Data Annotation Tools Market Share, Revenue And Growth Rate Report by 2027
The report on the Data Annotation Tools market report includes future industry Trends, Size, Share, Past, current data and deep analysis, and forecast. This market offers a coordinated and orderly methodology for the most important aspects that have influenced the market within the past and also the forthcoming market prospects on which the organizations can rely upon before investing. It furnishes with an affordable examination of the marketplace for better decision-making and assessment to place resources into it. The report analyses the weather and an entire detailed outlook of the most players that are likely to feature to the demand within the global Data Annotation Tools market within the upcoming years.
The market study additionally gives a to-the-point evaluation of the techniques and plans of action that are being executed by the manufacturers and firms to contribute to Data Annotation Tools market growth. A number of the foremost conspicuous measures taken by the organizations are partnerships, mergers & acquisitions, and collaborations to increase their overall reach. The key players are likewise presenting newer product varieties within the market to enhance the merchandise portfolio by embracing the new innovation and completing it in their enterprise.
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The global data annotation tools market size is projected to reach USD 2.57 billion by 2027. The market is expected to grow with a 26.9% CAGR above the forecast period, from 2020 to 2027. The advent of big data is anticipated to surge the Artificial Intelligence (AI) market growth due to huge amount of information is required to be stored, analyzed and recorded. Thus, significant growth of AI market is projected to boost the growth of this market over the forecast period. Data annotation tools act as a catalyzer to train machine learning tools and AI models in critical areas like image recognition and speech recognition. Therefore, these tools give strength to AI model in order to help for decision-making and determine future outcomes.
In automotive industry, increasing trend of developing autonomous vehicles is encouraging for high investments of these vehicles. The autonomous vehicles are combination of various networking systems and sensors that helps computer to drive vehicle. The annotated data enables autonomous vehicle’s computer systems to identify and learn from it. Various technology providers including Tesla Motors; Huawei Technologies Co., Ltd. Apple Inc.; and Google Inc. have entered in autonomous vehicle market. This, growing investment in self-driving cars market is projected to boost the demand for data annotation tools.
Rising investments in the self-driving cars market are expected to drive the demand for data annotation tools. Moreover, growth of retail industry, especially development in e-commerce sector will propel the market growth. For example, in 2019, an India-based start-up, Dataturks that offers tools for text and image by using machine learning acquired by Walmart. This acquisition helped Walmart to further innovate catalogue quality and other facilities of Walmart merchandising portal.
The data annotation tool market is projected to witness substantial growth during the forecast period due increasing investment and several strategies such as merger and acquisition are implemented by companies. Companies are implementing client-base expansion strategy by investing funds for data annotation platform development to sustain competitive market. For example, in 2018, Hiveraised funds worth USD 30 million from PayPalfounder Peter Thiel’s Founders Fund.
Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Data Annotation Tools: Market Variables, Trends & Scope
Chapter 4 Data Annotation Tools: Product Estimates & Trend Analysis
Chapter 5 Data Annotation Tools: Application Estimates & Trend Analysis
Chapter 6 Data Annotation Tools: End-use Estimates & Trend Analysis
Chapter 7 Data Annotation Tools: Industrial End-use Estimates & Trend Analysis
Chapter 8 Data Annotation Tools: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Data Annotation Tools: Manufacturers Company Profiles
Top Key Players of Data Annotation Tools Market:
Cogito Tech LLC; Lotus Quality Assurance; Annotate.com; Tagtog Sp. z o.o; Appen Limited; CloudApp; Deep Systems; Labelbox, Inc.; PlaymentInc; LightTag; CloudFactory Limited; Clickworker GmbH; Alegion; Figure Eight IncTrilldata Technologies Pvt. Ltd. (Data Turks); Scale, Inc.; Explosion AI; Google, LLC,; Amazon Mechanical Turk, Inc.; and Mighty AI, Inc.
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