Data Annotation Tools Market worth over $7bn by 2027

Data Annotation Tools Market size is set to exceed USD 7 billion by 2027, according to a new research report by Global Market Insights Inc.
 

The market revenue expansion is supported by the growing trend of leveraging AI technologies for document categorization and classification. Annotated text data enables enterprises in streamlining workflows, minimizing delays, and eliminating bottlenecks caused due to manual document classification. With growing volumes of textual data and the increasing importance of accurately classifying documents, data annotation tools are rapidly gaining traction as viable solutions for document labeling.

 

Request Sample Buy NowInquiry Before Buying

 

Demand for cognitive computing in the telecom sector

Data Annotation Tools Market by Application

Get more details on this report - Request Free Sample PDF
 

The IT & telecom sector will witness rapid growth in the adoption of data annotation tools with increasing investments in machine learning and AI. According to the latest report published by the World Mobile Congress, more than 76% of the global telecom enterprises are focusing on integrating AI & related technologies into their business operations by 2021.
 

Data labeling tools assist telecom enterprises in processing and analyzing data for a variety of applications including customer experience, network automation, business process automation, launching of innovative digital services, and timely maintenance of infrastructure.
 

Browse key industry insights spread across 297 pages with 327 market data tables and 49 figures & charts from the report, “Data Annotation Tools Market Size, By Data Type (Image/Video [Bounding Box, Semantic Annotation, Polygon Annotation, Lines and Splines], Text, Audio), By Annotation Approach (Manual Annotation, Automated Annotation), By Application (Telecom, BFSI, Healthcare, Retail, Automotive, Agriculture), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/data-annotation-tools-market

 

The audio labeling segment to grow impressively with developments in speech recognition

The audio data annotation tools market accounted for over 15% revenue share in 2020, attributed to the increasing deployment of audio training data to develop sophisticated speech recognition applications such as virtual assistants, speech-to-text programs, and chatbots. For instance, high-performance automated data labeling tools are assisting Amazon in transitioning from conventional supervised learning models to fully unsupervised transcribing & annotation algorithms, vastly improving the performance and user experience of Alexa assistant.
 

Rising emphasis on enhancing research capabilities across the healthcare industry

Healthcare enterprises are increasingly adopting data labeling solutions for annotating vast volumes of patient medical records, leading to improved AI-based diagnosis and medical care. Accurately annotated medical images/videos can assist healthcare institutes in implementing advanced AI technologies to provide medical conclusions without any direct human input. For instance, several AI algorithms have exhibited greater accuracy than human experts with over 95% correct results compared to 86.6% detected by medical professionals.
 

Increasing volume of training datasets to propel the deployment of automated annotation

The automated data annotation tools market is set to witness a rapid growth rate of nearly 35% from 2021 to 2027. This is due to the growing importance of automated data labeling tools in handling large volumes of raw unlabeled data, which are too complex and time-consuming to be annotated through manual labeling approaches.
 

Fully automated data labeling can quickly and accurately convert datasets into high-quality input training data, assisting enterprises in accelerating the development cycle of their AI-based projects. As the manual data labeling process is time-consuming and more prone to errors, automated data labeling solutions can address these issues by precisely annotating data without issues of fatigue or errors.
 

Increasing number of AI startups propelling the uptake of data annotation tools in North America

North America data annotation tools market size crossed USD 400 million in 2020, owing to surging adoption of data labeling technologies in the AI industry. Growth in the region has benefited strongly due to the presence of leading AI and ML corporations such as Google, Microsoft, Facebook, and Amazon. These enterprises are leveraging data annotation tools to develop and sell AI as a core product along with integrating AI technologies into their business operations to complement the value chain.
 

Major players operating in the data annotation tools market are Appen Limited, Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc., CloudFactory Limited, Cogito Tech LLC, Dataturks, Google LLC, Hive, IBM Corporation, iMerit, Labelbox, Inc., Lionbridge AI, MonkeyLearn Inc., Neurala, Inc., Playment Inc., Samasource Inc., Scale, Inc., and Webtunix AI.
 

Explore More on Related Topics:

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X