The global Data Annotation Tools Market size is projected to reach USD 2.57 billion by 2027, according to Million Insights. The market is expected to grow with a 26.9% CAGR above the forecast period, from 2020 to 2027. The advent of big data is anticipated to surge the Artificial Intelligence (AI) market growth due to huge amount of information is required to be stored, analyzed and recorded. Thus, significant growth of AI market is projected to boost the growth of this market over the forecast period. Data annotation tools act as a catalyzer to train machine learning tools and AI models in critical areas like image recognition and speech recognition. Therefore, these tools give strength to AI model in order to help for decision-making and determine future outcomes.
In automotive industry, increasing trend of developing autonomous vehicles is encouraging for high investments of these vehicles. The autonomous vehicles are combination of various networking systems and sensors that helps computer to drive vehicle. The annotated data enables autonomous vehicle’s computer systems to identify and learn from it. Various technology providers including Tesla Motors; Huawei Technologies Co., Ltd. Apple Inc.; and Google Inc. have entered in autonomous vehicle market. This, growing investment in self-driving cars market is projected to boost the demand for data annotation tools.
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Rising investments in the self-driving cars market are expected to drive the demand for data annotation tools. Moreover, growth of retail industry, especially development in e-commerce sector will propel the market growth. For example, in 2019, an India-based start-up, Dataturks that offers tools for text and image by using machine learning acquired by Walmart. This acquisition helped Walmart to further innovate catalogue quality and other facilities of Walmart merchandising portal.
The data annotation tool market is projected to witness substantial growth during the forecast period due increasing investment and several strategies such as merger and acquisition are implemented by companies. Companies are implementing client-base expansion strategy by investing funds for data annotation platform development to sustain competitive market. For example, in 2018, Hiveraised funds worth USD 30 million from PayPalfounder Peter Thiel’s Founders Fund.
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Further key findings from the report suggest:
• On the basis of types, the image/video segment is projected to register significant growth rate in near future due to technological advancement in automotive sector, especially development of self-driving cars
• The manual annotation type segment accounted for the largest market share and expected to lead its position over the forecast period.
• In 2019, North America held the largest market share of more than 38%of the global revenue.
• Major players operating in this market are Cogito Tech LLC; Lotus Quality Assurance; Annotate.com; Tagtog Sp. z o.o; Appen Limited; CloudApp; Deep Systems; Labelbox, Inc.; PlaymentInc; LightTag; CloudFactory Limited; Clickworker GmbH; Alegion; Figure Eight IncTrilldata Technologies Pvt. Ltd. (Data Turks); Scale, Inc.; Explosion AI; Google, LLC,; Amazon Mechanical Turk, Inc.; and Mighty AI, Inc.
Million Insights has segmented the global data annotation tools market on the basis of type, annotation type, vertical, and region:
Data Annotation Tools Type Outlook (Revenue, USD Million, 2016 – 2027)
Data Annotation Tools Annotation Type Outlook (Revenue, USD Million, 2016 – 2027)
Data Annotation Tools Vertical Outlook (Revenue, USD Million, 2016 – 2027)
• Financial Services
Data Annotation Tools Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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