The Asia Pacific Data Annotation Tools Market would witness market growth of 25.2% CAGR during the forecast period (2021-2027).
Data annotation is anticipated to find its key role in improving the applications of AI in the healthcare industry. AI-based machines utilize computer vision in medical imaging data technologies to recognize the patterns and possible injuries that help the medical practitioners in automatically producing reports when an individual is assessed. The dataset of MRI, CT scan, and X-Ray images could simply be screened by the AI to identify several injuries. These data annotation tools assist in training AI systems in distinguishing data generated from normal & injured medical images to make the final reports of the assessed individuals. Therefore, data annotation tools are majorly applied to boost the applications of AI in the healthcare industry.
The increasing demand for machine learning in automated data analytics is estimated to spur the demand for automatic annotation tools in diverse data-driven applications. Additionally, the growing focus on image annotation is projected to improve the operations of the retail, automotive, and healthcare industry, which would fuel market growth. Data annotation tools are widely adopted in the automobile sector, especially in self-driving vehicles. LIDAR sensors, High-resolution cameras, and an enormous volume of data are required for making the training data sets for these highly sensitive visual perception models in autonomous vehicles.
The potential of the developing nations in the Asia Pacific region is the major factor that is attracting various companies to enter into the market and utilize these opportunities for their benefit. The growing demand for various advanced technology in this region is creating lucrative opportunities for the key players to enter and prosper in the regional market. Companies in this region are increasingly adopting data annotation tools for labeling their datasets for better use and more insights.
Moreover, the growing healthcare industry in the region is one of the major factors driving the growth of the regional market. The Healthcare industry majorly utilizes the data annotation tools to provide better support to the healthcare providers to further assist the patients correctly. Thus, this region has a huge potential for the growth of the data annotation tools market.
The China market dominated the Asia Pacific Automatic Data Annotation Tools Market by Country 2020, thereby, achieving a market value of $15.7 million by 2027, growing at a CAGR of 25.4 % during the forecast period. The Japan market is showcasing a CAGR of 26.9% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 28.7% during (2021 - 2027).
Based on Type, the market is segmented into Text, Image/Video and Audio. Based on Annotation Type, the market is segmented into Manual, Semi-supervised and Automatic. Based on Industry, the market is segmented into IT, Automotive, Retail, Healthcare, Financial Services, Government and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Data Annotation Tools Market is Projected to reach USD 2.3 Billion by 2027, at a CAGR of 24.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google, Inc., Amazon.com, Inc., Uber Technologies, Inc. (Mighty AI, Inc.), Appen Limited, Scale AI, Inc., Labelbox, Inc., Annotate Software, Cogito Tech LLC, Deep Systems, and Playment, Inc.
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By Annotation Type
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