Data Annotation Tools Market To Reach US$ 5.4 Billion By 2028 And Industry Growth (CAGR of 25.5%) | IMARC Group

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Data Annotation Tools Market To Reach US$ 5.4 Billion By 2028 And Industry Growth (CAGR of 25.5%) | IMARC Group
Data Annotation Tools Market
The global market is primarily driven by the escalating demand for annotated data for training and improving machine learning (ML) models.

What is the Market Size for Data Annotation Tools ? :

IMARC Group’s latest report, titled “Data Annotation Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global data annotation tools market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2028, exhibiting a growth rate (CAGR) of 25.5% during 2023-2028.

Data Annotation Tools Uses:

Data annotation tools refer to the software applications which assist in labeling, tagging, and categorizing data, commonly used in machine learning and natural language processing to create training data sets. They are designed for ease of use and adaptability to different data types and annotation tasks. Users can label objects, regions, and features in images, annotate text data, such as named entities, sentiment, and intent, and annotate speech and video data, such as speech segments, speaker detection and diarization, and action recognition. These tools facilitate collaborative projects as well as consistency and accuracy in the annotations. Moreover, they ensure precise annotation of large datasets, as well as reduce costs by crowdsourcing and automating some aspects of the process.

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

  • Alegion
  • Amazon Web Services Inc. (Amazon.com Inc.)
  • Appen Limited
  • clickworker GmbH
  • CloudFactory Limited
  • Cogito Tech LLC
  • Labelbox Inc
  • Lionbridge Technologies LLC
  • Scale AI Inc
  • tagtog Sp. z o.o
  • TELUS International (TELUS Corporation)

Data Annotation Tools Market Advanced Technology, Development and Future Demand:

The global market is primarily driven by the escalating demand for annotated data for training and improving machine learning (ML) models. This can be attributed to the incorporation of advanced technologies, such as artificial intelligence (AI), big data analytics, and deep learning, across various industries. In line with this, the growing volume of unorganized data from numerous organizations across the globe is propelling the market. The market is also fueled by extensive research and development (R&D) activities conducted by key players focusing on enhancing the accuracy and efficiency of data annotation tools.

Furthermore, the rising adoption of cloud-based operation models for improved scalability and flexibility across various end-use sectors, such as healthcare, automotive, and e-commerce, is providing an impetus to the market. Some of the other factors contributing to the market include rapid digitization, rising internet penetration, increasing usage of smart devices, and the advent of Industry 4.0.

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Key Market Segmentation:

Breakup by Data Type:

  • Text
  • Image/Video
  • Audio 

Breakup by Annotation Type:

  • Manual
  • Semi-supervised
  • Automatic 

Breakup by End User:

  • BFSI
  • Healthcare
  • Government
  • Automotive
  • IT and Telecommunication
  • Retail and E-Commerce
  • Others

 Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other) 

Key Highlights of the Report: 

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape 

Related Report By IMARC Group: 

About Us: 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. 

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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