Data Annotation Tools Market size, share & Forecast 2028

 

ICT

The Data Annotation Tools Market was projected around USD 1,355 million in 2020 and is anticipated to expand at a CAGR of 27.2%, over the forecast period (2021-2028).

The factors driving growth of the market includes growing demand for image data annotation tools across end-use industries such as Automotive, Retail, and Healthcare, rise in the volumes of data generated by businesses, growing demand for autonomous vehicles around the world and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Big Data Analytics, and Machine Learning (ML) to improve customer’s experience, rise in the launch of innovative products and rapid urbanization, are some of the important factors augmenting the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers, and acquisitions between key industry players, rising disposable incomes and growing population growth rates, are further contributing to the market growth.

However, growth of the Data Annotation Tools Market is hindered due to insufficient availability of skilled workforce.

The major leading players operating in the market are Deep Systems, LLC, Labelbox, Inc., LightTag, Telus Corporation, Annotate.com, Appen Limited, Lotus Quality Assurance JSC, CloudApp, Cogito Tech LLC, and Alphabet Inc. among others.

Based on Solution, the Image/Video segment is predicted to grow at a significant CAGR during the forecast period

Increasing application of image video data annotation tools in self-driving cars, skin cancer detection tools, and drones, is pushing growth of the segment.

Based on End-User, the Healthcare segment is projected to expand at aa robust CAGR over the forecast period

As per the Global Data Annotation Tools Market Analysis, increasing use of data annotation tools in medical imaging in MRI, CT scan and radiography, is propelling segment’s growth.

Based on Region, the North American region is anticipated to grow at a remarkable CAGR during the forecast period

Rise in the volumes of data generated across industry verticals such as Healthcare, Government, and Banking, increasing popularity of self-driving cars, growing adoption of advanced technologies and high per capita incomes, are some of the important factors augmenting the market growth in North America.

 

Key Development

  • In 2020, TELUS International, completed the acquisition of Lionbridge AI, one of the leading providers of annotation platform solutions. These solutions are used in the development of AI algorithms to power machine learning.

 

Market Segmentation

Segmentation by Solution

  • Text
  • Image/Video
  • Audio

Segmentation by Type

  • Manual
  • Semi-supervised
  • Automatic

Segmentation by End-User

  • IT
  • Automotive
  • Government
  • Healthcare
  • Financial Services
  • Retail
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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