The global Data Annotation Tools Market is expected to grow at a CAGR of 15.1% from 2022 to 2032. The market is expected to be worth US$1.3 billion by the end of 2022 and US$5.3 billion by 2032.
Organizations across the globe are embracing the “do it yourself” approach which is expected to significantly drive the market over the forecast period. Additionally, the increasing use of AI and machine learning tools in the healthcare industry may increase the demand for data annotation tools in the future. Market research and competitive intelligence provider Fact.MR reports that demand for data annotation tools has grown significantly between 2017 and 2021, expanding at a CAGR of nearly 12%.
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Key Takeaways:
- The global annotation market is anticipated to grow at a CAGR of 15.1% during the forecast period 2022 to 2032
- South Asia & Oceania is expected to grow at a maximum CAGR of 18% during the assessment period.
- North America is expected to maintain its dominance in the market. The region is estimated to capture 32% of the global market share.
- By annotation type, the manual annotation tools segment to capture maximum market share of 76%.
- Automatic annotation tool is expected to show highest growth rate with expanding at a 17% CAGR.
Competition landscape:
Several players in the global data annotation tools market are offering different services that players are expected to occupy a higher position in the market compared to their competitors. Key players primarily focus on investments, expansions, deliveries, acquisitions, brand development and portfolio expansion.
- In August 2021, Appen Limited, an Australian company that provides high-quality training data to organizations building AI systems, announced plans to acquire Quadrant, a global player in mobile location data, corresponding compliance services and pint-of-interest data.
- In May 2021, CloudApp, a cross-platform for the modern workplace, announced partnerships with Slack and Atlassian products Jira and Confluence.
Key Companies Profiled:
- Google LLC
- Amazon Mechanical Turk Inc.
- Appen Limited
- Annotate.com
- Alegion
- CloudApp
- Cogito Tech LLC
- Playment Inc.
- Labelbox Inc
Growth Drivers:
- The industry is expected to benefit from rising demand for annotated data to improve machine learning models, as well as increased investments in autonomous driving technology improvements.
- With a growing number of businesses using big data analytics to expedite data collection and assimilation processes, demand for data annotation tools is likely to skyrocket in the next decade.
The Data Annotation Tools market report covers the following segments:
By Type:
• Text
• Image
• Other
By Annotation Type:
• Manual
• Semi-Supervised
• Automatic
End User:
- Automotive
• Government
• Healthcare
• Financial Services
• Retail
• IT & Telecom
• Others
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Key Questions covered in the Data Annotation Tools Market Report:
- How much is the data annotation tool industry likely to be worth in 2022?
- What is the anticipated CAGR of the global data annotation tool market from 2022- 2032?
- What is the projected market value for the data annotation tools in 2032?
- What was the CAGR for the market in the past 5 years?
- What is the outlook for data annotation tools in North America?
- Which segment is predicted to dominate the global data annotation tool during the forecast period?
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