Data Annotation Tools Market Projected at $13.69 Billion by 2030: Trends and Analysis

The growth of the global data annotation tools market is primarily driven by rise in penetration of artificial intelligence and machine learning solutions and increase in demand for annotated data to boost machine learning models. The rise in the adoption of data annotation for medical imaging data and increase in investments in the improvement of autonomous driving technologies are projected to offer opportunities for the market.

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Covid-19 impact on global data annotation tools market:

► Coronavirus has increased the growth of the artificial intelligence and machine learning market, boosting the demand for data annotation tools across the globe.

► Partial or complete lockdown in various regions has significantly impacted the growth of the data annotation tools market, owing to the lack of availability of a skilled workforce during the pandemic.

► Moreover, a rise in investments in machine learning-powered solutions from various industries is anticipated to hit the market growth in the coming years.

► The IT & telecommunication sector has witnessed significant growth during and post-pandemic. This, in turn, increased the demand for data annotation tools.

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The spread of Covid-19 acted as a major factor driving the growth of the global data annotation tools market size. This growth is attributed to the rise in demand for artificial intelligence and machine learning. However, the market has been primarily hit by several obstacles due to the lack of availability of a skilled workforce during a lockdown. Moreover, rise in demand for text annotation for document classification is projected to provide opportunities during the forecast period.

The global data annotation tools market is segmented into annotation type, component, end-user, and region.

Based on component, the solution segment accounted for the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the service segment is estimated to witness the fastest CAGR of 28.2% from 2021 to 2030.

Based on end users, the IT & Telecommunication segment contributed to the largest share in 2020, accounting for more than one-fourth of the global data annotation tools market. However, the healthcare segment is expected to manifest the highest CAGR of 31.4% from 2021 to 2030.

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Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share. On the other hand, Asia-Pacific is anticipated to manifest the fastest CAGR of 31.1% during the forecast period.

Key Market Players:

► DBRAIN

► LIGHTTAG

► AMAZON MECHANICAL TURK, INC.

► LIONBRIDGE TECHNOLOGIES, INC.

► APPEN LIMITED

► PLAYMENT

► CLICKWORKER GMBH

► SCALE AI, INC.

► COGITO

► TAGTOG SP. Z O.O.

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