Data Annotation Tools Market Key Players, Application, Demand, Industry Research Report by Regional Forecast to 2027, The Insight Partners

The Data Annotation Tools Market Expected to grow from US$ 897.5 million in 2020 to US$ 6,450.0 million by 2027; it is estimated to grow at a CAGR of 32.54% from 2020 to 2027. Data Annotation Tools market report offers one of the best solutions to know the trends and opportunities in Data Annotation Tools industry. The report contains top to bottom analysis and estimation of various market related factors that are incredibly crucial for better decision making. Furthermore, this Data Annotation Tools research report takes into consideration several industry verticals such as company profile, contact details of manufacturer, product specifications, geographical scope, production value, market structures, recent developments, revenue analysis, market shares and possible sales volume of the company. Thus, the report makes businesses to focus on the more important aspects of the market.

Download Sample Report (Including Full TOC, List of Tables & Figures, Graphs, and Chart) @ https://www.theinsightpartners.com/sample/TIPRE00008379/?utm_source=OpenPR&utm_medium=10212

The process of data annotation includes labeling of data which makes it usable for machine learning. Data annotation tools are an important tool for data scientists as they make use of the labelled data with machine learning algorithms. Data can be in any form such as images (from cars, phones, or medical instruments), text (in English, Spanish, Chinese, or any other language), audio and video. There are different types of annotation techniques like polygon annotation, semantic segmentation, bounding box annotation, landmark annotation, polylines annotation and 3D point cloud annotation. In house teams can label the data if it is a small set, but this can be time consuming. When data is huge outsourcing it to companies like Precise BPO Solution who can handle millions of annotations in a week could save time. Further, investments by various market players in data annotation techniques in order to offer high quality labelled data are predictable to play a significant role in the near future.

The Key Players In The Global Data Annotation Tools Market Are:

•FinMason, Inc.
•aixigo AG
•InvestCloud, Inc.
•WealthTechs Inc.
•Valuefy Solutions Private Limited
•3rd-eyes analytics AG
•BlackRock, Inc.
•Synechron
•Wealthfront Inc.
•InvestSuite

Increasing investments by market players is attributing to the growth of the market. With the growing demand for labelled data, many companies that offer data labelling services are increasingly investing in data annotation. For instance, Alegion, founded in 2012 and headquartered in Austin, Texas, has the most powerful and flexible annotation platform for training data. In August 2019, the company raised US $12 million for data annotation. The investment will accelerate both the expansion of its 75-person team and the integration of advanced technologies into its product portfolio. In addition, iMerit, founded in 2012, focuses on providing high-quality tech-enabled data labelling services to achieve best results from their algorithms. In February 2020, the company invested US$ 20 million to expand its data annotation business. With the invested funds, the company plans to triple its workforce, from 3000 to 10,000 employees. The company will also invest in enhancing innovation for its proprietary AI platform.

Crowdsourcing cannot be considered as an option while evaluating, updating, and removing data from structured documents such as medical reports, or related contracts. A better understanding of the information is required to accurately annotate and mark AI details. Data preparation, annotation, and labeling are essential for training AI and machine learning models, which has, in turn, propelled the demand for data annotation tools. Owing to the increasing demand for data annotation, market players are taking part in various organic developments in the field of artificial intelligence, machine learning, image recognition, and robotics for training data. For instance, in April 2019, CloudFactory, one of the global leaders in managing workforce solutions for artificial intelligence (AI), launched a solution and partnered with AI technology providers Hivemind, Labelbox, and Dataloop to tag, label, or annotate data. Similarly, in June 2019, Innodata Inc., founded in 1988, launched data annotation and labeling solutions for enterprises requiring complex training data in AI, which would, in turn, help in managing data annotation and labeling services in key industries such as financial services, legal, healthcare, and pharma.

Download PDF Brochure: To Know the Impact of COVID-19 on this Industry @ https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00008379/?utm_source=OpenPR&utm_medium=10212

The Segments and Sub-Section of Data Annotation Tools Market are shown below:

By Type ( Text, Image, Others )

By Type ( Manual, Semi-Supervised, Automatic )

By End-user ( Automotive, Government, Healthcare, Financial Services, Retail, IT and Telecom, Others)

The data annotation tools market has been segmented as follows:

Data Annotation Tools Market - by Type

•Text
•Image
•Others

Data Annotation Tools Market - by Annotation Type

•Manual
•Semi-Supervised
•Automatic

Global Data Annotation Tools Market - By End User

•Automotive
•Government
•Healthcare
•Financial Services
•Retail
•IT and Telecom
•Others

Answers that the report acknowledges:

•Market size and growth rate during forecast period.
•Key factors driving the Data Annotation Tools Market.
•Key market trends cracking up the growth of the Data Annotation Tools Market.
•Challenges to market growth.
•Key vendors of Data Annotation Tools Market.
•Detailed SWOT analysis.
•Opportunities and threats faces by the existing vendors in Global Data Annotation Tools Market.
•Trending factors influencing the market in the geographical regions.
•Strategic initiatives focusing the leading vendors.
•PEST analysis of the market in the five major regions.

Order a Copy of this Data Annotation Tools Market Report@ https://www.theinsightpartners.com/buy/TIPRE00008379/?utm_source=OpenPR&utm_medium=10212

Contact Us:

If you have any queries pertaining to the report or would like further information, feel free to reach out to us at-
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

ABOUT US:

The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Our research model is very simple. We believe in client servicing and delivering best quality to our customers. Through our research content, we are making sure that our customers get value of their money along with better quality data and analysis.

This release was published on openPR.