Data Collection And Labeling Global Market Expected to hit $9.28 Billion at a CAGR of 26.5% by 2028, Top Factors Leading The Industry Worldwide

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Overview and Scope
Data collection and labeling are the processes of gathering and organizing relevant data for use in artificial intelligence (AI) and machine learning (ML) models. Data collection involves gathering relevant data from a variety of sources, such as cameras, voice recorders, surveys, and web scraping, to create a comprehensive dataset. Data labeling is the process of compiling collected data with relevant information or labels to provide context to the dataset.

Sizing and Forecast
The data collection and labeling market size has grown exponentially in recent years. It will grow from $2.86 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth in the historic period can be attributed to regulatory compliance, quality assurance, industry-specific needs, training data for ai models, outsourcing trends.

The data collection and labeling market size is expected to see exponential growth in the next few years. It will grow to $9.28 billion in 2028 at a compound annual growth rate (CAGR) of 26.5%. The growth in the forecast period can be attributed to evolving regulations, increasing ai adoption, demand for specialized labeling, rising complexity of data, globalization of data labeling services. Major trends in the forecast period include expansion of training data for ai models, increasing importance of image and video labeling, demand for real-time data labeling, security and privacy considerations, evolution of annotation tools..

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Segmentation & Regional Insights
The data collection and labeling market covered in this report is segmented –
1) By Data Type: Text, Image Or Video, Audio
2) By Application: Dataset Management, Security And Compliance, Data Quality Control, Workforce Management, Content Management, Catalogue Management, Sentiment Analysis, Other Applications
3) By Vertical: Information Technology(IT), Automotive, Government, Healthcare, Banking, Financial Services and Insurance (BFSI), Retail And E-commerce, Other Verticals

North America was the largest region in the data collection and labeling market in 2023. Asia-Pacific is expected to be the fastest-growing region in the data collection and labeling market report during the forecast period. The regions covered in the data collection and labeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increasing adoption of autonomous vehicles is expected to propel the growth of the data collection and labeling market going forward. Autonomous vehicles are vehicles that can sense their surroundings and navigate without human intervention or insight. Data collection and labeling is an important technique for self-driving cars because it allows them to recognize patterns in data and properly categorize them in order to make correct and safe decisions on the road and respond to different objects and scenarios on the road, such as pedestrians, other vehicles, and traffic signs. For instance, in September 2020, according to the National Highway Traffic Safety Administration (NHTSA), a US-based intergovernmental organization, there will be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Therefore, the increasing adoption of autonomous vehicles is driving the growth of the data collection and labeling market.

Key Industry Players
Major companies operating in the beer packaging market are investing in data labelling to drive revenues in the data collection and labelling market. The funding would help Centaur Labs expand its operations and enhance its capabilities to meet the increasing demand for high-quality training data in the healthcare industry. For instance, in September 2021, Centaur Labs, a US-based company that provides medical data labeling service, announced a $15 million significant funding round to further its aim of labeling the world’s clinical data. This partnership aligns with AI pioneer Andrew Ng’s emphasis on healthcare data quality. The funding round was led by Matrix Partners, with participation from other investors.

The data collection and labeling market report table of contents includes:
1. Executive Summary