Data Annotation Tools Market to Expand at an Impressive Rate of 15.1% during 2022-2032

NEW YORK, Feb. 9, 2022 /PRNewswire/ -- The global data annotation tools market size is anticipated to expand at a CAGR of 15.1% during the forecast period from 2022-2032. The market is expected to value a valuation at US$ 1.3 Bn by 2022 and is expected to reach a valuation of US$ 5.3 Bn by the forecast period 2032.

The demand for data annotation tools for advanced products and services has been impel towards digitalization from leading online learning platform. The increasing adoption of manual data annotation tools to assure high-quality input data is expected to be a salient cause that can strengthen the market in the country. The high precision and increased accuracy are further likely to augment the demand for the manual data annotation tools market.

The outbreak of COVID-19 played a major role in bolstering the global data annotation tools market size. The increasing usage of artificial intelligence and machine learning solutions is anticipated to drive the demand for data annotation tools in the COVID period.

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The great initiative by the government to develop health care, public infrastructure and the automotive sector with the analysis is expected to drive the growth in demand of the data annotation tools market.

The deployment of data annotation tools by organizations is used for their accuracy and for labeling volumes of AI training data are other salient causes that can grow the industry in the forthcoming period. Also, the growing demand for annotated data for the betterment of machine learning models along with the increasing investments for the advancements in autonomous driving technologies is projected to augment the industry.

During the forecast period, South Asia and Oceania are expected to grow at a maximum CAGR of 18%. Growing breakthroughs in the field of digitization in Australia, Indonesia, and Malaysia have the potential to significantly contribute to the regional market's strengthening.

The government's rising initiatives to expand healthcare, public infrastructure, and the automotive sector with the help of big data analysis are likely to considerably drive the regional market in the approaching years.

Key Takeaways:

• The global annotation market is anticipated to grow at a CAGR of 15.1% during the forecast period 2022 to 2032
• South Asia & Oceania is expected to grow at a maximum CAGR of 18% during the assessment period.
• North America is expected to maintain its dominance in the market. The region is estimated to capture 32% of the global market share.
• By annotation type, the manual annotation tools segment to capture maximum market share of 76%.
• Automatic annotation tool is expected to show highest growth rate with expanding at a 17% CAGR.

Growth Drivers:

• The industry is expected to benefit from rising demand for annotated data to improve machine learning models, as well as increased investments in autonomous driving technology improvements.
• With a growing number of businesses using big data analytics to expedite data collection and assimilation processes, demand for data annotation tools is likely to skyrocket in the next decade.

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Competitive Landscape:

The competitive landscape of the Data annotation tools market focuses on offering several players which provide various services which are expected to give players a higher position against their competitors in the market.

• In August 2021, Appen Limited, an Australian company that offers high-quality training data for organizations that build AI systems, announced its plan to acquire Quadrant, the global player in mobile location data, corresponding compliance services, and Pint-of Interest data.

• In May 2021, CloudApp, a cross-platform for the modern workplace, announced a partnership with Slack and Atlassian products Jira and Confluence.

Key Companies Profiled by Fact.MR

• Google LLC
• Amazon Mechanical Turk Inc.
• Appen Limited
• Annotate.com
• Alegion
• CloudApp
• Cogito Tech LLC
• Playment Inc.
• Labelbox Inc

More valuable Insights on Data Annotation Tools Market: 

Fact.MR, in its report, offers a market analysis of the global data annotation tools market analysing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the with detailed segmentation as follows: -

·  Data Type

• Text Data Annotation Tool
• Image/Video Data Annotation Tool
• Audio Data Annotation Tool

·  Annotation Type

• Manual Data Annotation Tool
• Semi-supervised Data Annotation Tool
• Automatic Data Annotation Tool

·  Vertical

• Data Annotation Tool for IT
• Data Annotation Tool for Automotive
• Data Annotation Tool for Government
• Data Annotation Tool for Healthcare
• Data Annotation Tool for Financial Services
• Data Annotation Tool for Retail
• Data Annotation Tool for Other Verticals

Key Questions covered in the Data Annotation Tools Market Report

How much is the data annotation tool industry likely to be worth in 2022?

What is the anticipated CAGR of the global data annotation tool market from 2022- 2032?

What is the projected market value for the data annotation tools in 2032?

What was the CAGR for the market in the past 5 years?

What is the outlook for data annotation tools in North America?

Which segment is predicted to dominate the global data annotation tool during the forecast period?

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