Home Press Releases Data Annotation Tools Market Size Worth $3,046.7 Million by 2028 | CAGR: 27.2%

Data Annotation Tools Market Size Worth $3,046.7 Million by 2028 | CAGR: 27.2%

The global data annotation tools market size is expected to reach USD 3,046.7 billion by 2028 according to a new study by Polaris Market Research. The report Data Annotation Tools Market Share, Size, Trends, Industry Analysis Report, By Type (Text, Image/Video, Audio), By Annotation Type (Manual, Semi-supervised, Automatic), By Vertical (IT, Automotive, Government, Healthcare, Financial Services, Retail, Others), By Region; Segment Forecast, 2021” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The industry is growing at a significant pace due to the rising penetration of the image data tools in the healthcare, automotive, and retail sectors. In addition, growing investments in the research & development activities for the growth of self-driving vehicles and the rapid advancement in the latest AI technologies drive market development. Increasing adoption of high-quality input data for high precision and accuracy also contributes to global industry growth of these tools.

 

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The growing acceptance of AI in the automotive industry impels the adoption of these data tools across the globe. AI technologies have enormous potential to address challenges in transportation, specifically with regard to safety, reliability & predictability, efficiency, and environmental issues like pollution. AI will continue to transform the automotive & transportation sector to make it more efficient and safer, particularly developing autonomous vehicles.

 

The deployment of AI in automobiles can also offer innovations in traffic management for solutions to more effectively route cars, avoid accidents, crashes, and fatalities, and assist law enforcement. Moreover, the major reason for adopting AI technology is that the driverless car can perform several functions that are not achievable by humans. Recent advances in AI for automotive have resulted in some algorithms which have dramatically enhanced the ability of self-driven cars. Thus, these are the few factors that boost the adoption of AI in automotive & transportation, which, in turn, boost the industry growth.

 

Market participants such as Amazon Mechanical Turk, Annotate.com, Appen Limited, Clickworker, CloudFactory Limited, Cogito Tech LLC, Dbrain, Explosion AI GMbH, Figure Eight Inc., Google LLC, Lighttag, Lionbridge Technologies, Inc., Lotus Quality Assurance, Playment Inc, Scale AI, INC., SuperAnnotate LLC, Tagtog, Trilldata Technologies Pvt Ltd. are some of the key players operating in the global market.

 

Polaris Market Research has segmented the data annotation tools market report on the basis of type, annotation type, vertical and region:

 

Data Annotation Tools, Type Outlook (Revenue – USD Million, 2016 – 2028)

  • Text
  • Image/Video
  • Audio

Data Annotation Tools, Annotation Type Outlook (Revenue – USD Million, 2016 – 2028)

  • Manual
  • Semi-supervised
  • Automatic

Data Annotation Tools, Vertical Outlook (Revenue – USD Million, 2016 – 2028)

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

Data Annotation Tools, Regional Outlook (Revenue – USD Million, 2016 – 2028)

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • UK
    • Italy
    • Netherlands
    • Spain
    • Austria
  • Asia Pacific
    • China
    • India
    • Japan
    • Malaysia
    • Indonesia
    • South Korea
  • Latin America
    • Mexico
    • Brazil
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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