Press release
Global Data Annotation Tools Market To Be Driven By Increasing Adoption Of Software For Image Data Annotation In The Automotive, Retail, And Healthcare Sectors In The Forecast Period Of 2021-2026
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 321.45 Million
• Forecast CAGR (2021-2026): 27%
Increasing investments in the development of autonomous driving technologies, rising demand for annotated data to improve machine learning models, growing adoption of data annotation for medical imaging data, surging uptake of text annotation for document classification, and rising demand for annotated data to improve machine learning models.
Industry Definition and Major Segments
Data annotation is the method of labelling data for machine learning purposes.
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The industry can be broadly categorised based on types into:
• Text
• Image
• Video
Based on technology, the industry can be categorised as:
• Manual
• Semi-Supervised
• Automatic
The industry can be divided based on its application segments as:
• Automotive
• Healthcare
• BFSI
• Retail
• Government
• Transportation and Logistics
The global regions for data annotation tools market include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Users can improve data quality by adding or marking attribute tags with data annotation tools. The main advantage of employing these tools is that the combination of data features allows users to manage data interpretation in a single area, eliminating the need to rewrite similar rules in numerous locations. The rise of big data and the amount of enormous datasets will almost certainly need the application of artificial intelligence in the field of data annotation.
As the reach of data labelling expands, companies creating AI-enabled healthcare apps are cooperating with data annotation companies to supply the essential data sets to help them enhance their machine learning and deep learning skills, boosting the market for data annotation solutions.
Key Market Players
The major players in the market are Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, Labelbox, Inc, LightTag, Lotus Quality Assurance, Playment Inc., Tagtog Sp. z o.o., D-Link and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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