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Sales Of Data Labeling Solution and Services Market To Register Stellar Growth In Next 10 Years : Fact.MR

06-27-2022 08:45 PM CET | IT, New Media & Software

Press release from: Fact Mr

A recently published Fact.MR report forecasts that the data labeling solution and services market is expected to surge at a CAGR of 24% between 2022 and 2032, likely to be valued at US$ 74.5 Bn by the end of the aforementioned assessment period. Extensive reliance on virtual platforms and machine learning to accumulate and assimilate data is widening growth prospects for the market.

From 2015 to 2021, the market experienced robust growth, at a CAGR of 18%. As of 2021, the market was valued at US$ 6.8 Bn, and is projected to expand at a Y-o-Y rate of 29% to reach US$ 8.8 Bn by 2022-end. During the COVID-19 pandemic, prospects further heightened, attributed to increased migration to the virtual space amid the imposition of mandatory shutdowns to curb the spread of the virus.

For critical insights on this market, request for More Info - https://www.factmr.com/connectus/sample?flag=S&rep_id=7099

Key Segments Covered in Data Labeling Solution and Services Report

By Sourcing Type
In-House Data Labeling Solution and Services
Outsourced Data Labeling Solution and Services

By Type
Text-based Data Labeling Solution and Services
Image/Video-based Data Labeling Solution and Services
Audio-based Data Labeling Solution and Services

By Labeling Type
Manual Data Labeling Solution and Services
Semi-Supervised Data Labeling Solution and Services
Automatic Data Labeling Solution and Services

By Vertical
IT Data Labeling Solution and Services
Automotive Data Labeling Solution and Services
Government Data Labeling Solution and Services
Healthcare Data Labeling Solution and Services
Financial Data Labeling Solution and Services
Retail Data Labeling Solution and Services
Other Vertical Data Labeling Solution and Services

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Competitive Landscape

Prominent data labeling solution and services providers are focusing on expanding their outreach by virtue of collaborations, partnerships, acquisitions and mergers. Additionally, they are focusing on introducing new labeling technologies to tap into different industrial verticals. Some notable developments in the industry are as follows:

In April 2019, Appen Limited acquired Figure Eight, paving the way for a robust training data offering designed to enhance AI capabilities for a wide variety of use cases. This offering is uniquely positioned to deliver on the increasing volume, quality and speed requirements for training data to support business innovations and efficiencies which use ML and AI.

In October 2020, CloudFactory Limited launched a new computer vision offering- Data Annotation Solution- which bundles their professionally managed workforce with a market-leading data annotation platform. The offering is aimed at organizations that want a single partner to manage image and video annotations so they can apply their talents and expertise to higher-value work.

Key Takeaways from the Market Study

Outsourced data labeling solution and services to account for over 4 out of 5 sales through 2022 and beyond

By type, text-based labeling solutions to accumulate over 33% revenue, image/video based solutions to surge at 20% CAGR

Manual data labeling solution and services to comprise 80% of total revenue, automatic solutions to surge at 17% CAGR

Bulk of data labeling solutions to be deployed in the IT industry, accumulating over 33% revenue

Data labeling solutions and services to experience over 25% CAGR in the automotive industry

North America to account for 37% of the global data labeling solutions and services revenue

Asia Pacific to expand at an impressive 26% value CAGR from 2022 to 2032

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Data Labeling Solution and Services Market- Scope of Report

A recent study by Fact.MR on the data labeling solution and services market offers a 10-year forecast for 2022 to 2032. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering data labeling solution and services.

The study also provides the dynamics responsible for influencing the future status of the data labeling solution and services market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the data labeling solution and services market, along with their product portfolios, key strategies and SWOT analysis, enhances the reliability of this comprehensive research study.

Source - https://www.factmr.com/report/data-labeling-solution-and-services-market

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