Data Collection & Labeling Market Size Worth $6.5 Billion By 2027
The global data collection and labeling market size is expected to reach USD 6.5 billion by 2027, expanding at a CAGR of 26.0% from 2020 to 2027, according to a new report by Grand View Research, Inc. Data collection and labeling refer to the process of collecting datasets from online sources and other sources and labeling them based on their nature, data type, and feature. Data collection and its annotation, combined with AI technology, have created valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the image processing technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.
The advent of digital capturing devices, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital information is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this available online content to deliver smarter and better services to their customers, with the use of content labeling. For instance, Scale AI, Inc., the U.S.-based tech start-up, has provided valuable data labeling services to its autonomous driving customers, including Waymo LLC; Lyft, Inc.; Zoox; and Toyota Research Institute.
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However, data cleaning remains a significant challenge involved in data labeling. Also, considering the time, complexity, and cost associated with the development of machine learning models, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business in the field of artificial intelligence-based information collection. For instance, in March 2019, Appen Limited completed the acquisition of Figure Eight Inc., a U.S. based AI-focused company. This acquisition was anticipated to bring data collection and labeling expertise in the company.
Further key findings from the study suggest:
- Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of information collection that has improved the users’ experience and drawn the customers’ attraction towards this technology
- Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at significant public spaces or events
- The advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the implementation of information annotation with multiple functions such as facial recognition, object recognition, and landmark detection
- The growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling market growth
- The key players in the data collection and labeling market areReality AI; Globalme Localization Inc.; Global Technology Solutions; Alegion; Labelbox, Inc; Dobility, Inc.; Scale AI, Inc.; Trilldata Technologies Pvt Ltd; Appen Limited; and Playment Inc.
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Grand View Research has segmented the global data collection and labeling market based on data type, vertical, and region.