Data Annotation Tools Market

Data Annotation Tools Market size was valued at USD 1,355 million in 2020 and is expected to register a CAGR of 27.2% over the forecast period due to the growing adoption of these tools in healthcare, automotive, and retail industry. The data annotation tools help users improve the data by labelling it or adding attribute tags. Data annotation plays a major role in improving the use of Artificial Intelligence in healthcare industry.

 

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Data Annotation Tools Market Dynamics

Increasing integration of advanced technologies such as machine learning and artificial intelligence across BFSI, automotive, IT, and retail industries offers a captivating experience to the users by proving chatbots, speech identification, product suggestions, and suitable search engine results which is a standalone factor stimulating the data annotation market growth. Expansion in the IoT market, ongoing technological innovation, and a surge in the number of big data will propel the market growth. As per the World Economic Forum, 463 Exabytes of data will be produced everyday by 2025, thereby contributing to the market growth. However, shortage of a trained workforce is projected to restrain the market growth.

 

North America is projected to lead the data annotation market over the forecast period, owing to the increasing focus on product development by leading vendors to earn a competitive edge in the market. As per the Data Annotation Tools Market analysis, strong presence of prominent players such as, Deep Systems, LLC, TELUS Corporation, and Labelbox, Inc., will augment the market growth.  Other factors such as ongoing technological innovation and a large amount of data produced across banking, retail, government, and healthcare industry will propel the market growth.

Market Segmentation
Data Annotation Tools Market by Solution
  • Text
  • Image/Video
  • Audio
Data Annotation Tools Market by Type
  • Manual
  • Semi-supervised
  • Automatic
Data Annotation Tools Market by End-User
  • IT
  • Automotive
  • Government
  • Healthcare
  • Financial Services
  • Retail
  • Others

Data Annotation Tools Market by Region:

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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