The data labeling solution and services 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 Labeling Solution And Services 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 labeling solution and services market size has grown exponentially in recent years. It will grow from $13.21 billion in 2023 to $16.4 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to the rise of machine learning and AI, increasing demand for labeled data, the emergence of computer vision applications, expansion of natural language processing (NLP), and growth of autonomous vehicles and robotics.
The data labeling solution and services market size is expected to see exponential growth in the next few years. It will grow to $39.35 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The growth in the forecast period can be attributed to proliferation of IoT devices, advancements in edge computing, expanding adoption of autonomous systems, rise of industry-specific ai applications, and increasing focus on data privacy and security. Major trends in the forecast period include integration of AI-driven automation, rise of hybrid human-machine labeling approaches, the emergence of specialized vertical solutions, expansion of data labeling-as-a-service (DLaaS), and emphasis on ethical and bias-aware labeling practices.
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Scope Of Data Labeling Solution And Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Data Labeling Solution And Services Market Overview
Market Drivers –
Major Driver Impacting Market Growth
Market Trends –
Major companies operating in the data labeling solution and services market focus on developing platforms with large language models (LLMs) for automating data labeling to enhance efficiency, accuracy, and scalability in data annotation processes. Large language models (LLMs) are advanced artificial intelligence systems capable of understanding and generating human-like text across various languages and domains, trained on vast amounts of textual data using deep learning techniques. For instance, in October 2023, Refuel AI Inc., a US-based technology company, launched the Refuel Cloud platform to automate data labeling. This platform leverages Large Language Models (LLMs) to automate data cleaning, labeling, and enrichment at scale for various industries, providing clean and accurately labeled datasets for AI training in minutes. Refuel Cloud’s innovative approach allows data teams to specify dataset labels in natural language, enhancing efficiency and reducing human error. Additionally, Refuel Cloud offers enhanced data security by enabling deployment within a customer’s own cloud or on-premises environment, ensuring data privacy and control.
The data labeling solution and services market covered in this report is segmented –
1) By Type: Text, Image Or Video, Audio
2) By Labeling Type: Manual, Semi-Supervised, Automatic
3) By Sourcing Type: In-House, Outsourced
4) By Vertical: Information Technology, Automotive, Government, Healthcare, Financial Services, Retails, Other Verticals
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Regional Insights –
North America was the largest region in the data labeling solution and services market in 2023. The regions covered in the data labeling solution and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the data labeling solution and services market are Google LLC, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Uber Technologies Inc., Adobe Inc., Telus International, CloudFactory Limited, iMerit Technology Services Private Limited, Databricks Inc., Scale AI Inc., Appen Limited, The Hive AI Inc., BigID Inc., Encord LLC, Labelbox Inc., SuperAnnotate Inc., Adept Technologies Limited, Kili Technology Inc., Label Your Data LLC, Alegion Inc., SuperbAI Inc., Pure Moderation LLC, Data Labeler LLC, AI Data Innovations Inc., Amazon Mechanical Turk Inc., Cogito Tech LLC, Labellerr Inc., KeyMakr Inc.
Table of Contents
1. Executive Summary
2. Data Labeling Solution And Services Market Characteristics
3. Data Labeling Solution And Services Market Trends And Strategies
4. Data Labeling Solution And Services Market – Macro Economic Scenario
5. Global Data Labeling Solution And Services Market Size and Growth
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32. Global Data Labeling Solution And Services Market Competitive Benchmarking
33. Global Data Labeling Solution And Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Labeling Solution And Services Market
35. Data Labeling Solution And Services Market Future Outlook and Potential Analysis
36. Appendix
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