According to a research report "Data Annotation Market by Component, Data Type, Application (Dataset Management, Sentiment Analysis), Annotation Type, Vertical (BFSI, IT and ITES, Healthcare and Life Sciences) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global data annotation and labeling market size is projected to register a CAGR of 33.2% during the forecast period, reaching 3.6 billion by 2027 from an estimated USD 0.8 billion in 2022. Nowadays, data had become the key foundation for many businesses across the globe. It fosters organizational development and progress and is crucial to decision-making. Businesses can gain a significant advantage over their competitors and find long-term success by utilizing data insights and experimenting with the trending data annotation solutions. Technologies such as artificial intelligence, machine learning, Internet of Things, and robots are generating large amounts of data on a daily basis. Data efficiency will therefore will become increasingly important in light of emerging trends for data annotation and labeling market.
By vertical, healthcare and life sciences segment to register highest CAGR during forecast period
The data annotation and labeling market has been segmented based on vertical into BFSI, IT and ITES, Healthcare and Life Sciences, Telecom, Reatil and Consumer Goods, Automotive, Government, Defense and Public Agencies and other verticals. Businesses are using data annotation techniques to reliably and efficiently identify huge volumes of Al training data with minimum human assistance. Healthcare organizations are now able to do faster research in the field of automated patient diagnosis due to the adoption of healthcare training data for the development of sophisticated Al applications. This has driven the demand for high-quality annotated medical datasets to develop high-performance healthcare solutions. In May 2021, Cogito Tech had announced the expansion of its medical annotation capabilities in pathology, ophthalmology & cardiology. During the forecast period the healthcare and life sciences segment is anticipated to grow at a highest CAGR.
By applications, corporate communication is projected to register largest market size during the forecast period
The data annotation and labeling market has been segmented based on applications into corporate communication, training and development, and marketing and client engagement. Corporate communications solutions facilitate communication with employees irrespective of their geographic locations. Executives can build a more personal relationship with the workforce with the use of data annotation and labeling tools. Due to the growing need for businesses to facilitate communications with both internal and external workers, the market for corporate communications via data annotation and labeling is developing. During the forecast period this segment is anticipated to register the largest market size.
By data type, audio is anticipated to grow at a highest CAGR during the forecast period
The data annotation and labeling market has been segmented based on data type into image, text, video, and audio. Among these data type, audio is anticipated to grow at a highest CAGR during the forecase period. It adds appropriate metadata and tags in audio recordings to enable machines to comprehend sounds and speech based on their emotional, sentimental, and semantic contexts for training natural language processing systems. Audio annotation can be used for a variety of purposes, such as organizing audio files, enhancing searchability, and making it simpler to find specific parts of an audio recording. However, the most important use of audio annotations is in the training and development of speech recognition systems, including chatbots, virtual assistants, security systems, and more.
North America anticipated to account for largest market size during forecast period
Among the regions, North America is anticipated to account for the largest market size during the forecast period. The presence of various key market players and the demand for highly customized data sets curated by trained professionals would fuels the growth of data anootation and labeling market across the region. Due to its well-established economies, countries across North America are witnessing significant investments in data annotation and labeling projects.
Some of the major data annotation and labeling market vendors are Google (US), Appen (Australia), IBM (US), Oracle (US), TELUS International (Canada), Adobe (US), AWS (US), Alegion (US), Cogito Tech (US), Anolytics (US), AI Data Innovation (US), Clickworker (Germany), CloudFactory (UK), CapeStart (US), DataPure (US), LXT (Canada), Precise BPO Solution (India), Sigma (US), Segment.ai (US), Defined.ai (US), Dataloop (Israel), Labelbox (US), V7 (UK), LightTag (Germany), SuperAnnotate (US), Scale (US), Datasur (US), Kili Technology (France), Understand.ai (Germany), Keylabs (Israel), and Label Your Data (US).
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