Data Annotation Tools Market

Data Annotation Tools Market is accounted for USD 1,355 million in 2020, growing at a robust CAGR of 27.2% during forecast period.

Data Annotation Tools Market Overview

A data annotation tool is a software solution that can be used in the process of labeling the data available in various formats including text, audio, video, and images. The annotated data is used to train the machine learning model to give the most suitable result with high accuracy. The data annotation tool can be cloud-based and on-premise.

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Major Data Annotation Tools Market Drivers

Rapid technological advancements, growth in the IoT market, rise in the number of large datasets and big data are some of the major factors expected to drive the data annotation tools market size. Additionally, the rise in incorporation of artificial intelligence and machine learning solutions in various industries including retail, BFSI, automotive, and IT for providing enhanced customer experience solutions including product recommendations, relevant search engine results, speech recognition, chatbots, and others are further stimulating the growth of the market. Moreover, according to the World Economic Forum, 463 Exabytes of data will be created each day globally by 2025. This is expected to contribute to the growing demand for data annotation tools over the forecast period.

Restraint in the Data Annotation Tools Market

However, the lack of a skilled workforce is expected to restraint the growth of the data annotation tools market. Moreover, the high costs associated with manual annotation are further hampering market growth.

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Solution – Segment Analysis

Based on the solution, image/video is expected to hold a high share in the market. This can be attributed to the rising use of image data annotation tools in the retail, automotive, healthcare, and other sectors to build AI-enabled systems including self-driving cars, skin cancer detection tools, and drones that can inspect industrial equipment, and others.

Type – Segment Analysis

Based on the type, automatic is expected to grow at a high rate over the forecast period. This is primarily due to the significant saving of operational costs and time owing to the little or no human intervention in automated data labeling.

End-User – Segment Analysis

Based on the end-user, healthcare is expected to grow at a notable CAGR over the forecast period owing to the growing development of AI-enabled healthcare applications and adoption of data annotation for medical imaging data including MRI, CT Scan, radiography, ultrasonography, and X-rays for machine learning. Moreover, according to the World Bank, in 2018, the healthcare expenditure is around 9.8% of the world GDP owing to the increasing focus towards the advancements of medical devices used in treatment and diagnosis. This is further expected to escalate the market growth.

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Regional – Segment Analysis:

North America is expected to hold a prominent share in the data annotation tools market primarily due to the high economic development, the rapid technological advancements, and increasing volume of data across various industries including retail, healthcare, government, and banking. In addition, the presence of leading vendors including TELUS Corporation, Labelbox, Inc., and Deep Systems, LLC is further accelerating the market growth.

Top Market Players

Several leading Data Annotation Tools companies operating in the market, include Telus Corporation, Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, LLC, Labelbox, Inc., LightTag, Lotus Quality Assurance JSC, and Alphabet Inc. among others.

Key Developments:

• • In 2020, TELUS International, a part of TELUS Corporation has acquired Lionbridge AI, one of the leading providers of annotation platform solutions. These solutions are used in the development of AI algorithms to power machine learning.

Segments covered in the Report:

The global Data Annotation Tools market has been segmented on the basis of solution, type, end-user, and key regions. Based on solution, the market is segmented into text, image/video, and audio. Based on the type, the market is segmented manual, semi-supervised, and automatic. Based on the end user, the market is segmented into IT, automotive, government, healthcare, financial services, retail, and others.

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Market Segmentation

Global Data Annotation Tools Market by Solution

• • Text
  • Image/Video
  • Audio

Global Data Annotation Tools Market by Type

• • Manual
  • Semi-supervised
  • Automatic

Global Data Annotation Tools Market by End-User

• • IT
  • Automotive
  • Government
  • Healthcare
  • Financial Services
  • Retail
  • Others

Global Data Annotation Tools Market by Region

• • North America Data Annotation Tools Market (Option 1: As a part of the free 25% customization)

    • By Solution
    • By Type
    • By End-User
    • US Market All-Up
    • Canada Market All-Up

  • Europe Data Annotation Tools Market (Option 2: As a part of the free 25% customization)

    • By Solution
    • By Type
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Data Annotation Tools Market (Option 3: As a part of the free 25% customization)

    • By Solution
    • By Type
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Data Annotation Tools Market (Option 4: As a part of the free 25% customization)

    • By Solution
    • By Type
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Data Annotation Tools Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Telus Corporation
  • Annotate.com
  • Appen Limited
  • CloudApp
  • Cogito Tech LLC
  • Deep Systems, LLC
  • Labelbox, Inc
  • LightTag
  • Lotus Quality Assurance JSC
  • Alphabet Inc.