Global Data Annotation Tools Market Forecast to 2030 - Covid-19 Impact Analysis (By Type: Text, Image/Video, and Audio; By Annotation Type: Manual, Semi-Supervised, and Automatic; and By Vertical: IT, Automotive, Government, Healthcare, Financial Services, Retail, and Others) - Global Market Size, Industry Trends, Competitive Landscape, and Opportunities
The global market for data annotation tools accounted for US$ 1,030 Mn in 2021 and is anticipated to reach US$ 14,685 Mn by 2030 with a CAGR of 34.5% from 2022 to 2030.
A data annotation tool is a software solution that may be used to highlight production-grade learning data for machine learning. It can be cloud-based, on-premises, or containerized. They are also available for commercial lease and purchase. Annotation tools for data are typically built to work with certain forms of data, such as video, image, audio, text, spreadsheet, or sensor data. They also provide many deployment strategies, such as on-premise, SaaS (cloud), container, and Kubernetes. Furthermore, organizations throughout the world are building their own data annotation tools, which are fueling the rise of data annotation tools. Furthermore, the increased adoption of artificial intelligence (AI) and machine learning (ML) solutions in the healthcare and IT sectors is a key driver, resulting in increased demand for data annotation tools during the projection period.
Increased investments by market participants are contributing to market expansion. With the increased demand for labeled data, several organizations that provide data labeling services are investing more in data annotation. Users can improve data performance by adding or identifying attribute tags with data annotation tools. The primary advantage of employing these tools is that the combination of data characteristics enables users to manage data interpretation in a single location, eliminating the need for numerous sites to rewrite similar rules. The expansion of big data and the amount of enormous datasets will almost certainly necessitate the adoption of AI technology in the field of data annotation.
The market for data annotation tools is predicted to develop significantly over the forecast period, owing to an increase in demand for annotated data to enhance machine learning models. Furthermore, an increased investment in the development of self - driving technologies, combined with a surge in the adoption of machine learning and artificial intelligence technology, is propelling the data annotation tools industry forward. However, a scarcity of experienced labour and the high costs involved with human annotation of complicated data are limiting industry expansion. On the contrary, the increasing use of data annotation for medical imaging data is likely to give profitable prospects for the development of the data annotation tools market in the forecast period.
Type, annotation type, vertical, and region are the four categories of the global data annotation tools industry. Based on the type sector, the segmentation includes text, image/video, and audio. Based on our analysis, the text segment is expected to dominate the data annotation tools market during the predicted years.
The annotation type segment is divided into semi-supervised, manual, and automatic. Based on annotation type model, the manual segment achieved a significant market share in 2021. The vertical segment is further categorized into IT, government, automotive, healthcare, financial services, retail, and others. The IT segment is one of the significant segments in the vertical market.
Global Data Annotation Tools Market Geographical Competition
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the segmentation of the worldwide Data Annotation Tools industry. North America has the greatest market share among all regions in 2021. The increasing demand for data annotation tools in the AI business increases demand in the North America regional market. Furthermore, the presence of key industry players such as Microsoft, Apple, and Google participating in the development of AI & ML technologies encourages the use of data annotation tools, eventually leading to the growth of the worldwide data annotation tool market. However, the Asia-Pacific region is anticipated to attain the fastest growth rate throughout the forecast timeframe from 2022 to 2030.
Global Data Annotation Tools Industry Segment Analysis
Market By Type
Market By Annotation Type
Market By Vertical
· Financial Services
Data Annotation Tools Market Leading Companies
This section of the study honors the market's top vendors Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, Google LLC., Hive, Labelbox, Inc., Playment, and IBM Corporation are the key companies mentioned in the research.
Data Annotation Tools Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa