Report Ocean conducted research on the global Data Annotation Tools market, some important discoveries were made. First, the market is expanding steadily, and over the coming years, demand is expected to rise. Second, there is a lot of market competition, yet only a few major businesses control the sector. Last but not least, there are numerous chances for market innovation and improvement, notably in terms of product offerings and marketing tactics.
The global data annotation tool market was valued at $1,355.10 million in 2020. The global data annotation tool market is forecast to grow at a CAGR of 26.1% during the forecast period from 2021-2027.
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The data annotation tool is a software solution that can be deployed on-premise, in the cloud, or as a containerized solution designed to interpret machine learning training tools. Data annotation tools can also be used to create and analyze an explicit set of data, such as video, image, text, spreadsheet, and sensor data, within different deployment models such as SaaS (Cloud), on-premises, and container. Additionally, data annotation tools are growing in popularity as organizations globally build their own annotation tools.
Factors Affecting the Global Data Annotation Tool Market
The global adoption of open-source data annotation tools is further fueled by organizations building their data annotation tools themselves.
The growing demand for data annotation tools could be attributed to artificial intelligence and machine learning solutions being increasingly implemented in the healthcare and IT sectors during the forecast period.
A rise in the demand for annotated data to improve machine learning models is expected to propel the growth of the data annotation tools market during the forecast period.
Data annotation tools are being driven by the growth of autonomous driving technologies and artificial intelligence/machine learning technology combining to spur investment in the field.
This market growth is being stifled by the shortage of skilled workforce and the high costs of manual annotation.
During the forecast period, the market for data annotation tools is expected to experience growth due to the growing adoption of medical imaging data annotation.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Data Annotation Tools Market.
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Covid-19 Impact on the Global Data Annotation Tool Market
Covid-19 was a major driver for the growth of the data annotation tools market because of the demand for artificial intelligence and machine learning-based solutions, which boosted the demand for annotation tools. In 2021, the market is projected to grow at a relatively high rate. A shortage of skilled workers during the lockdown really hurt the global market for data annotating tools. Additionally, the market growth during the forecast period will be driven by a surge in the usage of text annotation for document classification.
Regional Analysis: The Global Data Annotation Tool Market
The data annotation tool market in Asia-Pacific will grow at the highest compound annual growth rate during the forecast period of 2021-2027. Data annotation tools are widely adopted in emerging economies in the Asia Pacific, especially in the healthcare and financial services sectors. Health care in the region is experiencing rapid growth because of advances in technology and innovative programs for access to healthcare.
According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
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Key Players in the Global Data Annotation Tool Market
Several competitors in the global data annotation tool market are:
Amazon Mechanical Turk Inc.
Appen Limited
Cogito
Dbrain
LightTag
tagtog Sp. z o.o.
Lionbridge Technologies Inc.
clickworker GmbH
Playment
Scale AI Inc.
Other Prominent Players
Aim of the Report: The Global Data Annotation Tool Market
The global data annotation tool market is segmented by Annotation Type, Component, End-User, and Region.
Segmentation based on Annotation Type
Manual Annotation
Semi-Supervised
Automated Annotation
Segmentation based on Component
Solutions
Image/video
Text
Audio
Service
Professional Services
Managed Services
Segmentation based on End-User
Healthcare
Retail & E-Commerce
BFSI
Government
IT & Telecommunication
Automotive
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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