Data Annotation and Labeling Market Size, Share, Growth, Trends and Forecast - 2027

 According to a research report "Data Annotation and Labeling Market Size by Component, Data Type, Application (Dataset Management, Sentiment Analysis), Annotation Type, Vertical (BFSI, IT and ITES, Healthcare and Life Sciences) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global data annotation and labeling market size is projected to register a CAGR of 33.2% during the forecast period, reaching 3.6 billion by 2027 from an estimated USD 0.8 billion in 2022. Nowadays, data had become the key foundation for many businesses across the globe. It fosters organizational development and progress and is crucial to decision-making. Businesses can gain a significant advantage over their competitors and find long-term success by utilizing data insights and experimenting with the trending data annotation solutions. Technologies such as artificial intelligence, machine learning, Internet of Things, and robots are generating large amounts of data on a daily basis.  Data efficiency will therefore will become increasingly important in light of emerging trends for data annotation and labeling market.

By vertical, healthcare and life sciences segment to register highest CAGR during forecast period

The data annotation and labeling market has been segmented based on vertical into BFSI, IT and ITES, Healthcare and Life Sciences, Telecom, Reatil and Consumer Goods, Automotive, Government, Defense and Public Agencies and other verticals. Businesses are using data annotation techniques to reliably and efficiently identify huge volumes of Al training data with minimum human assistance. Healthcare organizations are now able to do faster research in the field of automated patient diagnosis due to the adoption of healthcare training data for the development of sophisticated Al applications. This has driven the demand for high-quality annotated medical datasets to develop high-performance healthcare solutions. In May 2021, Cogito Tech had announced the expansion of its medical annotation capabilities in pathology, ophthalmology & cardiology. During the forecast period the healthcare and life sciences segment is anticipated to grow at a highest CAGR.

By applications, corporate communication is projected to register largest market size during the forecast period

The data annotation and labeling market has been segmented based on applications into corporate communication, training and development, and marketing and client engagement. Corporate communications solutions facilitate communication with employees irrespective of their geographic locations. Executives can build a more personal relationship with the workforce with the use of data annotation and labeling tools. Due to the growing need for businesses to facilitate communications with both internal and external workers, the market for corporate communications via data annotation and labeling is developing. During the forecast period this segment is anticipated to register the largest market size.

By data type, audio is anticipated to grow at a highest CAGR during the forecast period

The data annotation and labeling market has been segmented based on data type into image, text, video, and audio. Among these data type, audio is anticipated to grow at a highest CAGR during the forecase period. It adds appropriate metadata and tags in audio recordings to enable machines to comprehend sounds and speech based on their emotional, sentimental, and semantic contexts for training natural language processing systems. Audio annotation can be used for a variety of purposes, such as organizing audio files, enhancing searchability, and making it simpler to find specific parts of an audio recording. However, the most important use of audio annotations is in the training and development of speech recognition systems, including chatbots, virtual assistants, security systems, and more.

North America anticipated to account for largest market size during forecast period

Among the regions, North America is anticipated to account for the largest market size during the forecast period. The presence of various key market players and the demand for highly customized data sets curated by trained professionals would fuels the growth of data anootation and labeling market across the region. Due to its well-established economies, countries across North America are witnessing significant investments in data annotation and labeling projects.

Some of the major data annotation and labeling market vendors are Google (US), Appen (Australia), IBM (US), Oracle (US), TELUS International (Canada), Adobe (US), AWS (US), Alegion (US), Cogito Tech (US), Anolytics (US), AI Data Innovation (US), Clickworker (Germany), CloudFactory (UK), CapeStart (US), DataPure (US), LXT (Canada), Precise BPO Solution (India), Sigma (US), Segment.ai (US), Defined.ai (US), Dataloop (Israel), Labelbox (US), V7 (UK), LightTag (Germany), SuperAnnotate (US), Scale (US), Datasur (US), Kili Technology (France), Understand.ai (Germany), Keylabs (Israel), and Label Your Data (US).

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

 

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Comments

Post a Comment

Popular posts from this blog

Metaverse in Gaming Market Growth to $119.2 Billion by 2028

  The global Metaverse in gaming market growth is projected to expand from USD 22.7 billion in 2023 to USD 119.2 billion by 2028, registering a CAGR of 39.3% over the forecast period. The Metaverse in gaming Market is fuelled by rising demand for online gaming. The substantial global in-game metaverse market suggests many consumers are familiar and comfortable with making transactions in virtual worlds, which sets the stage for more commerce (market growth) to shift towards gaming metaverse experiences. AR and VR headsets will continue to be the primary choice for immersive interactive gaming metaverse experiences for quite some time, but less intrusive technologies will become more common in the near future. Glasses-free display technologies and holographic projection is already gaining traction and will mature to become a more common gaming metaverse gateway. Download PDF Brochure@   https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=15811534 By component, hardware seg...
Read more

Market for Phishing Protection to Reach $4.1 Billion by 2028

The global market for phishing protection is projected to expand from USD 2.2 billion in 2023 to USD 4.1 billion by 2028, achieving a compound annual growth rate (CAGR) of 13.5%. Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=103391093 The driving force behind the rapid expansion of the phishing protection market is rooted in the persistent and adaptive nature of cyber threats, particularly the escalating sophistication of phishing attacks. Organizations are compelled to bolster their cybersecurity defenses as they grapple with the growing diversity of deceptive tactics cybercriminals employ. The prevalence of remote work arrangements and the expanding attack surface in an increasingly interconnected digital landscape further accentuate the urgency for robust phishing protection measures. The intensified regulatory landscape and the need to ensure compliance with data protection regulations fuels the demand for advanced cybersecurity solutions. In th...
Read more

Global Small Language Models Market Worth $5.45 Billion by 2032

  The Global Small Language Model Market is forecasted to rise substantially from USD 0.93 billion in 2025 to USD 5.45 billion by 2032, registering a CAGR of 28.7%. With the growing demand for domain-specific AI that prioritizes performance over computational complexity, the Small Language Model (SLM) market is gaining momentum. In contrast to Large Language Models (LLMs), SLMs are tailored for deployment on low-power devices, facilitating real-time processing and improved data privacy without a heavy dependency on cloud infrastructure. Efforts and accuracy in model compression techniques such as pruning, quantization or knowledge distillation are further growing the market. Additionally, the rising demand for privacy-focused AI models and specialized applications in sectors like healthcare, finance, manufacturing, and legal industries is driving adoption. OpenAI, Microsoft, Meta, and Cohere are among the leading technology providers that have invested heavily in scalable, flexibl...
Read more