Data Annotation Tools Market is Going to Boom with Key Players, Share CAGR 26.1% Level | LightTag, tagtog Sp. z o.o., Lionbridge Technologies Inc.

Report Ocean releases its latest report on the global Data Annotation Tools Market. A combination of information gathered from first-hand sources, qualitative and quantitative assessments of industry analysts, and insights from experts and participants across the value chain is used to calculate the global Data Annotation Tools Market.

The global data annotation tool market was valued at $1,355.10 million in 2020. The global data annotation tool market is forecast to grow at a CAGR of 26.1% during the forecast period from 2021-2027. 

The data annotation tool is a software solution that can be deployed on-premise, in the cloud, or as a containerized solution designed to interpret machine learning training tools. Data annotation tools can also be used to create and analyze an explicit set of data, such as video, image, text, spreadsheet, and sensor data, within different deployment models such as SaaS (Cloud), on-premises, and container. Additionally, data annotation tools are growing in popularity as organizations globally build their own annotation tools. 

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Factors Affecting the Global Data Annotation Tool Market

The global adoption of open-source data annotation tools is further fueled by organizations building their data annotation tools themselves.

The growing demand for data annotation tools could be attributed to artificial intelligence and machine learning solutions being increasingly implemented in the healthcare and IT sectors during the forecast period. 

A rise in the demand for annotated data to improve machine learning models is expected to propel the growth of the data annotation tools market during the forecast period.

Data annotation tools are being driven by the growth of autonomous driving technologies and artificial intelligence/machine learning technology combining to spur investment in the field.

This market growth is being stifled by the shortage of skilled workforce and the high costs of manual annotation.

During the forecast period, the market for data annotation tools is expected to experience growth due to the growing adoption of medical imaging data annotation.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Data Annotation Tools Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Data Annotation Tools Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Data Annotation Tools Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Data Annotation Tools Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Data Annotation Tools Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Data Annotation Tools Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Data Annotation Tools Market provides insight into the factors influencing its growth. This market study breaks down the Data Annotation Tools Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Data Annotation Tools Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Data Annotation Tools Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Data Annotation Tools Market are:

Amazon Mechanical Turk Inc. 
Appen Limited
Cogito
Dbrain
LightTag
tagtog Sp. z o.o.
Lionbridge Technologies Inc. 
clickworker GmbH
Playment 
Scale AI Inc.

Scope of the Report

The global Data Annotation Tools Market segmentation focuses on:

Segmentation based on Annotation Type

Manual Annotation
Semi-Supervised
Automated Annotation

Segmentation based on Component

Solutions
Image/video
Text
Audio
Service
Professional Services
Managed Services

Segmentation based on End-User

Healthcare
Retail & E-Commerce
BFSI
Government
IT & Telecommunication
Automotive
Others

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This release was published on openPR.