Data Annotation Tools Market will witness tremendous growth over the forecast timeframe

The data annotation tools market will exceed a valuation of $5 billion by 2026. 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. This solution enabled the company to develop advanced solutions to deal with crop diseases and pest infestations. Data annotation tools market size from the agriculture segment is projected to grow at a 30% CAGR over 2020-2026.

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.

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In 2019, manual data annotation tools segment procured around 75% share in the global share. The segmental growth is stemmed from the improved quality of labeled data achieved by using manual data annotation tools in comparison with automated data labeling. Also, manually labeled data has found significant application in development of AI algorithms, which are applied in essential operations owing to the better quality and high accuracy obtained from them. For example, in June 2019, members of Purdue University, U.S., built AI-based systems for detection of faults and cracks in nuclear reactors.

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 market 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.

Table of Contents (ToC) of the report:

Chapter 5.    Data Annotation Tools Market, By Data Type

5.1.    Key trends, by data type

5.2.    Image/video

5.2.1. Market estimates and forecast, 2015 – 2026

5.2.2. Bounding box

5.2.2.1.    Market estimates and forecast, 2015 – 2026

5.2.3. Semantic annotation

5.2.3.1.    Market estimates and forecast, 2015 – 2026

5.2.4. Polygon annotation

5.2.4.1.    Market estimates and forecast, 2015 – 2026

5.2.5. Line annotation

5.2.5.1.    Market estimates and forecast, 2015 – 2026

5.2.6. Others

5.2.6.1.    Market estimates and forecast, 2015 – 2026

5.3.    Text

5.3.1. Market estimates and forecast, 2015 – 2026

5.4.    Audio

5.4.1. Market estimates and forecast, 2015 – 2026

Chapter 6.    Data Annotation Tools Market, By Annotation Approach

6.1.    Key trends, by annotation approach

6.2.    Manual annotation

6.2.1. Market estimates and forecast, 2015 – 2026

6.3.    Automated annotation

6.3.1. Market estimates and forecast, 2015 – 2026

Chapter 7.    Data Annotation Tools Market, By Application

7.1.    Key trends, by application

7.2.    IT & telecom

7.2.1. Market estimates and forecast, 2015 - 2026

7.3.    BFSI

7.3.1. Market estimates and forecast, 2015 – 2026

7.4.    Healthcare

7.4.1. Market estimates and forecast, 2015 - 2026

7.5.    Retail

7.5.1. Market estimates and forecast, 2015 – 2026

7.6.    Automotive

7.6.1. Market estimates and forecast, 2015 - 2026

7.7.    Agriculture

7.7.1. Market estimates and forecast, 2015 – 2026

7.8.    Others

7.8.1. Market estimates and forecast, 2015 - 2026

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