Press release
Data Annotation Tools Market Report 2024: Strategies And Recent Developments | Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, iMerit Technology Services Pvt. Ltd
Data Annotation Tools Market Characteristics
The Business Research Company offers in-depth market insights through Data Annotation Tools Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Surge In Big Data
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.
Competitive Landscape:
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
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Top Trend - Launch Of 3D Point Cloud Data Labelling Service
Technological advancement is a key trend gaining popularity in the data annotation tools market. 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). To create each dot, the sensors emit light, and the dots that have been collected are combined to form a complete image.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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