WILMINGTON, DE, UNITED STATES, November 21, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Data Annotation Tools Market by Component, Annotation Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”.
The data annotation tools market size was valued at $1.35 billion in 2020, and is projected to reach at $13.69 billion by 2030, growing at a CAGR of 26.3% from 2021 to 2030.
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Data annotation is a method of labeling the information accessible in various formats such as video, image, and text. Data annotation tools are designed to reveal the features by training the algorithms to identify the features in data that have not been annotated. Further, data annotation tools are SaaS (cloud)-based, on-premises, or containerized software designed to annotate fabrication-grade training data for artificial intelligence and machine learning. Furthermore, the prime aim of data annotation tools is to help a machine recognize videos, images, and text via computer vision. Moreover, rapid automation across multi and hybrid cloud-based solutions across prime enterprises sectors is propelling the growth of the data annotation tools market. Further, advancement in machine learning and artificial intelligence technology has revolutionized various industries globally. Subsequently, this offers significant growth opportunities for the market.
The growth of the global data annotation tools is majorly driven by surge in penetration of artificial intelligence and machine learning solutions and rise in demand for annotated data to improve machine learning models. However, high cost and lack of skilled labor associated with manual annotation of complex acts as a prime restraint of the global market. On the contrary, the growing adoption of data annotation for medical imaging data and rising investments in the development of autonomous driving technologies are anticipated to provide lucrative opportunities for the data annotation tools industry during the forecast period.
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The competitive environment of Data Annotation Tools Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Data Annotation Tools Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Amazon Mechanical Turk, Inc.
Lionbridge Technologies, Inc.
Scale AI, Inc.
tagtog Sp. z o.o and Many More
Buy Region, North America holds a significant share in the global data annotation tools market. The adoption of artificial intelligence and machine learning technology across healthcare and IT & telecommunication level is expected to propel the growth of the data annotation tools industry in this region. Moreover, surge in demand for text annotation for document classification technologies across government and BFSI sectors in North America is anticipated to boost the growth of the data annotation tools market in this region.
Emergence of COVID-19 has significantly increased the growth of the artificial intelligence and machine learning market, subsequently increasing the demand for data annotation tools across the globe.
However, partial or complete lockdown in various regions has significantly impacted growth of the data annotation tools market, owing to lack of availability of skilled workforce during the pandemic. Moreover, rise in investments in machine learning-powered solution from various prime industries is expected to hamper the market growth in the coming years. Besides, the IT & telecommunication sector has witnessed prominent growth during and post-pandemic for the data annotation tools market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.