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Data Annotation Tools Market Growth Factors, Industry Share, Demand, Size, Revenue Analysis And Forecast 2032 - Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, Labelbox Inc
Data Annotation Tools Market
The Business Research Company's Data Annotation Tools Global Market Report 2023 identifies the rise of big data as the major driver for the data annotation tools market's growth in the forecast period. The widespread use of big data in data annotation is due to the metrics that are employed in machine learning processes as they store, analyze, and manage bulk data. For instance, according to a report released by the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, by the year 2025, it is predicted that 463 exabytes of massive data, which is equivalent to 212.77 million DVDs (digital video discs) per day, will be generated globally.
The global data annotation tools market size is expected to grow from $1.41 billion in 2022 to $1.82 billion in 2023 at a compound annual growth rate (CAGR) of 28.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The data annotation tools market size is expected to grow to $5.21 billion in 2027 at a CAGR of 30.1%.
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Major competitors in the data annotation tools market are Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, Labelbox Inc., LightTag, Lotus Quality Assurance, Payment Inc., Tagtog Sp. z o.o., CloudFactory Limited, ClickWorker GmbH, Alegion, Figure Eight Inc., Amazon Mechanical Turk Inc., Explosion AI GMBH, Mighty AI Inc., Trilldata Technologies Pvt Ltd.
A key trend in the data annotation tools market includes technological advancement. Major market players are concentrating their efforts on creating innovative technologies to store and manage bulk data, such as mobile 3D point cloud data labeling. For instance, in June 2021, ByteBridge, a China-based company engaged in data labelling services, launched the world's first mobile-based 3D point cloud data labelling service. A 3D point cloud is a collection of numerous dots (data points) spread across a 3D space, with the dots collected using sensors such as LiDAR (Light Detection and Ranging).
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The data annotation tools market is segmented -
• By Type: Text, Image/Video, Audio
• By Technology: Supervised, Semi-Supervised, Automatic
• By Vertical: IT, Automotive, Government, Healthcare, Financial Services, Retail, Other Verticals
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia Pacific was the largest region in the data annotation tools market
The Business Research Company's "Global Data Annotation Tools Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Data annotation tools Market Include:
1. Executive Summary
2. Data Annotation Tools Market Characteristics
3. Data Annotation Tools Market Trends And Strategies
4. Data Annotation Tools Market - Macro Economic Scenario
5. Data Annotation Tools Market Size And Growth
……
27. Data Annotation Tools Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Data Annotation Tools Market
29. Data Annotation Tools Market Future Outlook and Potential Analysis
30. Appendix
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