Global Data Collection and Labeling Market
The GMI Research forecasts that the Data Collection and Labeling Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the adoption of the technology because of various benefits such as business insights from socially shared pictures and auto-organizing untagged photo collections.
Introduction of the Data Collection and Labeling Market
Data collection and labeling technologies and tools are used in machine learning applications. These tools form an integral part of the development of machine learning and artificial intelligence products and assist in extracting valuable insights from a vast collection of data.
Key Players of the Global Data Collection and Labeling Market:
- Appen Limited
- Playment Inc.
- Reality Ai
- Global Technology Solutions
- Globalme Localization Inc.
- Trilldata Technologies Pvt Ltd
- Alegion
- Labelbox, Inc
- Dobility, Inc.
- Scale Ai, Inc.
Data Collection and Labeling Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The data collection and labelling market is experiencing acceleration in demand. Market growth is primarily attributed to the augmenting initiatives by the foremost market players and their increasing endorsement by manufacturing and automotive sectors to enhance production planning, quality assessments, and better market development. For example, Globalme Localization Inc., the U.S.-based AI Company, in 2020, provided the prominent collection to Sonos Inc, with its functioning by assembling speech data from different countries. In addition, it proffers higher vehicle safety for regular protection, elevated behavioral predispositions to driverless cars, and magnifies the norms of ADAS’s market. The surging integration of technology-driven and artificial intelligence operations in healthcare is stimulating the market’s share. The effectiveness of artificial intelligence training in the healthcare sector is completed with the specific medical image elucidations and aims in ophthalmology, pathology, radiology, and dermatology, which has strengthened the Data Collection and Labeling Market market size.
Furthermore, the widespread and sudden outbreak of the coronavirus pandemic has hampered market growth. This was majorly due to the temporary closure of the systems leading to disruptions in the supply and demand value chain. Additionally, users and enterprises face serious economic disputes due to oddities in the service-based vertical operations. The incorrectness in the data annotations further curbs the market share. This majorly occurs because of the human fallacies by putting the wrong field in the input, which creates a wrong dataset.
Data Type Segment Drivers
Based on the data type, the text is expected to witness faster growth in the coming years. This is due to the aggravating acquisition of electronic health records guiding the growth in medical text leading to better supervision and valuable resourceful data.
Vertical Segment Drivers
Based on the vertical, healthcare is projected to expand at a noteworthy rate over the forecast period. This is because of the escalating prospects of the healthcare industry. Artificial intelligence is extensively implemented in the medical sector for uses, like treatment prediction, diagnostic automation, and gene sequencing contributing to market growth.
Regional Drivers
Based on the regional coverage, North America will hold a major share in the market over the coming years due to their early adoption, which includes Canada and the United States, considered the edges of artificial intelligence applications. The soaring tendency like virtual shopping and mass adoption of smart devices to recognize voice and faces will drive the market growth.
Data Collection and Labeling Market Segmentation:
Segmentation by Data Type
- Text
- Image/Video
- Audio
Segmentation by Vertical
- IT
- Automotive
- Government
- Healthcare
- BFSI
- Retail & E-Commerce
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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