Data Annotation Tools Market Quantitative and Qualitative Analysis 2021 | Market Size, Industry Players, Business Strategists, Market Drivers and Forecast to 2027

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.

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.

Furthermore, Appen (Australia) acquires Figure Eight (San Francisco) for ~US$ 300 million. Figure Eight has machine learning software platform that uses highly automated tools to transform unlabeled text, image, audio, and video data into high-quality AI training data. This acquisition will enhance the development of high-quality, human annotated datasets for machine learning and artificial intelligence; thus, increasing investments by the market players is likely to propel the market growth during the forecast period.

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Data Annotation Tools Regional Growth- 2021-2027

The report segments the global Data Annotation Tools market as follows:

By Type

• Text
• Image

By Annotation Type

• Manual
• Semi-Supervised
• Automatic

By End-user

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

Increasing Organic Development by Market Players

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.

The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Data Annotation Tools market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Data Annotation Tools market segments and regions.

Scope of the Report

The research on the Data Annotation Tools market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor's methodologies. The research also segments the Data Annotation Tools market on the basis of end user, product type, application, and demography for the forecast period 2021-2027. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.

The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Data Annotation Tools market during the forecast period, i.e., 2021-2027. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.

Major highlights of the report:

All-inclusive evaluation of the parent market
Evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of market value and volume in past, present, and forecast years
Evaluation of market share
Study of niche industrial sectors
Tactical approaches of market leaders
Lucrative strategies to help companies strengthen their position in the market

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