Data Annotation Tools Market Is Expected To Be Valued At US$ 1.3 Bilion By 2022-End

According to Fact MR, the global market for data annotation is expected to increase at a 15.1% CAGR between 2022 and 2032.The increased popularity of the "do-it-yourself" method is expected to be a prominent market driver throughout the study period. The increased usage of AI and machine learning solutions in the healthcare sector is another major aspect that is expected to enhance the business in the near future. The COVID-19 epidemic gave the business with a multitude of expansion opportunities due to the adoption of the "Work from Home" mindset.

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Key Takeaways from the Market Study

The global data annotation tool market is anticipated to exhibit a CAGR of 15.1% during the forecast period from 2022 to 2032.
The manual annotation segment is projected to garner a market share of 76% during the forecast period.
The automatic annotation tool segment is projected to witness the highest growth trajectory while expanding at a CAGR of 17% in the forecast period.
North America is anticipated to garner 32% of the global market share, growing at a CAGR of 13%
South Asia & Pacific to be fastest growing, registering a CAGR worth 18% through 2032
"Increased adoption of AI and Machine Learning in the healthcare sector can play a significant role in boosting the market. Further, the outbreak of COVID-19 has offered various opportunities of expansion to the market." - says an analyst at Fact.MR.

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Key Segments Covered in the Data Annotation Tool Industry Report

Data Type
Text Data Annotation Tool
Image/Video Data Annotation Tool
Audio Data Annotation Tool
Annotation Type
Manual Data Annotation Tool
Semi-supervised Data Annotation Tool
Automatic Data Annotation Tool
Vertical
Data Annotation Tool for IT
Data Annotation Tool for Automotive
Data Annotation Tool for Government
Data Annotation Tool for Healthcare
Data Annotation Tool for Financial Services
Data Annotation Tool for Retail
Data Annotation Tool for Other Verticals

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Competitive Landscape

The players of the market focus on expanding their market through the adoption of various methods such as; acquisition, partnership, expansion, and brand development. Key players are taking various initiatives to make their products unique from their competitors.

In May 2021, CloudApp, a cross-platform for the modern workplace, announced the partnership with Slack and Atlassian products Jira and Confluence.
In August 2021, Appen Limited, an Australian company that offers high-quality training data for organizations, disclosed its plan to acquire Quadrant,a renowned player in mobile location data, corresponding compliance services, and Pint-of Interest data.
In July 2021, TELUS International, a renowned digital customer experience innovator that offers next-generation solutions, disclosed its plan to acquire the Bangalore-based Playment, a known player in the sphere of data annotation and computer vision tools, specialized in 2D and 3D.

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Many important questions are addressed in the report on the global market for data annotation tools, including the following:

What are the investing opportunities in the Data Annotation Tools Market?
Which region is likely to have the most enticing growth rate during the forecast period, and what elements will be crucial to its development?
What changes are most likely to alter the current positions of the major players in the Data Annotation Tools Market in the not-too-distant future?
Which product, service, or technology sectors have the greatest potential to fundamentally alter the competitive landscape in the Data Annotation Tools Market?
What methods are the industry's top players using to maintain their market dominance in the dimeric fatty acid industry?
What business strategies would new entrants use to establish a strong presence in the Data Annotation Tools Market?

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