Data Annotation Tools Market is estimated to witness lucrative growth from 2020 to 2026
Posted: Feb 14, 2020
A research report published by Global Market Insights, Inc., suggests that data annotation tools market will exceed a valuation of $5 billion by 2026. Global data annotation tools market derives much of its growth from the rising penetration of machine learning and artificial intelligence technologies in various industry verticals. These tools are witnessing extensive adoption in healthcare, telecom, agriculture industries. Data annotation tools industry size from the agriculture segment is projected to grow at a 30% CAGR over 2020-2026.
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Artificial intelligence has witnessed massive deployment in agricultural applications for semantic segmentation of videos & images using data labeling tools. These tools help farming robots in executing many real-time actions, including herbicide spraying, weed controlling, and automated monitoring of huge acreage farmlands. For example, in 2018, Cropin, an AgTech solutions provider collaborated with ITC Ltd., an Indian multinational conglomerate company, to digitally plan and annotate the imagery of farmlands expanded in around 24,000 acres across four states of India.
Text data labeling has gained significance in creating document classification algorithms and accomplishing sentiment analysis. It has also found wide-ranging applications in scrutinizing objectional materials and potential threat topics in social media handles. The same can be validated by funds provided by Defense Institute of Advanced Technology under the Ministry of Defense, India, to perform research for deployment of text labeling tools to examine social networks and suspect terrorist groups. Data annotation tools industry size from text annotation tools segment is likely to record a CAGR of around 35% over the forecast period.
Speaking about the regional landscape, Europe data annotation tools market is likely to experience growth spurts across the Netherlands, Germany, and Nordic countries. These countries being the frontrunners in the implementation of AI and machine learning technologies provide lucrative opportunities for data annotation tools industry growth. Moreover, in Europe, business corporations have been amplifying focus on adoption of AI technologies. The European Commission has earmarked around $775 million for the development of AI-related projects under Horizon 2020 digital strategy. Europe data annotation tools market is likely to observe a CAGR of more than 30% over 2020-2026.
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Growing adoption of data annotation tools in various end-use industries has stimulated industry players to develop novel marketing strategies to secure a niche position for themselves. For example, in October 2018, Playment, a data labeling platform for AI, teamed up with Ouster, a leading LiDAR sensors provider, for annotation and calibration of 3D imagery captured by its sensors. Some other major data annotation tools industry players include Appen Limited, Alegion, Inc., Amazon Web Services, Inc., CloudApp, Inc., Clickworker GmbH, CloudFactory Limited, Google LLC, and Cogito amongst others.
Browse key industry insights spread across 230 pages with 259 market data tables and 29 figures & charts from the report, "Data Annotation Tools Market, Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026" in detail along with the table of contents: https://www.gminsights.com/industry-analysis/data-annotation-tools-market
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