Data Labeling Solution and Services Market Worth $38.11 Billion by 2028: Grand View Research, Inc.
SAN FRANCISCO, Feb. 14, 2022 /PRNewswire/ -- The global data labeling solution and services market size is expected to reach USD 38.11 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 23.5% from 2021 to 2028. The rising popularity of data labeling solutions and services in the automotive industry, combined with autonomous vehicles that contain numerous sensors and networking systems that assist the computer driving the car, is propelling the growth of the market.
Key Insights & Findings from the report:
- In terms of sourcing type, the outsourcing segment held the largest revenue share in 2020, due to the cost-effectiveness of the services.
- In terms of type, the image/ video segment is expected to register the fastest CAGR over the forecast period, attributed to the increasing implementation of computer vision in several industries, including healthcare, automotive, and media & entertainment.
- In terms of vertical, the automotive segment is expected to expand at the fastest CAGR over the forecast period. This growth can be attributed to the rising development of self-driving cars and trucks.
Read 114-page market research report, "Data Labeling Solution and Services Market Size, Share & Trends Analysis Report by Sourcing Type (In-house, Outsourced), By Type (Text, Image/ Video, Audio), By Labeling Type, By Vertical, By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Data Labeling Solution and Services Market Growth & Trends
The market is driven by increased public awareness about digitalization, healthcare treatments, and technological advancements. The demand for data labeling is growing due to technology improvements in large enterprises from the industries such as automotive and healthcare. For example, Waymo LLC, Lyft, Inc., Zoox, and Toyota Research Institute have all used data labeling services provided by Scale AI, Inc., a digital start-up based in the United States.
Producers are increasingly using data labeling on products and services to provide customers with ingredient lists. This is projected to fuel the growth of the global market for data labeling solutions and services. For instance, the image processing technology has benefited Twitter and Facebook-two popular social networking platforms-in terms of audience engagement, since it has encouraged users to upload images and tag their connections, resulting in a more connected experience.
Machine Learning (ML) applications are widely used for categorizing data items such as news articles or tweets. This, in turn, calls for an accurate annotated training dataset, which helps in forming algorithms that automatically classify future data items. However, the process of manually constructing such a dataset is a complex task and requires coders to expend a substantial amount of time.
With the increasing execution of Electronic Health Record (EHR) systems-the collection of clinical data, particularly unstructured text documents-has become a valuable resource for clinical research. Statistical Natural Language Processing (NLP) standards have been designed to unlock data embedded in clinical text. With developments in sentiment analysis, text labeling is also widely utilized in social media monitoring to build recommendation systems.
In December 2019, Enlitic, Inc. announced a partnership with MLPCare, a Turkey-based private healthcare provider, to integrate clinical artificial intelligence into the healthcare systems of Turkey and adjacent countries in Central Asia and Eastern Europe. Under the agreement, Enlitic, Inc. is developing, training, and validating its deep learning models for patients in Turkey. Hence, the increased application of data labeling solutions and services is expected to propel the growth of the market.
Data Labeling Solution and Services Market Segmentation
Grand View Research has segmented the global data labeling solution and services market based on sourcing type, type, labeling type, vertical, and region:
Data Labeling Solution and Services Sourcing Type Outlook (Revenue, USD Million, 2018 - 2028)
- In-house
- Outsourced
Data Labeling Solution and Services Type Outlook (Revenue, USD Million, 2018 - 2028)
- Text
- Image/Video
- Audio
Data Labeling Solution and Services Labeling Type Outlook (Revenue, USD Million, 2018 - 2028)
- Manual
- Semi-supervised
- Automatic
Data Labeling Solution and Services Vertical Outlook (Revenue, USD Million, 2018 - 2028)
- IT
- Automotive
- Government
- Healthcare
- Financial Services
- Retails
- Others
Data Labeling Solution and Services Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa (MEA)
List of Key Players of the Data Labeling Solution and Services Market
- Alegion
- Amazon Mechanical Turk, Inc.
- Appen Limited
- Clickworker GmbH
- CloudApp
- CloudFactory Limited
- Cogito Tech LLC
- Crowdworks, Inc.
- Deep Systems, LLC
- edgecase.ai
- Explosion AI GmbH
- Heex Technologies
- Labelbox, Inc.
- Lotus Quality Assurance
- Mighty AI, Inc.
- Playment Inc.
- Scale AI,
- Shaip
- Steldia Services Ltd.
- Tagtog Sp. z o.o.
- Trilldata Technologies Pvt. Ltd
- Yandez LLC
Check out more related studies, published by Grand View Research:
- Data Collection and Labeling Market - The global data collection and labeling market size is expected to reach USD 8.22 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 25.6% from 2021 to 2028. The market is expected to witness a surge in the adoption of the technology owing to benefits such as extracting business insights from socially shared pictures and auto-organizing untagged photo collections.
- Enterprise Data Management Market - The global enterprise data management market size is expected to reach USD 208.87 billion by 2028, registering a CAGR of 13.8% from 2021 to 2028, according to a new study by Grand View Research, Inc. The increasing need for on-time data delivery with accuracy is the major driving factor of the overall market growth.
- Data Annotation Tools Market - The global data annotation tools market size is expected to reach USD 3.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.1% from 2021 to 2028. The advent of big data is expected to drive the growth of the artificial intelligence market as a large volume of information is required to be recorded, stored, and analyzed. The adoption of artificial intelligence is expected to significantly boost market growth as the annotated information acts as a catalyzer to train AI models and machine learning systems in critical areas such as speech recognition and image recognition. These tools offer AI its strength by directly providing information that is relevant to determining future outcomes and decision-making.
Browse through Grand View Research's coverage of the IT Services & Applications Industry
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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