Fact.MR, a provider of competitive intelligence and market research: The market for data collecting and labelling is anticipated to see an increase in overall sales from US$ 1,848.06 million in 2022 to US$ 9,670 million in 2032. During the forecast period from 2022 to 2032, demand is expected to soar at an amazing 18% CAGR. The expansion of the healthcare infrastructure and technological improvement are credited with driving market growth.
Increasing digitization in healthcare and government sectors is expected to improve the adoption of Data Collection and Labelling Market. As integration of artificial intelligence (AI) surges across the diverse industries such as healthcare, automotive, and government, the use of data collection and labelling software is expected to increase. With increasing prevalence of chronic disorders across the globe, healthcare professionals are improving the adoption of data collection and labelling software.
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Further, extensive reliance on cloud-based and AI-integrated services in healthcare sector, especially in developed countries such as the U.S., Germany, and the U.K. is another factor propelling the demand in the market. As per the study, the U.S. is expected to account for nearly 27% of revenue in the global data collection and labelling market.
In addition to this, India is expected to be the second-most remunerative market over the forecast period. With rising government funding coupled with growing digital literacy among millennials and Gen-Zs, the demand for data collection and labelling software is increasing. As population in India is rising at an incredible pace, the need for automated data collection and labelling software and services is growing.
Key Takeaways:
- In terms of data type, the image/video analysis is expected to contribute over 35% of sales in the global data collection and labelling market.
- Based on vertical, the healthcare segment is expected to generate maximum revenues, followed by automotive segment through 2022 & beyond.
- With growing inclination towards AI-based and cloud-based services, the U.S. is expected to emerge as the most dominant market over the forecast period.
- India is predicted to spearhead the growth in South Asia data collection and labelling market through 2032.
- China is likely to contribute nearly 2/5th of revenues in the global data collection and labelling market.
Growth Drivers:
- Rising penetration of AI and machine learning in healthcare and automotive industries will drive the demand in the market.
- Increasing demand for interactive and engaging image and content is improving the adoption of data collection and labelling software.
Restraints:
- High cost associated with the research required for the development of the technology might limit the sales in the market.
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Competitive Landscape
Key players in the market are engaging in strategic collaboration and mergers to strengthen their position in the market. Some of the players are investing in product development and integrating interactive and AI-based user friendly platforms to gain revenue. Meanwhile, other players are forming alliances with end users to expand their customer base and stay ahead in the competition.
For instance,
- In 2022, Banyan Software, Inc., company focused on acquiring and building enterprise software businesses announced the acquisition of Innovatum. The acquisition of the company enables the automation of product and package labeling and regulatory data upload in the life sciences industry.
- In January 2022, Labelbox, a startup focusing on data labelling raised around US$ 110 Million funding for its Series D funding. This software will allow businesses to integrate a managed workforce and data labeling service with assured accurate and consistent data.
- In October 2022, Scale AI, a leading data collection and labelling provider announced the launch of service called Scale Rapid, technologically advanced system ensuring data labeling within one to three hours.
Key Players in the Data Collection and Labeling Market Include:
- Appen Limited
- Reality AI
- Globalme Localization Inc.
- Global Technology Solutions
- Alegion
- Labelbox Inc.
- Dobility Inc.
- Scale AI Inc.
- Trilldata Technologies Pvt. Ltd.
- Playment Inc.
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More Valuable Insights on Data Collection and Labelling Market
Fact.MR provides an unbiased analysis of the data collection and labelling market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global data collection and labelling market with a detailed segmentation on the basis of:
By Data Type
- Text
- Image/Video
- Audio
By Vertical
- IT
- Automotive
- Government
- Healthcare
- BFSI
- Retail & E-commerce
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Key Questions Covered in the Data Collection and Labelling Market Report
- What will be the demand outlook for the data collection and labelling market during the forecast period?
- Which are the challenges faced in the data collection and labelling market?
- Which region will lead the growth in the global data collection and labelling market during 2022-2032?
- What is the projected market valuation of the data collection and labelling market in 2032?
- Which are the factors driving the data collection and labelling during 2022-2032?
- Which vertical will generate maximum revenue in the global data collection and labelling market?