The global data annotation and labeling market is projected to grow from USD 0.8 billion in 2022 to USD 3.6 billion by 2027, at a CAGR of 33.2% during the forecast period. Any model or system that relies on a computer-driven decision-making system must annotate and label the data in order to guarantee that the decisions are accurate and pertinent. Businesses use massive amounts of datasets when building an ML model, carefully customizing them according to the model training needs. As a result, machines can detect data that has been annotated in a variety of comprehensible formats, including images, texts, and videos. This explains why AI and ML firms seek out this type of annotated data to put into their ML algorithm, training it to learn and detect recurrent patterns, and ultimately employing the same to create accurate estimates and predictions.
The major market players, such as Google, Appen, IBM, Oracle, TELUS International, Adobe, AWS have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.
• By organization size, SMEs are anticipated to grow at a highest CAGR during forecast period
The increased competitive market scenario is expected to prompt SMEs to invest in cutting edge technologies and adopt go-to-market strategies for making informed business decisions.SMEs are more open to adopting new technology to improve and streamline business operations as well as to expand their market presence in the global economy.
During the forecast period, SMEs are anticipated to grow at highest CAGR.
• By application, catalogue amangement segment to register the highest CAGR during forecast period
The catalogue management tool helps businesses handle enormous amounts of unstructured data across many AI and ML projects.Teams that work on data annotation need strong tools that can gather all different kinds of data and information from various sources into a single, searchable database.
Companies such as LabelBox developed a data annotation tool powered by catalogue management with the intent to filter out unstructured data based on metadata properties. Among applications, catalogue management is projected to register the highest CAGR during the forecast period.
Asia Pacific market to register highest CAGR during forecast period
The data annotation and labeling market is projected to register the highest CAGR in the Asia Pacific region during the forecast period.The rapid industrialization of the countries across the Asia Pacific and the increasing digitalization trend is leading to the production of the bulk of unstructured data.
Since the Asia Pacific region has shown untapped potential in the increased adoption of data annotation and labeling solutions, most organisations are moving there to extend their market reach. Due to the expanding corporate productivity awareness and the competently designed data annotation and labeling solutions offered by the vendors in this market, the Asia Pacific has emerged as a very promising region.
Breakdown of Primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the data annotation and labeling market.
• By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
• By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Others: 40%
• By Region: North America: 45%, Asia Pacific: 30%, Europe: 20%, Row: 5%
The report includes the study of key players offering data annotation and labeling.It profiles major vendors in the data annotation and labeling market.
The major players in this market include Google (US), Appen (Australia), IBM (US), Oracle (US), TELUS International (Canada), Adobe (US), AWS (US), Alegion (US), Cogito Tech (US), Anolytics (US), AI Data Innovation (US), Clickworker (Germany), CloudFactory (UK), CapeStart (US), DataPure (US), LXT (Canada), Precise BPO Solution (India), Sigma (US), Segment.ai (US), Defined.ai (US), Dataloop (Israel), Labelbox (US), V7 (UK), LightTag (Germany), SuperAnnotate (US), Scale (US), Datasur (US), Kili Technology (France), Understand.ai (Germany), Keylabs (Israel), and Label Your Data (US)
This study covers the data annotation and labeling market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as component, application, deployment mode, vertical, and region.
It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall data annotation and labeling market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.