Data Annotation Tools Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3823
Data Annotation Tools Market size is expected to grow significantly from 2019 to 2025 due to rapid penetration of Artificial Intelligence (AI) & machine learning technologies and growing need to make text or images more interactive and engaging. Growing investments in research & development for self-driving vehicles also contribute significantly to market growth. Data annotation is playing a key role in enhancing AI applications in medical imaging data technologies. The growing demand for mining & extracting meaningful patterns from a huge amount of data is also fueling the data annotation tools market growth.
Data annotation tools enable users to improve the value of data by labeling and adding data attributes to it. The combination of data attributes helps users in managing the data definition at a single location and eliminating the need to rewrite similar rules in multiple places. Data annotation tools are used to sense patterns and identify possible injuries in the form of computer vision. This helps medical practitioners to automatically generate reports after examining any patients. It also helps in the accurate annotation to enhance machine learning capabilities. The data annotation is also used in healthcare applications such as drug development, gene sequencing, and diagnostic automation.
Manual data annotation tools provide a high level of integrity and reduced administration efforts that result in increased chances of discovering intriguing insights relating to data as compared to automatic annotation tools. Retail sector companies are focusing on improving e-commerce platforms by using data annotation tools. For instance, in February 2019, Walmart, a leading retail company, acquired Dataturks, an Indian startup focused on machine learning for improving its merchandising platform using Dataturks annotation tools. Low-resolution images with multiple objects may lead to inaccuracies in data annotation technique. These inaccuracies can be a big restraint to data annotation tools market growth. The lack of skilled labor for manual annotation of complex images may affect market growth. The high costs associated with the deployment of manual annotation tools can restrict the adoption of these tools.
North America is expected to dominate the data annotation tools market due to the increase in the demand for autonomous vehicles across the region. The major automotive manufacturers and self-driving car companies, such as General Motors and Voyage, are using data annotation tools for producing premium training datasets for their computer vision algorithms. The major technology providers are launching new platforms to accelerate data preparation of machine learning. For instance, in March 2019, Alegion, a leading AI and machine learning training data preparation platform provider launched new image & video annotation tools for training data for AI and machine learning. This new product helped the company to offer robust machine learning solutions for automotive, retail, government, and financial sectors. The early adoption of advanced technologies, such as AI and machine learning in the region, is also a key factor fueling the data annotation tools market growth in the region.
APAC data annotation tools market is expected to show a rapid growth over the forecast period due to the rising adoption of data annotation tools in healthcare & financial sectors. The developing countries such as India and China are witnessing strong growth in the healthcare sector due to the adoption of advanced technologies such as AI and machine learning. The advancements in the healthcare sector help in increasing the adoption of data annotation tools to train AI systems in differentiating between normal & abnormal medical images from the database of X-ray, CT-Scan, and MRI. The growing startup ecosystem in India is enabling more companies to enter AI and machine learning markets. The advancements in self-driving vehicles with trials in countries such as China and Japan are propelling data annotation tools market growth in the region.
The companies operating in data annotation tools market are focusing on the video annotation tools to help enterprises in AI data preparation time. For instance, in December 2018, Neurala, a leading deep learning software development company, launched AI-assisted video annotation tool within its Brain Builder platform. This new video annotation tool helped enterprises in reducing the time and cost associated with AI data preparation by 50%. This new product also supported the rapid deployment of AI technology. The other companies operating in the data annotation tools market are Google, Annotate, Scale, Appen Limited, Trilldata Technologies Pvt. Ltd., CloudApp, Mighty AI, Cogito Tech, Explosion AI, Deep Systems, Amazon Mechanical Turk, Labelbox, Figure Eight, LightTag, Alegion, Lotus Quality Assurance, Clickworker, Playment, CloudFactory, and Tagtog.
Data Annotation Tools Market, By Data Type, 2014-2025 (USD Million)
Data Annotation Tools Market, By Tool Type 2014-2025 (USD Milli
Data Annotation Tools Market, By End-user 2014-2025 (USD Million)
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The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Google LLC
- Scale, Inc.
- Appen Limited
- Trilldata Technologies Pvt. Ltd.
- Mighty AI, Inc.
- Cogito Tech LLC
- ExplosionAI GmbH
- Deep Systems
- Amazon Mechanical Turk, Inc.
- Labelbox, Inc.
- Figure Eight Inc.
- Alegion, Inc.
- Clickworker GmbH
- Playment Inc.
- CloudFactory Limited
- Lotus Quality Assurance
- Tagtog Sp. z o.o.
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