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Data Annotation Tools Market 2033: Size, Industry Trends, and Growth Insights
Data Annotation Tools Global Market Report 2024
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According to The Business Research Company's, 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 Drivers and Trends:
The increasing internet penetration in both rural and urban areas is expected to propel the growth of the data annotation tools market going forward. Internet penetration refers to the percentage of a population that has access to the internet. The surge in internet utilization is driving an increased need for data annotation tools, fueled by the growing volume of data accessible for analysis and comprehension. This is a direct result of the widespread integration of AI and machine learning technologies across diverse sectors, underscoring the essential role of data annotation in the training and enhancement of these technologies. For instance, in October 2022, according to DataReportal, a Singapore-based online reference library, a total of 5.07 billion people around the world use the internet, equivalent to 63.5 % of the world's total population. Internet users continue to grow too, with the data indicating that the world's connected population grew by more than 170 million in the past 12 months. Additionally, in July 2022, according to Livemint, an Indian financial daily newspaper, there were a total of 692 million active internet users in India, including 351 million from rural India and 341 from urban areas. The report estimates that there will be 900 million internet users in India by 2025. Therefore, the increasing internet penetration is driving the data annotation tools market during forecast period.
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.
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Major Key Players of the Market:
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
Data Annotation Tools Market 2024 Key Insights:
• 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%.
• Surge In Big Data
• Launch Of 3D Point Cloud Data Labelling Service
• Asia Pacific was the largest region in the data annotation tools market in 2023
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