AI Training Dataset Market to be $9.35 Billion by 2029
According to a new market research report titled, "AI Training Datasets Market by Type (Text, Audio, Image & Video), End-use Industry, and Geography - Global Forecast to 2029", the global AI dataset market is expected to grow at a CAGR of 24.7% during the forecast period to reach $9.35 billion by 2029.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5400
The fast growth of this market is attributed to the rapid growth of AI and machine learning and growing applications of training datasets across diversified industry verticals. However, the lack of technological adoption in developing regions is expected to restrain the growth of this market. In addition, the need for human-machine interaction is expected to create significant growth opportunities for the players in this market. The high installation cost of AI technologies poses challenges to the growth of this market.
Impact of COVID-19 on the AI Training Dataset Market
The outbreak of the COVID-19 pandemic negatively impacted several economies and businesses across the globe. Lockdowns imposed to contain the pandemic resulted in severe losses across several industries, including manufacturing, oil & gas, construction, automotive & transportation. At the same time, some industries, such as Healthcare, Retail & E-commerce, recorded high growth during the COVID-19 pandemic.
In the healthcare industry, AI tools and techniques help policymakers, and the medical community understand the COVID-19 virus and accelerate research on treatments by rapidly analyzing large volumes of research data. AI text and data mining tools can uncover the virus's history, transmission, diagnostics, management measures, and lessons from previous epidemics. AI tools can help identify virus transmission chains and monitor broader economic impacts. AI technologies have demonstrated their potential to infer epidemiological data more rapidly than traditional health data reporting. Institutions such as Johns Hopkins University, a private research university in Baltimore, Maryland and the OECD (France) (Organization for Economic Co-operation and Development) have also made available interactive dashboards that track the virus' spread through live news and real-time data on confirmed coronavirus cases, recoveries, and deaths. Additionally, several leading cybersecurity players are eying this crisis as a new opportunity for restructuring and revisiting their existing strategies along with advanced product portfolios. For instance, in 2020, Cybels Analytics, a French company, developed an AI-based cybersecurity platform to detect complex cyber-attacks with advanced artificial intelligence and big data analytics technologies to provide faster, sharper, more exhaustive detection of attacks in real time.
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The oil & gas, construction, automotive & transportation industries have been severely impacted due to shortages in raw materials & workforce, supply chain disruption, and restrictions on operating capacities. The survey report conducted by the National Association of Manufacturers (NAM) stated that around 78.0% of manufacturers anticipated a financial impact, and 35.5% faced supply chain disruptions due to COVID-19. These factors led manufacturing companies to deprioritize their digital transformation strategies, including the equipment of their production units with AI. Hence, several AI and automation experts have suggested increasing investments in advanced technologies, such as AI, to create remote operating capabilities, such as process automation, industrial robots, predictive maintenance & machinery inspection, and autonomous material movement to decrease worker density. Therefore, the pandemic proved to be a positive and negative turning point for the various industries that used AI for their operating functions and applications.
The global AI training datasets market is segmented by type (text, image, and audio & video) and end-use industry (automotive, transport & logistics, information technology, healthcare, banking, financial services and insurance (BFSI), retail & e-commerce, and other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the global AI training datasets market is segmented into text, image, and audio & video. In 2022, the text segment is expected to account for the largest share of the global AI training datasets market. The large market share of this segment is attributed to the increasing interest of key market players toward the introduction of the latest text datasets associated with the growing number of applications.
Quick Buy - AI Training Dataset Market Research Report: https://www.meticulousresearch.com/Checkout/79076381
Based on end-use industry, the global AI training datasets market is segmented into automotive, transport & logistics, information technology, healthcare, banking, financial services and insurance (BFSI), retail & e-commerce, and other end-use industries. In 2022, the information technology segment is expected to account for the largest share of the global AI training datasets market. The large market share of this segment is attributed to the various initiatives by several technology companies that utilize machine learning solutions to offer a better user experience and introduce modern products.
Based on geography, the Asia-Pacific (APAC) region is expected to account for the largest share of the global AI training datasets market in 2022. The rapid deployment rate of the latest technologies by companies in emerging nations improves their businesses. Additionally, several key players are concentrating on increasing their presence.
Some of the major players operating in this market are Appen Limited (Australia), Google LLC (U.S.), Cogito Tech LLC (U.S.), Lionbridge Technologies, Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Scale AI, Inc. (U.S.), Alegion plc (Ireland), Kinetic Vision, Inc. (U.S.) Samasource Impact Sourcing, Inc. (U.S.), and Superb AI, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/ai-training-dataset-market-5400
Scope of the Report:
AI Training Dataset Market, by Type
Text
Audio
Image & Video
AI Training Dataset Market, by End-use Industry
Automotive
Driverless Automobiles
AI Cloud Services
AI Automotive Insurance
Driver Monitoring Systems
Others
Transport & Logistics
Product Localization and Identification
Shipment Load Monitoring
Warehouse Automation and Management
Defect Inspection and Quality Control
Others
Information Technology
Data Security
Process Automation
Building Better Information Systems
Others
Healthcare
Treatment of Rare Diseases
Virtual Health Assistants
Management of Medical Records
Robot-assisted Surgery
Others
Banking, Financial Services and Insurance (BFSI)
Cybersecurity and Fraud Detection
Online Chatbots
Tracking Market Trends
Data Collection and Analysis
Others
Retail & E-commerce
Inventory Management and Sales Forecasting
Automated Customer Service & Chatbots
AI-powered Customer Relationship Management (CRM) Systems
Visual Search
Others
Other End-use Industries
AI Training Dataset Market, by Geography
North America
U.S.
Canada
Asia-Pacific
China
Japan
South Korea
India
Singapore
Thailand
Australia
Taiwan
Rest of Asia-Pacific
Europe
Germany
U.K.
France
Netherlands
Norway
Italy
Spain
Switzerland
Sweden
Denmark
Rest of Europe
Latin America
Middle East & Africa
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