According to the report by Expert Market Research (EMR), the global data annotation tools market size is projected to grow at a CAGR of 27% between 2024 and 2032. Aided by the soaring demand for artificial intelligence and machine learning technologies, the market is expected to grow significantly by 2032.
Data annotation tools are pivotal in the realm of machine learning and artificial intelligence (AI). They facilitate the labelling or tagging of data, such as images, text, and videos, to make it understandable for machine learning models. This process is crucial as it helps the AI systems to accurately interpret and learn from the data, enhancing their performance in tasks like image recognition, natural language processing, and autonomous driving.
The data annotation tools market growth is largely driven by the burgeoning adoption of AI and machine learning across various sectors. From healthcare to automotive, retail to finance, the application of these technologies has become indispensable. This widespread application has escalated the demand for high-quality, annotated data, which, in turn, is fuelling the growth of the market.
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Additionally, the relentless advancements in AI and machine learning technologies are also propelling the data annotation tools market demand. With each technological breakthrough, the need for more sophisticated and precise data annotation tools becomes more pronounced. This necessity is fostering innovation and growth within the market.
The healthcare sector, in particular, presents a substantial growth opportunity for the data annotation tools market. The increasing utilisation of AI for diagnostic procedures, drug discovery, and patient care management is one of the prominent market trends, driving the demand for vast amounts of accurately annotated medical data. This requirement is spurring the adoption of advanced data annotation tools in the healthcare industry.
Furthermore, the automotive sector, especially in the realm of autonomous vehicles, is another major contributor to the market’s growth. The development of self-driving cars relies heavily on machine learning algorithms that are trained using vast datasets of annotated images and videos, which further contributes to the data annotation tools market size. The trend of outsourcing data annotation tasks to specialised companies is also gaining traction. This trend not only ensures high-quality annotations but also allows AI and machine learning companies to focus on their core competencies.
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Data Annotation Tools Market Segmentation
The market can be divided based on type, technology, application, and region.
Market Breakup by Type
- Text
- Image
- Video
Market Breakup by Technology
- Manual
- Semi-Supervised
- Automatic
Market Breakup by Application
- Automotive
- Healthcare
- BFSI
- Retail
- Government
- Transportation and Logistics
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global data annotation tools market. Some of the major players explored in the report by Expert Market Research are as follows:
- com
- Appen Limited
- CloudApp
- Cogito Tech LLC
- Deep Systems
- Labelbox, Inc
- LightTag
- Lotus Quality Assurance
- Tagtog Sp. z o.o.
- D-Link
- Others
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