The data annotation and labeling global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Data Annotation and Labeling Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The data annotation and labeling market size has grown exponentially in recent years. It will grow from $1.28 billion in 2023 to $1.70 billion in 2024 at a compound annual growth rate (CAGR) of 32.9%. The growth in the historic period can be attributed to increased accessibility of cloud-based data annotation services, emergence of crowdsourcing platforms.
The data annotation and labeling market size is expected to see exponential growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 32.6%. The growth in the forecast period can be attributed to increasing use of ML and AI, emergence of IoT, increasing cloud-based solutions. Major trends in the forecast period include product innovations, technological advancements, strategic partnerships.
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Scope Of Data Annotation and Labeling Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Data Annotation and Labeling Market Overview
Market Drivers –
The increasing usage of artificial intelligence and machine learning is expected to propel the growth of the data annotation and labeling market going forward. Artificial intelligence involves creating computer systems to perform tasks requiring human intellect, while machine learning focuses on algorithms learning from data to predict, categorize, and automate processes without explicit coding for each task. Data annotation and labeling in machine learning and artificial intelligence are critical for training algorithms because they provide labeled datasets that allow machine learning models to spot patterns, anticipate outcomes, and perform jobs effectively. For instance, in May 2022, according to the International Business Machines Corporation, a US-based technological company, approximately a third of organizations (35%) reported utilizing artificial intelligence in their operations, up four points from 2021. In 2022, there was a 13% rise in the chance of firms implementing AI relative to the previous year (2021). Similarly, in July 2023, according to Earthweb Inc., a US-based independent technology research blog, 48% of companies used deep learning, or machine learning, to make good use of massive amounts of data. Therefore, the increasing usage of artificial intelligence and machine learning is driving the data annotation and labeling market.
Market Trends –
Major companies operating in the data annotation and labeling market are focusing on products with technological upgrades such as structured data annotation tools to strengthen their position in the market. Structured data annotation tools are software applications that allow users to mark and tag structured data so that machine learning algorithms can identify and process it more easily. For instance, in March 2023, SciBite Limited, a UK-based company that offers a data annotation tool, launched Workbench. Workbench is a structured data annotation application that makes it easier to curate data using terminology and ontology standards. Workbench assists businesses with implementing a FAIR approach to data management, which ensures that data is findable, accessible, interrelated, and reusable. Data scientists and curators can correctly annotate data using Workbench’s straightforward user interface, saving time and increasing replicability. Workbench also features a robust REST API that provides programmatic access to fundamental operations, allowing for integration into bespoke data curation workflows.
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
North America was the largest region in the data annotation and labeling market in 2023. The regions covered in the data annotation and labeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major companies operating in the data annotation and labeling market are Google LLC, Amazon Web Services Inc., The International Business Machines Corporation, Oracle Corporation, Adobe Inc., Allegion PLC, TELUS International, Appen Ltd, Scale AI Inc, CloudFactory Limited, Anolytics, CapeStart Inc., Clickworker, DataPure Technologies, Amantya Technologies, Labelbox Inc., LXT AI Inc., Keylabs.ai LTD., Dataloop AI, Precise BPO Solution, SuperAnnotate, Label Your Data, V7 Labs, Cogito Tech LLC, AI Data innovation, Sigma AI, LightTag, Datasur N.V., Kili technology Corp., Segment AI
Table of Contents
- Executive Summary
- Data Annotation and Labeling Market Characteristics
- Data Annotation and Labeling Market Trends And Strategies
- Data Annotation and Labeling Market – Macro Economic Scenario
- Data Annotation and Labeling Market Size And Growth
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- Global Data Annotation and Labeling Market Competitive Dashboard
- Key Mergers And Acquisitions In The Data Annotation and Labeling Market
- Data Annotation and Labeling Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Data Annotation and Labeling Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Data Annotation and Labeling Market, Segmentation By Data Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Data Annotation and Labeling Market, Segmentation By Annotation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………….
Table 76: Google LLC Financial Performance
Table 77: Amazon Web Services Inc. Financial Performance
Table 78: The International Business Machines Corporation Financial Performance
Table 79: Oracle Corporation Financial Performance
Table 80: Adobe Inc. Financial Performance
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