Data Annotation Tools Market Opportunities in Natural Language Processing Explored
The global data annotation tools market size is expected to reach USD 5.33 billion by 2030, exhibiting a CAGR of 26.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The advent of big data is expected to drive the growth of the artificial intelligence market as a large volume of data is required to be recorded, stored, and analyzed. The adoption of artificial intelligence is expected to significantly boost the demand for data annotation tools as the annotated data acts as a catalyzer to train AI models and machine learning systems in critical areas such as speech recognition and image recognition. These tools offer AI its strength by directly providing data that is relevant to determining future outcomes and decision-making.
Currently, there is a growing trend of manufacturing autonomous vehicles in the automotive industry, which is attracting larger investments for the development of these vehicles. An autonomous vehicle includes a combination of various sensors and networking systems that assist the computer in driving the vehicle. The annotated data allows autonomous vehicle computer models to recognize and learn from it. Several technology providers such as Google LLC; Tesla Motors; Apple Inc.; and Huawei Technologies Co., Ltd. have also entered the autonomous vehicle market. The rising investments in the self-driving market are expected to drive the future demand of the data annotation market. For instance, in February 2021, Appen Limited, a provider of effective training data and AI systems, announced the launch of new training data annotation and quality assurance services for autonomous vehicle manufacturers. The rising demand for self-drive cars is likely to supplement the demand for annotation tools.
Gather more insights about the market drivers, restrains and growth of the Global Data Annotation Tools Market
Rising innovations in the retail segment, specifically in improving the e-commerce sector, using the data annotation tools is expected to drive the industry demand over the forecast period. For instance, in February 2019, Walmart Labs acquired Dataturks, an India-based data annotation start-up. Dataturks offers annotation tools for image and text data by using machine learning. The acquisition helped drive innovations in the catalog quality and other aspects of the Walmart merchandising platform.
Data Annotation Tools Market Report Highlights
- The text data annotation tools segment led the market in 2023, accounting for over 36.1% share of the global revenue. Based on type, the market is segmented into text, image/video, and audio.
- The manual segment led the market in 2023, accounting for over 81% share of the global revenue. Based on annotation type, the market is categorized into manual, semi-supervised, and automatic.
- The IT segment led the market in 2023, accounting for a 32% share of the global revenue. Based on verticals, the market has been segmented into IT, automotive, government, healthcare, financial services, retail, and others.
- North America dominated the market in 2023, accounting for over 36.2% share of the global revenue.
List of Key Players in Data Annotation Tools Market
- com
- Appen Limited
- CloudApp
- Cogito Tech LLC
- Deep Systems
- Labelbox, Inc
- LightTag
- Lotus Quality Assurance
- Playment Inc
- Tagtog Sp. z o.o
- CloudFactory Limited
- ClickWorker GmbH
- Alegion
- Figure Eight Inc.
- Amazon Mechanical Turk, Inc
- Explosion AI GMbH
- Mighty AI, Inc.
- Trilldata Technologies Pvt Ltd
- Scale AI, Inc.
- Google LLC
- Lionbridge Technologies, Inc
- SuperAnnotate LLC
Order a free sample PDF of the Data Annotation Tools Market Intelligence Study, published by Grand View Research.
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