Data Annotation and Labeling Market Expansion Continues, with Forecast Valuation of $6.98 Billion by 2029

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How Large Will the Data Annotation and Labeling Market Size By 2025?
The market size for data annotation and labeling has seen a significant surge in the last few years. It is projected to rise from $1.7 billion in 2024 to $2.25 billion in 2025, experiencing a Compound Annual Growth Rate (CAGR) of 32.0%. The growth during the historical phase can be credited to the expanded availability of cloud-based data annotation services and the introduction of crowdsourcing platforms.

How Big Is the Data Annotation and Labeling Market Size Expected to Grow by 2029?
The market size for data annotation and labeling is anticipated to undergo a significant surge in the coming years. It's predicted to expand to a value of $6.98 billion by 2029, progressing at a compound annual growth rate (CAGR) of 32.7%. This expansion during the forecast period can be ascribed to the rising employment of ML and AI, the emergence of IoT, and the growth in cloud-based solutions. Key trends to watch during this projected period include product innovations, advancements in technology, and strategic collaborations.

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Which Key Market Drivers Powering Data Annotation and Labeling Market Expansion and Growth?
The data annotation and labeling market is anticipated to grow with the rising application of artificial intelligence (AI) and machine learning (ML). The process of developing computer systems that ape human intelligence is part of AI, while ML involves teaching algorithms to predict, group, and automate functions by learning from data without the need for explicit coding for each task. Data annotation and labeling are essential in machine learning and AI for teaching algorithms as they provide the labelled data sets these algorithms need to identify patterns, predict results, and carry out tasks efficiently. For example, by May 2022, the US-based tech company, International Business Machines Corporation, reported that about 35% of organizations used AI in their business operations, an increase of four points from the previous year (2021), and there was a 13% likelihood of companies adopting AI in 2022 relative to the previous year (2021). Moreover, in July 2023, according to the US-based independent technology research blog, Earthweb Inc., 48% of businesses utilized deep learning or machine learning to manage vast quantities of data effectively. Consequently, the growing application of AI and ML fuels the expansion of the data annotation and labeling market.

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Which Fast-Growing Trends Are Poised to Disrupt the Data Annotation and Labeling Market?
Significant participants in the data annotation and labeling arena are concentrating on offerings with technological advancements, such as structured data annotation tools, to consolidate their market presence. These tools are software solutions that enable users to label and tag structured data, making it easier for machine learning algorithms to recognize and process them. For example, in March 2023, SciBite Limited, a UK-based entity providing a data annotation tool, introduced Workbench. This application allows for simpler data curation using terminology and ontology standards, aiding businesses in instituting a FAIR data management scheme, ensuring the data is discoverable, available, interlinked, and recyclable. With Workbench's intuitive user interface, data curators and scientists can accurately label data, saving time and boosting replicability. Additionally, Workbench boasts a powerful REST API, allowing for programmatic access to basic operations and facilitating integration into customized data curation processes.

What Are the Emerging Segments in the Data Annotation and Labeling Market?
The data annotation and labelingmarket covered in this report is segmented -

1) By Component: Solution, Service
2) By Data Type: Text, Image, Video, Audio
3) By Annotation Type: Manual, Automatic, Semi-Supervises
4) By Application: Dataset Management, Security And Compliance, Data Quality Control, Workforce Management, Content Management, Catalog Management, Sentiment Analysis, Other Applications
5) By Verticals: Banking Financial Services And Insurance (BFSI), Information Technology And Information Technology Enabled Services (ITES), Healthcare And Life science, Telecom, Government Defense And Public Agencies, Retail and Consumer Goods, Automotive, Other Verticals

Subsegments:
1) By Solution: Automated Annotation Tools, Annotation Software Platforms, Data Management Solutions
2) By Service: Manual Annotation Services, Data Quality Assurance Services, Custom Annotation Solutions, Crowd-Sourced Annotation Services

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Who Are the Global Leaders in the Data Annotation and Labeling Market?
Major companies operating in the data annotation and labeling market are Google LLC, Amazon Web Services Inc., The International Business Machines Corporation, Oracle Corporation, Adobe Inc., Allegion PLC, TELUS International, Appen Ltd, Scale AI Inc, CloudFactory Limited, Anolytics, CapeStart Inc., Clickworker, DataPure Technologies, Amantya Technologies, Labelbox Inc., LXT AI Inc., Keylabs.ai LTD., Dataloop AI, Precise BPO Solution, SuperAnnotate, Label Your Data, V7 Labs, Cogito Tech LLC, AI Data innovation, Sigma AI, LightTag, Datasur N.V., Kili technology Corp., Segment AI

Which are the Top Profitable Regional Markets for the Data Annotation and Labeling Industry?
North America was the largest region in the data annotation and labeling market in 2024. The regions covered in the data annotation and labeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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