The Europe Data Annotation Tools Market would witness market growth of 23.9% CAGR during the forecast period (2021-2027).
The emergence of big data is estimated to bolster the growth of the AI market as a huge amount of data is needed to be recorded, stored, and evaluated. The increasing adoption of AI will further boost the growth of the data annotation tools market because the annotated data helps in training AI models & machine learning systems in some crucial areas like speech recognition & image recognition. The data annotation tools provide AI its strength by directly delivering data, which is relevant in shaping future outcomes & decision-making.
At present, the rising trend of manufacturing autonomous vehicles in the automotive sector is appealing to big investors to put heavy investment in the manufacturing of such vehicles. An autonomous vehicle is an amalgamation of several sensors & networking systems, which help the computer in driving the vehicle. The annotated data-enabled autonomous vehicle computer models to identify and learn from it. Many technology giants like Google, Apple, Tesla Motors, and Huawei Technologies, have marked their presence in the autonomous vehicle market. The increasing investments in the self-driving market are anticipated to propel the growth of the data annotation tools market during the forecast period.
Europe is estimated to register a stagnant growth pattern during the forecast period. In addition, the increasing focus on image annotation is projected to improve the operations of the retail & automotive segment in this region. The growing traction of AI technologies and their wide adoption would contribute to the rising demand for data annotation tools in the regional market. The European region contains a mature AI market, which directly boosts the demand for data annotation tools in this regional market. Several nations like Germany and Netherlands are witnessing a rising demand for the various machine learning technologies.
This growing demand will further boost the demand for data annotation tools in the European region. The European Commission has also highlighted the significance of using machine learning to improve the digital economy of this region with the increasing investments by the government for AI-based projects in the Horizon 2020 digital strategy.
The Germany market dominated the Europe Data Annotation Tools Image/Video Market by Country 2020, thereby, achieving a market value of $59.2 million by 2027. The UK market is exhibiting a CAGR of 23.5% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 25.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Data Annotation Tools Market Size will Hit $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.
By Type
By Annotation Type
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