Global Digital Signage Market by Product, Applications, Geographic and Key Players
The global data annotation tools market was valued at US$ 616.91million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 25.62% during the forecast period. This can be attributed to the growing adoption of image data annotation in the automotive, retail, and healthcare sectors. Data annotation is the process of adding attributes or labeling to the datasets, which helps users manage the data definition at a single location and eliminate the need to rewrite similar rules in multiple places.
AgileIntel’s global data annotation tools market study is a 157 report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, annotation type, and data type perspective.
Request for Sample Copy of this Report @ https://www.agileintelresearch.com/reportdetails/Global-Data-Annotation-Tools-Market/12#popup
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights by Annotation Type:
Data annotation tools are software solutions that use labeled/tagged training datasets for machine learning. The data annotation tool market is segmented into manual, semi-automatic, and automatic based on the annotation type.
The manual data annotation segment accounted to US$ 505.09 million in 2021. Manual data annotation is the process where human annotators examine vast amounts of datasets and build a comprehensive, quality AI training data. This approach is mainly preferred due to the high-level of accuracy, minimal data annotation efforts, and possibility of extracting accurate business insights from the data which can then be integrated into an algorithm.
On the other hand, automatic data annotation tools reduce human involvement. They can handle most easily identified annotations using annotation techniques such as bounding box annotation, polygon and polylines annotation, semantic segmentation, panoramic segmentation, net entity relationships (NER), parts of speech (POS), Audio labelling, etc. The growing demand for ML in automated data analytics is expected to boost the automatic data annotation tools in various data-specific applications.
Insights by Data Type:
The data annotation tools market is segmented on type as text, image/video, and audio annotations.
The text segment accounted for a 37% market share in 2021, mainly due to its growing application in the e-commerce and clinical sector. For instance, e-commerce sites utilize data and information from social media platforms to influence buyers. Text data annotation is widely used in social media monitoring to design systems for recommendation and endorsement based on consumer sentiment analysis. Additionally, the increasing adoption of Electronic Health Record (EHR) systems has resulted in large repositories of structured and unstructured patient data. The use of data annotation tools and Natural Language Processing (NLP) models will help valuable insights from the patient data that would assist in the patient treatment.
Furthermore, the image/video annotation segment is anticipated to witness significant growth during the forecast period. The image segment is driving the market growth mainly due to the increasing use of computer vision in industries such as automotive, healthcare, and media and entertainment. For example, medical imaging is one of the fastest-growing and prominent image labeling applications in the healthcare sector. Moreover, the rising trend of gathering insights from large volumes of data sets for surveillance and national security is bolstering the video annotation market growth.
Insights on Regional Growth:
North America is the largest market for data annotation tools accounting for 37% of the global revenue share in 2021, mainly due to the growing adoption of image data annotation tools in the automotive, healthcare, financial services and retail sectors. Additionally, growing investments in AI and machine learning solutions by North American enterprises is expected to drive the market positively.
Meanwhile, Europe is anticipated to grow at a CAGR of 29% during the forecast period, mainly due to the growing implementation of biometric solutions in the region which is expected to drive the use of the image-based data annotation tools. For instance, in January 2020, biometric applications were deployed at 14 airports and 134 railway stations in Germany to enhance security operations. Additionally, implementation of automobile obstacle detection technologies are expected to drive the adoption of data annotation tools in the automobile sector.
The Asia Pacific is projected to witness prominent growth in data annotation tools usage during the forecast period, mainly due to rapid adoption of smart devices, technological advancements and increasing usage of social networking in developing countries such as India and China. The growing use of smart devices is expected to lead to a surge in personal data, thus, driving the requirement data collection and data annotation. The growth of the healthcare industry in the region is marked by the increasing adoption of technology and innovative healthcare access programs. These factors are anticipated to boost the demand for image-based data annotation tools in this region in the near future.
Insights on Key Markets:
The U.S data annotation market was valued at US$153.6 million in 2021. The growth in the U.S. is driven by the adoption of AI and machine learning applications of data annotation tools. Moreover, in the U.S., AI-based investment advisory consumer applications are getting traction to improve investment decisions.
Meanwhile, China’s data annotation market was valued at US$48.3 million in 2021, primarily driven by the increased penetration of data collection and annotation tools in applications such as face recognition in surveillance and security systems in the region. For instance, the Chinese government has imposed real-name registering policies across the country, under which citizens should link their official government ID with an online account. Implementation of such policies has spurred the growth in usage of data annotation tools in the country.
Impact of COVID-19
The COVID-19 pandemic had a positive impact on the data annotation tools market. The growth in the adoption of big data and artificial intelligence tools is expected to increase the use of data annotation tools.
Furthermore, the healthcare sector is under immense pressure during the pandemic due to the unprecedented wave of new COVID-19 variants and the near-full hospitals still dealing with existing patients. Under such circumstances, data annotation tools can help healthcare service providers to detect COVID-19 hotspots, predict patient inflow, and ensure an uninterrupted supply of critical medicines and medical care equipment.
For More Detail @ https://www.agileintelresearch.com/reportdetails/Global-Data-Annotation-Tools-Market/12
About Us:
AgileIntel is a provider of smart and actionable global market research across various sectors. We established the company after identifying a growing demand from clients for a different, more bespoke, considered and personalised approach to market research. Our mission is to help our clients get a better understanding of industries, companies and consumers to make informed business decisions and respond confidently to an evolving marketplace.
Contact Us:
Mr. Jason Victor
Skype ID: ChemIntel360
mail Id: mumbai@agileintelresearch.com
