Data Annotation Tools Market Worth to cross USD 1859.66 million By 2027
Posted On August 27, 2021
The Global Data Annotation Tools Market value is expected to grow by an impressive 25% of CAGR during the forecast period of 2021 to 2027. The market can grow to USD 1859.66 million by 2027 as per the report by Value Market Research. The growth of data annotation tools market is primarily driven by increasing use of image annotation tools in healthcare, automotive and retail segment as it enhances the value of data by labeling it. Its market is expected to exhibit significant growth because data annotation tools play an important role in improving AI applications in the healthcare industry. The tools train AI systems to identify injuries in x-ray, CT and MRI images by sensing patterns and help medical practitioners to generate the medical reports automatically. AI enabled healthcare application developers are teaming up with data annotation service providers for supplying the required data sets to help them enhance their ML learning skills which is positively influencing the data annotation tools market. In addition, with surge in demand for labeled data, companies offering data labeling services are availing data annotation tools thereby accelerating its demand. On the contrary, errors related to labeled data, lack of skilled and trained professionals and high cost associated with manual data annotation may pose as a threat to the growth of data annotation tools market.
Data annotation tool refers to cloud-based software that helps to categorize, label and attach tags and train huge volume of AI data that are available in various formats such video, audio, text and images. It is highly essential for processing of AI data and it speeds up machine learning (ML) related tasks. One major advantage of data annotation tools is that it enable users to write the data definition only once instead of writing the same again in multiple other locations. With data annotation tools, businesses can access critical information from an unstructured dataset. This tool helps businesses to collaborate with the in-house team as well as the external workforce and efficiently maintain the quality and quantity of a large volume of data. It finds usage in numerous end-use applications such as healthcare, banking, automotive, manufacturing, retail, government, transportation and logistics.
The detailed research study "Global Data Annotation Tools Market Report By Type (Text, Image/Video, Audio), By Annotation Type (Manual, Semi-Supervised, Automatic), By Vertical (IT, Automotive, Government, Healthcare, Financial Services, Retail, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" assists in understanding the market dynamics with qualitative as well as quantitative data.
On the basis of type the market is segmented into Text, Image/Video, Audio. By annotation type the data annotation tools market is categorised as Manual, Semi-supervised, Automatic. By vertical the data annotation tools market is categorised as IT, Automotive, Government, Healthcare, Financial Services, Retail, Others. The regions covered in the market study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. This section throws light on the geographical spread of revenue and/or volume of the data annotation tools market.
The Report Segments Global Data Annotation Tools Market -
By Annotation Type
- Financial Services
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
Appen Limited, Cogito Tech LLC, Deep Systems, Labelbox, Inc., LightTag, Playment Inc., CloudFactory Limited, Clickworker Gmbh, Alegion, Figure Eight Inc., Amazon Mechanical Turk, Inc.
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