Data annotation is the process of labelling the information so that machines can use it. Majorly it is useful for supervised machine learning (ML), in which the system relies on the labeled datasets to understand, process, and learn from the input patterns to arrive at the desired output. Data annotation is benefiting the machine learning and artificial intelligence algorithm to get trained with supervised learning process accurately for the right prediction.
According to a market report published by Bizwit Research & Consulting, LLP, the global Data Annotation Tools market is valued at approximately USD 494.3 billion in 2020 and is anticipated to grow with a healthy growth rate of nearly 26.68% over the forecast period 2021-2027.
The rising adoption of artificial intelligence and the growing adoption of data annotation for medical imaging are some of the factors that are expected to significantly contribute to the growth of the global Data Annotation Tools market during the forecast period. In addition, an increase in investment in the development of autonomous driving technology provides lucrative growth opportunities to the market. However, the high cost associated with manual data annotation is expected to hamper the growth of the global data annotation tools market during the forecast years.
Since data is assisted with machine learning and artificial intelligence, it is very important to have data annotated accurately so that the machine learning algorithm can recognize the objects, images, human speech, and other functionalities and complete the task without any error. Data Annotation is an integral part of Artificial Intelligence to work properly. Factors such as increasing demand for Predictive Analysis and rising demand for enhanced consumer experience are boosting the adoption of artificial intelligence which in turn is fueling the growth prospects for Data Annotation tools in the forecasted period. According to Statista, the worldwide revenue generated by Artificial Intelligence software platforms was USD 2664.8 million in 2018 which increased to USD 3457.9 million in 2019.
Global Data Annotation Tools Market Size study, by Type (Text, Image/Video, and Audio), by Annotation Type (Manual, Automatic and Semi-supervised), By Vertical (IT, Automotive, Government, Retail, Healthcare, and Others), and Regional Forecasts 2021-2027
The total market revenue is calculated based on revenue generated through the sales of Data Annotation software either through contracts or subscriptions. Major companies covered under the report include annotate.com, Appen Limited, Cloud App, Cogito Tech LLC, Deep systems LLC, Labelbox Inc, Lighttag, Lotus Quality assurance, Playment Inc, and Tagtog SP, Z.o.o. Ltd. Other popular regional players across various countries are also considered for revenue calculation.
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Bizwit Research & Consulting LLP