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Data Annotation Tools Market Analysis, Trends, Growth, Research And Forecast 2033
Data Annotation Tools Market
The Business Research Company presents an extensive market research report on the Data Annotation Tools Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The data annotation tools market size has grown exponentially in recent years. It will grow from $1.83 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 29.4%. The growth in the historic period can be attributed to rise in demand for annotated data, need for high-quality labeled data, regulatory compliance requirements, development of autonomous vehicles, focus on data quality and accuracy, global expansion of smart agriculture..
The data annotation tools market size is expected to see exponential growth in the next few years. It will grow to $6.74 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%. The growth in the forecast period can be attributed to advancements in annotation automation, increasing adoption of federated learning, emphasis on active learning techniques, enhanced tools for handling 3d data, development of annotation tools for multimodal data, focus on cost-effective annotation solutions.. Major trends in the forecast period include growing emphasis on computer vision, outsourcing of data annotation services, shift toward semi-supervised and self-supervised learning, crowdsourcing for large-scale annotation projects, collaboration features in annotation platforms..
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Key Market Players:
Major companies operating in the data annotation tools market report are Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, iMerit Technology Services Pvt. Ltd., Samasource Inc., Lionbridge Technologies Inc., Clickworker GmbH, CloudFactory Limited, Scale Inc., Amazon Web Services Inc., Playment Inc., Labelbox Inc., Neurala Inc., Webtunix AI, Hive CloudApp Inc., TagX, Anolytics, LightTag, Alegion Inc., DefinedCrowd Corporation, Edgecase AI, V7 Labs, Supervisely OÜ, Dataloop AI
Market Drivers:
The rise of big data is expected to propel the growth of the data annotation tools market going forward. Big data refers to more diverse information that arrives in larger volumes and moves faster. 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. Therefore, the rise of big data will drive the growth of the data annotation tools market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/data-annotation-tools-global-market-report
The data annotation tools market covered in this report is segmented -
1) By Type: Text, Image/Video, Audio
2) By Technology: Supervised, Semi-Supervised, Automatic
3) By Vertical: IT, Automotive, Government, Healthcare, Financial Services, Retail, Other Verticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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