Data Annotation Tools Market Demand Will Reach $ 7 Billion By 2027; Global Market Insights, Inc.
SELBYVILLE, Del., May 12, 2021 / PRNewswire / – Global Market Insights Inc. recently added a new report on data annotation tools market which estimates the valuation of the data annotation tools market US $ 7 billion by 2027. The ever-increasing adoption of data annotation tools by healthcare institutions for labeling medical images and classifying medical literature is likely to drive industry demand.
The text annotation tools segment will experience a rapid growth rate of over 30% from 2021 to 2027, with the labeling of text data becoming increasingly crucial for the development of document classification algorithms and the sentiment analysis. Textual data annotation is also gaining importance in text mining on social media, as federal agencies and national security authorities monitor citizen behavior for possible terrorist threats. Using deep learning neural networks integrated with text annotation solutions, security agencies can monitor potential threat topics and bad things mentioned in social media descriptors.
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The manual data annotation tools segment held a substantial market share in 2020 due to the better quality of labeled data compared to automated data labeling. Manual labeling of data is performed by highly trained professionals with solid expertise in the nature and content of data. Human annotators can detect and process even the smallest of discrepancies in input data, which are likely to be missed by automated data labeling tools.
The agriculture segment is expected to grow exponentially during the forecast period due to the increasing proliferation of artificial intelligence in precision agriculture. Data labeling solutions allow companies to develop computer vision models, which are used for a variety of agricultural end uses such as livestock monitoring, crop monitoring, pest and disease control , assessment of soil quality and harvesting of crops.
Europe is expected to experience a lucrative growth rate of almost 30% by 2027 due to the massive adoption of AI technologies by European companies. The region has a mature AI industry with several countries, including Germany, the Netherlandsand the Nordic countries being regional leaders in the implementation of machine learning applications. The European Commission has also prioritized the importance of machine learning in improving the region’s digital economy with an allocated budget of more 775 million USD for AI-related projects in its Horizon 2020 digital strategy.
Companies operating in the data annotation tools industry are focused on various business growth strategies, including investments in new data labeling solutions, strengthening partner network and geographic expansion. Through these strategic moves, companies try to gain a larger market share and maintain their market leadership. For example, in January 2020, IBM launched a cloud-based annotation tool to automate image tagging processes using AI applications. The tool helps developers annotate data without manual entries and for easy labeling of data.
Some of the key findings of the Data Annotation Tools Market report include:
- The growing importance of precisely labeled textual data for developing new technologies, such as natural language generation, text-to-speech, and speech recognition, will create positive prospects for the data annotation tools market.
- Data scientists are reaping the benefits of automated data labeling tools, which will facilitate rapid and accurate labeling of large-scale datasets, including support for big data and Hadoop platforms.
- Some of the major market players are Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc., Google LLC, and IBM Corporation.
- Data annotation tool vendors focus on strategic collaborations and long-term contracts with customers to gain market share.
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Partial chapters of the report table of contents (TOC):
Chapter 3 Data Annotation Tools Industry Insights
3.2 Industry segmentation
3.3 Impact of the COVID-19 epidemic
3.3.1 Global Outlook
3.3.2 By region
184.108.40.206 North America
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
126.96.36.199 Middle East & Africa
3.3.3 Industry value chain
188.8.131.52 Providers of data annotation technologies
184.108.40.206 Marketing and distribution channels
3.3.4 Competitive landscape
220.127.116.11 Distribution network
18.104.22.168 Business growth
3.4 Evolution of data annotation tools
3.5 Architecture of Data Annotation Tools Industry
3.6 Ecosystem Analysis of Data Annotation Tools Industry
3.6.1 Data annotation software vendors
3.6.2 Cloud service providers
3.6.3 Distributors and resellers
3.6.4 Third party service providers
3.6.5 End users
3.7 Investment portfolio
3.8 Patent analysis
3.9 Technology and innovation landscape
3.9.2 Moderation of online content
3.10 Regulatory landscape
3.10.1 North America
22.214.171.124 NIST Special Publication 800-144 – Guidelines for Security and Privacy in Public Cloud Computing (U
126.96.36.199 Health Insurance Portability and Accountability Act 1996 (HIPAA) (U
188.8.131.52 Personal Information Protection and Electronic Documents Act [(PIPEDA) Canada]
184.108.40.206 General Data Protection Regulation (EU)
220.127.116.11 German Privacy Act (Bundesdatenschutzgesetz- BDSG)
18.104.22.168 Information Security Technology – Personal Information Security Specification GB / T 35273-2017 (China)
22.214.171.124 India National Secure Digital Communication Policy 2018 – Draft (India)
3.10.4 Latin America
126.96.36.199 National Directorate for the Protection of Personal Data (Argentina)
188.8.131.52 Brazilian General Data Protection Law (LGPD)
184.108.40.206 Law No. 13 of 2016 on the protection of personal data (Qatar)
220.127.116.11 Federal Law No. 2 of 2019 on the Use of ICT in Healthcare (UAE)
3.11 Industry impact forces
3.11.1 Growth drivers
18.104.22.168 Growing demand for annotated data to improve machine learning models
22.214.171.124 Increased investments in the development of autonomous driving technologies
126.96.36.199 Growing adoption of data annotation for medical imaging data
188.8.131.52 Increased adoption of text annotation for document classification
3.11.2 Pitfalls and challenges of the industry
184.108.40.206 Inaccurate data labeling due to poor content quality
220.127.116.11 Lack of qualified professionals
18.104.22.168 High costs associated with manual data annotation
3.12 Analysis of growth potential
3.13 Porter’s analysis
3.14 PESTEL analysis
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Data annotation tools Market size greater than $ 7 billion by 2027
The data annotation tools market size is expected to exceed 7 billion USD by 2027, according to a new research report from Global Market Insights, Inc.
SOURCE Global Market Insights Inc.