Allied Market Research
Loading...
0

Data Annotation Tools Market Expected to Reach $13.69 Billion by 2030

 

Report Code : A07910

quote “The global data annotation tools market share is expected to witness considerable growth, owing to increase in demand for enhanced machine learning models, especially in Asia-Pacific and LAMEA regions.” quote

Kanhaiya Kathoke
Research Analyst, at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

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.

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.

The solution segment dominated the data annotation tools market size in 2020 and is projected to maintain its dominance during the forecast period. Surge in adoption of hybrid cloud-computing technology application across IT, healthcare, and BFSI sector has led the growth of the solution segment in the data annotation tools market.

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.

Region-wise, 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.

KEY FINDINGS OF THE STUDY

  • By component, the solution segment led the highest data annotation tools market share, in terms of revenue in 2020. 
  • On the basis of annotation type, the automated annotation segment is expected to exhibit the fastest growth rate in the data annotation tools market forecast.
  • Region wise, North America generated the highest revenue in 2020.  

The key players profiled in the data annotation tools market analysis include Amazon Mechanical Turk, Inc., APPEN LIMITED, clickworker GmbH, Cogito, Dbrain, LightTag, Lionbridge Technologies, Inc. , Playment, Scale AI, Inc., and tagtog Sp. z o.o.. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the data annotation tools market.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Data Annotation Tools Market by Component (Solutions and Service), Annotation Type (Manual Annotation, Semi-Supervised, and Automated Annotation), and End User (IT & Telecommunication, Retail & E-commerce, BFSI, Healthcare, Government, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,718 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Data Annotation Tools Market"
Purchase Enquiry