendors are also trying to cement their sales foothold in different regions in the market by working on finalizing acquisitions and collaborations to attain better customer reach with the ability to serve more customers at a time quality of the company.

Along with the market players listed above, some other market players active in the Data Collection and Labeling market are Dobility, Inc., Global Technology Solutions, Playment Inc., Appen Limited, Labelbox. Inc, Scale AI, Avery Dennison Corporation, Summa Linguae Technologies S.A., among others.

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Data Collection and Labeling Market: Segmentation

By Data Type

Audio
Image/Video
Text
Others
By Application

Manufacturing
IT
Healthcare
BFSI
E-Commerce & Retail
Government
Others
Key highlights of the Data Collection and Labeling Market report:

- Regional demand estimation and forecast
- Before commodity price fluctuations
- Technology update analysis
- Raw material procurement strategy
- Competition analysis
- Product portfolio matrix
- Supplier Management
- Cost-benefit analysis
- Supply chain optimization analysis
- Patent analysis
- Market research and development analysis
- Mergers and acquisitions

By Region

North America

The U.S.
Canada
Mexico
Europe

The U.K.
Italy
France
Spain
Germany
Rest of Europe
The Middle East and Africa (MEA)

Saudi Arabia
Egypt
South Africa
Rest of MEA
Asia-Pacific

India
China
Japan
Australia
South Korea
Rest of Asia-Pacific
Central and South America and the Caribbean

Colombia
Chile
Peru
Argentina
Rest of South America

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This release was published on openPR.