Published Date: 24-Jun-2021
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According to a new report Global Data Annotation Tools Market, published by KBV research, The Global Data Annotation Tools Market size is expected to reach $2.3 billion by 2027, rising at a market growth of 24.4% CAGR during the forecast period.
The automatic annotation market segment is anticipated to acquire a significant growth rate during the forecast period. AI is gaining traction in the data annotation sector since AI technology enables the generation of high-level & complicated abstractions from the datasets which utilizes a hierarchical learning process. The requirement for extracting & mining beneficial patterns from a huge amount of data is propelling the growth of AI that is estimated to further spur the demand for automatic data annotation tools in the market.
The IT segment garnered the largest revenue share in the data annotation tools market in 2020. The healthcare vertical is anticipated to register a promising growth rate during the forecast period. Artificial Intelligence is majorly used in the healthcare industry for several applications like drug development, diagnostic automation, treatment prediction, and gene sequencing. The data generated in the healthcare vertical are needed to be trained with machine learning algorithms. The quality of the training majorly affects the efficiency & precision of the algorithm utilized for increasing the AI-based applications.
North America dominated the market in 2020. The Asia Pacific is projected to procure the highest growth rate during the forecast period. The developing nations in the Asia Pacific would acquire a substantial growth rate due to the widespread adoption of data annotation tools, especially in the healthcare & financial services segment. The growth of the healthcare sector in this region is attributed to the growing adoption of technology and advanced healthcare access programs. All such aspects are estimated to fuel the demand for image data annotation tools in the Asia Pacific region in the coming years.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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