The Worldwide Data Annotation Tools
The global data annotation tools market held a market value of USD 1,186.9 Million in 2021 and is projected to reach USD 13,287.9 Million by the year 2030. The market is anticipated to register a CAGR of 30.9% during the forecast period.Get more news about
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Data annotation tools can be on-premise, cloud-based, or containerized software solutions that can be utilized to annotate production-grade training data for machine learning. The data annotation tools industry is growing steadily due to the enhanced application of artificial intelligence, rising demand, and investing strategic activities by the key players.
On the other hand, the data privacy compliance standards are not proper in all regions which hamper the market growth to a limited extent. Moreover, AI and machine learning continue to advance, yet many AI disruptors lack the aptitude to process and label the voluminous amount of data vital to feed complex AI, machine learning algorithms. Thus, such elements hinder the market growth.
The increasing focus and inclination of the major players operating in the industry drive the growth rate of the market. For instance, several firms are focusing on adding value to their current product portfolio and dicing newer technological advancements. For instance, Scale, a San Francisco startup employs a combination of human data labelers and machine learning algorithms to sort through raw, unlabeled streams for clients, such as nuTonomy, Lyft, Zoox, nuTonomy, Voyage, and Embark.
Moreover, firms such as DefinedCrown utilize a smart data curation platform, providing a bespoke model-training service to clients in customer service, health care, automotive, retail, and enterprise sectors.The text segment is anticipated to hold an opportunity of more than USD 3,400 Million during 2022-2030. The video sub-segment is estimated to cross the mark of USD 1,000 Million revenue by 2026 owing to its growing adoption and awareness of data annotation tools for video datasets. On the basis of audio, the automated speech recognition sub-segment is anticipated to grow at the highest CAGR amongst all audio data type.
The automotive segment is anticipated to hold an opportunity of more than USD 2,000 Million during 2022-2030 owing to the high demand for data annotation tools in automotive sector. The healthcare segment is expected to grow at the fastest growth rate of 33.2 over the forecast period.
