North America Data Annotation Tools Market By Type (Text, Image/Video and Audio), By Annotation Type (Manual, Semi-supervised and Automatic), By Industry (IT, Automotive, Retail, Healthcare, Financial Services, Government and Others), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Market Report Description
The North America Data Annotation Tools Market would witness market growth of 23.8% CAGR during the forecast period (2021-2027).
Annotation is a comprehensive method of managing the data, which a company plans to annotate. It is one of the important parts of a company’s workflow to ensure that the tool used in the premise should actually import & support the huge volume of data & file types that the company wants to label. It consists of searching, sorting, filtering, merging, and cloning the data. Several tools can help in saving the output of annotations in various ways, which should fulfil a company’s output needs. These annotated data are stored in local and network storage, however, cloud storage must support file storage targets.
The growing adoption of image data annotation tools in the retail, automotive, and healthcare industries is fuelling the market growth. These data annotation tools help customers to improve the value of data with the addition of attribute tags to it or labelling it. The major advantage of utilizing annotation tools is the amalgamation of data attributes that helps companies to operate the datasets at one location and removes the requirement to rewrite the same rules at various places. The growth of big data and the increasing number of huge datasets are anticipated to increase the importance of using artificial intelligence technologies in the data annotations process.
In this region, the increasing adoption of data annotation tools in the AI industry would create more demand for data annotation tools in the North American market. In addition, the presence of various key market players of artificial intelligence and machine learning like Microsoft, Apple, and Google will also support the growth of the regional market. These key players are increasingly utilizing the data annotation tools to develop and offer AI as their key product and further support the value chain.
Along with that, many companies in this region are widely adopting data annotation tools to bolster their growth and improve their presence in the market. The increasing popularity of AI technology in the region would also positively impact the data annotation tools market as AI technologies utilize data annotation for optimizing their workflow.
The US market dominated the North America Healthcare Data Annotation Tools Market by Country 2020, thereby, achieving a market value of $90.8 million by 2027. The Canada market is experiencing a CAGR of 27% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 25.9% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
By Annotation Type
- Financial Services
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Google, Inc.
- com, Inc.
- Uber Technologies, Inc. (Mighty AI, Inc.)
- Appen Limited
- Scale AI, Inc.
- Labelbox, Inc.
- Annotate Software
- Cogito Tech LLC
- Deep Systems
- Playment, Inc.
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