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Data Collection And Labeling Market Trends, Top Companies, Share, Growth And Forecast 2033
Data Collection And Labeling Market Trends,
According to The Business Research Company's, The data collection and labeling market size has grown exponentially in recent years. It will grow from $2.86 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth in the historic period can be attributed to regulatory compliance, quality assurance, industry-specific needs, training data for ai models, outsourcing trends..
The data collection and labeling market will grow to $9.28 billion in 2028 at a compound annual growth rate (CAGR) of 26.5%. The growth in the forecast period can be attributed to evolving regulations, increasing ai adoption, demand for specialized labeling, rising complexity of data, globalization of data labeling services.. Major trends in the forecast period include expansion of training data for ai models, increasing importance of image and video labeling, demand for real-time data labeling, security and privacy considerations, evolution of annotation tools..
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Market Drivers and Trends:
The increasing adoption of autonomous vehicles is expected to propel the growth of the data collection and labeling market going forward. Autonomous vehicles are vehicles that can sense their surroundings and navigate without human intervention or insight. Data collection and labeling is an important technique for self-driving cars because it allows them to recognize patterns in data and properly categorize them in order to make correct and safe decisions on the road and respond to different objects and scenarios on the road, such as pedestrians, other vehicles, and traffic signs. For instance, in September 2020, according to the National Highway Traffic Safety Administration (NHTSA), a US-based intergovernmental organization, there will be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Therefore, the increasing adoption of autonomous vehicles is driving the growth of the data collection and labeling market.
Technological advancements are a key trend gaining popularity in the data collection and labeling market. Companies operating in the data collection and labeling market are adopting new technologies, such as real-time data monitoring, to sustain their position in the market. For instance, in May 2022, Sumake North America, a US-based company that produces professional, high-quality industrial tools, launched the EA-SC100 tool management system for data collection and tool setup. The system includes a touch screen for real-time result viewing as well as a remote administration system for tool setup and data gathering. The EA-SC100 lowers costs, boosts profit, streamlines the assembly process, and assists businesses in maintaining quality.
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Major Key Players of the Market:
Reality Analytics Inc.; Globalme Localization Inc.; Global Technology Solutions Inc.; Alegion Inc.; Labelbox Inc.; Dobility Inc.; Scale AI Inc.; Trilldata Technologies Pvt. Ltd.; Appen Limited; Playment Inc.; Avery Dennison Corporation; Summa Linguae Technologies SA; SuperAnnotate AI Inc.; Keylabs.ai Ltd.; V7Labs Ltd.; Datasaur Inc.; Dataloop Ltd.; CloudFactory Limited; Clarifai Inc.; International Business Machines Corp.; Oracle Corp.; TELUS International; Amazon Mechanical Turk; Cogito Corp.; Prodigy Math game India Pvt. Ltd.; iMerit Technology Services Pvt Ltd.; Snorkel AI Inc.; Hive Digital Technologies Ltd.; Samasource Group; Figure Eight Inc.
Data Collection And Labeling Market 2024 Key Insights:
• The data collection and labeling market will grow to $9.28 billion in 2028 at a compound annual growth rate (CAGR) of 26.5%.
• Autonomous Vehicle Surge Fueling Growth In Data Collection And Labeling Market
• Innovative Tech Trends Driving Evolution In Data Collection And Labeling
• North America was the largest region in the data collection and labeling market in 2023
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