PUBLISHER: The Business Research Company | PRODUCT CODE: 1262838
PUBLISHER: The Business Research Company | PRODUCT CODE: 1262838
“Data Annotation Tools Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on data annotation tools market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for data annotation tools ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The data annotation tools market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the market are: Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, Labelbox Inc, LightTag, Lotus Quality Assurance, Playment Inc, Tagtog Sp. z o.o, CloudFactory Limited, ClickWorker GmbH, Alegion, Figure Eight Inc., Amazon Mechanical Turk Inc, Explosion AI GMbH, Mighty AI Inc., Trilldata Technologies Pvt Ltd, Scale AI Inc., Google LLC, Lionbridge Technologies Inc, SuperAnnotate LLC, Dataturks, Defined AI, Hive, IBM Corporation, iMerit, Labelbox Inc., Landing AI, MonkeyLearn Inc., and Neurala Inc.
The global data annotation tools market is expected to grow from $1.41 billion in 2022 to $1.82 billion in 2023 at a compound annual growth rate (CAGR) of 28.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The data annotation tools market is expected to grow to $5.21 billion in 2027 at a CAGR of 30.1%.
The data annotation tool market consists of revenues earned by entities by providing data annotation services such as voice activity detection, speaker identification, automated speech, content moderation, data labeling services, and other services. The data annotation market also includes sales of the mac OS, Windows, Linux, bounding box, and other types which are used in providing data annotation. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A data annotation tool refers to a software solution that can be used to annotate production-grade training data for machine learning. It can be cloud-based, on-premises, or containerized.
Asia Pacific was the largest region in the data annotation tools market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of data annotation tools are text, image or video, and audio. Text annotation also includes tagging various sentiments in text, such as "angry" or "sarcastic," to teach the machine how to recognize human intent or emotion behind words in certain applications. The various supervised, semi-supervised, and automatic technologies are used in various verticals such as IT, automotive, government, healthcare, financial services, retail, and other verticals.
The rise of big data is expected to propel the growth of the data annotation tools market going forward. Big data refers to more diverse information, arrives in more significant volumes, and moves faster. The widespread use of big data in data annotation is due to the metrics that are employed in machine learning processes as it stores, analyze, and manage bulk data. For instance, according to a report released by the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, by the year 2025, it is predicted that 463 exabytes of massive data that is equivalent to 212.77 million DVDs (digital video discs) per day is expected to be generated globally. Therefore, the rise of big data will drive the growth of the data annotation tools market.
Technological advancement is a key trend gaining popularity in the data annotation tools market. Major market players are concentrating their efforts on creating innovative technologies to store and manage bulk data such as mobile 3D point cloud data labeling. For instance, in June 2021, ByteBridge, a China-based company engaged in data labeling service launched the world's first mobile-based 3D point cloud data labeling service. A 3D point cloud is a collection of numerous dots (data points) spread across a 3D space, with data points collected using sensors such as LiDAR (Light Detection and Ranging). To create each dot, the sensors emit light and the dots that have been collected are combined to form a complete image.
In March 2021, TELUS International, a Canada-based technology company acquired Lionbridge AI for an undisclosed amount. With this acquisition of Lionbridge AI, TELUS International strengthens its penetration of the fast-growing new economy services market, allowing its team to support important AI applications as demand for high-quality, multilingual data annotation grows. Lionbridge AI is a US-based provider of scalable data annotation for text, images, videos, and audio.
The countries covered in the Data Annotation Tools market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The data annotation tools market research report is one of a series of new reports from The Business Research Company that provides data annotation tools market statistics, including data annotation tools industry global market size, regional shares, competitors with a data annotation tools market share, detailed data annotation tools market segments, market trends and opportunities, and any further data you may need to thrive in the data annotation tools industry. This data annotation tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.