Data Annotation Tools Market is projected to reach US$ 13,287.9 Million by 2030 |CAGR: 30.9%: Astute Analytica

NEW DELHI, March 17, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica the Global Data Annotation Tools Market was valued at US$ 1,186.9 Million in 2021 and is forecasted to reach US$ 13,287.9 Million by 2030. The market is expected to register a CAGR of 30.9% during the forecast period 2022-2030. The Global Data Annotation Tools Market is driven by the rising demand for annotated data to improve machine learning models and enhancing the applications of AI in the healthcare sector. A data annotation tool is a software solution that may be used to annotate production-grade training data for machine learning. Data annotation tools are well-suited to scenarios in which vast amounts of unlabelled data are available and they are expected to open up new market prospects.

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Rising need for annotated data to better machine learning models, as well as enhancing the application of AI in the healthcare sector are projected to boost the data annotation tools market. Demand for data annotation tools is expected to soar in the coming decade, as an increasing number of firms use big data analytics to speed up data collecting and assimilation processes. The increasing necessity of high-quality, well-labelled input data for improving the accuracy of machine learning algorithms is expected to propel the sector forward. Moreover, AI in healthcare is proving beneficial for patients and healthcare professionals alike by increasing efficiency and reducing significant costs. Expert data annotation is the key to creating high-quality training data to power AI-enabled healthcare. However, data privacy compliance and workforce management restrict the deployment of data annotation tools and thus inhibits the market growth.

Market Segmentation

Text data type segment holds the highest market share in 2021 in the Global Data Annotation Tools Market

Based on data type, the global data annotation market is segmented into text, image, video and audio. Text segment accounted to hold the highest market share in 2021 due to the substantial increase in its usage in e-business and healthcare research. Whereas video annotation tool segment is likely to expand at the highest CAGR of 33.4% during the forecast period owing to its rising adoption in the healthcare industry for medical imaging. Also, video annotation is often used in the automotive sector to train machine learning algorithms that power autonomous vehicles.

Automatic segment is projected to grow at the highest CAGR during the forecast period

On the basis of technology, the data annotation tools market is segmented into supervised, semi-supervised and automatic. Automatic segment is anticipated to grow at a highest CAGR of 31.9% during the forecast period as artificial intelligence is becoming extremely important for the data annotation tools owing to its ability to extract the complex concepts from the datasets. Whereas, supervised segment accounted to hold the highest share in 2021 as for supervised learning, the data must be trained to enhance the machine's understanding of the desired task at hand.

Windows type segment holds the highest market share in 2021 in the Global Data Annotation Tools Market

Based on device type, the market is segmented into mac OS, windows, linux and others. Based on the device type, data annotation in windows grips the market share in 2021 owing to its cheap pricing and a huge user base in the marketplace. Moreover, Mac segment is anticipated to grow at the highest CAGR of 32.2% over the forecast period owing to its exclusive features. In macOS, accessing an application's Markup toolbar lets the user draw on and annotate images or PDF documents within the app using arrows, shapes and text. The user can also use it to quickly sign a document with a digital signature.

Telecommunication and IT segment dominated the Global Data Annotation Tools Market in 2021

In terms of end users, the market is segmented into Automotive, healthcare, retail, transportation and logistics, BFSI, telecommunication and IT and others. Telecommunication and IT segment holds the highest market share in 2021 as cell phones provide a source of real and reliable data, enabling automatic monitoring of call and travel behavior of users. Furthermore, healthcare segment is projected to grow at a fastest CAGR of 33.2% during the forecast period as from diagnostic assistance to patient engagement, AI in healthcare is proving beneficial for patients and healthcare professionals alike by increasing efficiency and reducing significant costs.

Asia Pacific is expected to hold the highest market share and is projected to grow at the fastest CAGR

Based on region, Asia Pacific is expected to hold the highest market share during the forecast period as data annotation service providers in China are offering innovative data labeling services & annotated healthcare training data. The presence of major players in this region further fuels the market growth.  Asia Pacific is expected to grow at the fastest CAGR of 36.2% over the forecast period due to the extensive adoption of data annotation tools in the healthcare and BFSI sectors.

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Company Profile

• Google LLC is a multinational technology firm based in the United States that specialises in Internet-related services and products such as search engines, cloud computing, online advertising technologies, software and hardware. Google is broken down into two categories, which includes Google Services and Google Cloud. Google Services most popular products and platforms such as Android, Google Drive, Google Maps, Chrome, hardware, Gmail, Google Photos, Google Play, Search and YouTube have users all over the world using them. Moreover, advertising is what allows to make their products available to the general public.
• Labelbox is a collaborative data training platform for machine learning applications that creates and organises labelled data. The major platforms provided by the company includes annotate, diagnose, prioritize and boost. The solutions are offered across various end-use such as healthcare, manufacturing, government, retail, insurance, consumer internet & e-commerce, media & entertainment and energy & utility. The major focus of the company is to create the finest goods for people in order to further the demand for artificial intelligence.
• Annotate is a smarter document collaboration tool designed specifically for the digital office. From the earliest draught to the final sign-off, it provides a single, secure platform that allows everyone to collaborate effortlessly. The company cooperate with a wide range of businesses, including financial services, professional services, technology, marketing and entertainment, government and the public sector, education and non-profit organisations.

Competitive Insight

Global Data Annotation Tools Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global data annotation tools market include Annotate.com, Appen Limited, Cloud Factory Limited, CloudApp, Google LLC, Labelbox, Inc., Deep Systems, LightTag, Lionbridge Technologies Inc., Cogito Tech LLC and Lotus Quality Assurance among others. 

Segmentation Overview

Global Data Annotation Tools Market is segmented based on data type, technology, device type, end users and region. The industry trends in global data annotation tools market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Data Annotation Tools Market:

• By Data Type Segment of the Global Data Annotation Tools Market is Sub- Segmented into:
• Text
• Sentiment
• Text Classification
• Entity
• Image
• Boundary Boxes
• Line Annotation
• Image Transcription
• Video
• Semantic
• Polygon
• Key point
• Audio
• Voice Activity Detection (VAD)
• Speaker Identification
• Automated Speech Recognition
• By Technology Segment of the Global Data Annotation Tools Market is Sub- Segmented into:
• Supervised
• Semi- Supervised
• Automatic
• By Device Type Segment of the Global Data Annotation Tools Market is Sub- Segmented into:
• Mac OS
• Windows
• Linux
• Others
• By End Users Segment of the Global Data Annotation Tools Market is Sub-Segmented into:
• Automotive
• Healthcare
• Retail
• Transportation and logistics
• BFSI
• Telecommunication and IT
• Others
• By Region Type Segment of the Global Data Annotation Tools Market is Sub- Segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe 
• UK
• Germany
• France
• Italy
• Spain
• Poland
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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