Global Data Annotation Tools Market Size, Share, Outlook, and Opportunity Analysis, By Medium (Audio, Text, Image, Video), By Annotation Type (Manual, Automated), By End User (IT, Automotive, Government, Healthcare, Financial Services, Retail, Others), By Region - 2022 – 2027
Data Annotation Tools Market
The Global Data Annotation Tools Market was valued at USD 750 Mn in 2021 and is expected to reach USD 3,073.3 Mn by 2027, at a CAGR of 26.5% from 2022-2027.
By labelling or adding attribute tags to data, users are able to increase the value of the information. The main advantage of employing annotation tools is that the combination of data attributes allows users to manage the data definition at a single site and removes the need to duplicate similar rules in different places.
Market Drivers
The rise of the market is mostly being driven by the rising usage of photo data annotation tools in the retail, automotive, and healthcare sectors.
The business for data annotation is also anticipated to profit from the increasing need for machine learning advancements as well as the increasing investment in cutting-edge automated driving technologies. Data efficiency is crucial for developing new business ideas, infrastructure, and economies because of emerging technologies like IoT, ML, Robotics, Predictive Analytics, and AI. These factors are considerably aiding the market's expansion.
Market Restraints
The inaccuracy of data annotation technologies limits the market's expansion. Issues relating to inaccurately labeled data quality are the market's main obstacle. The cost of the annotation process can increase if the data that was manually labeled contains incorrect labeling. It can also take longer to find these incorrect labels. The accuracy of automated data annotation tools is increasing, though, as more complex algorithms are developed, which will soon result in a decrease in the need for manual annotation and a decrease in tool costs.
Market Segmentation
The Global Data Annotation Tools Market is segmented into media types of audio, text, image, and video, as well as annotation types of manual or automated. The market is additionally divided by end-user sectors including IT, Automotive, Government, Healthcare, Financial Services, Retail, and Others.
Regional Analysis
The market share is anticipated to be dominated by North America. This will be a result of the market vendors' extensive geographic and product expansion strategy. Furthermore, throughout the projection period, the European market is anticipated to experience a consistent expansion, while the market in Asia-Pacific is anticipated to demonstrate the maximum CAGR. Especially in the Financial, Retail, and automotive verticals, emerging economies in the Asia Pacific area have tremendous potential for the broad adoption of data annotation technologies.
Key Developments
In February 2023, IIT-Madras Research Park partnered with NASSCOM to set up a data annotation center in Tamil Nadu, India.
November 2022 RedBrick AI, a HealthTech business, received $4.6 million from a seed investment round led by Sequoia India and Southeast Asia's Surge, with support from Y Combinator and other investors.
Key Players
Alegion, Amazon Mechanical Turk, Annotate.com, Appen Limited, ClickWorker GmbH, CloudApp, CloudFactory Limited, Cogito Tech LLC, Deep Systems, Explosion AI GMbH, Google LLC, Labelbox, LightTag, Lionbridge Technologies, Lotus Quality Assurance.
Market Taxonomy
By Medium
• Audio
• Text
• Image
• Video
By Annotation Type
• Manual
• Automated
By End User
• IT
• Automotive
• Government
• Healthcare
• Financial Services
• Retail
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Data Annotation Tools Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Data Annotation Tools Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Data Annotation Tools Market, By Medium
5.1 Y-o-Y Growth Comparison, By Medium
5.2 Global Data Annotation Tools Market Share Analysis, By Medium
5.3 Global Data Annotation Tools Market Size and Forecast, By Medium
5.3.1 Audio
5.3.2 Text
5.3.3 Image
5.3.4 Video
6 Global Data Annotation Tools Market, By Annotation Type
6.1 Y-o-Y Growth Comparison, By Annotation Type
6.2 Global Data Annotation Tools Market Share Analysis, By Annotation Type
6.3 Global Data Annotation Tools Market Size and Forecast, By Annotation Type
6.3.1 Manual
6.3.2 Automated
7 Global Data Annotation Tools Market, By End User
7.1 Y-o-Y Growth Comparison, By End User
7.2 Global Data Annotation Tools Market Share Analysis, By End User
7.3 Global Data Annotation Tools Market Size and Forecast, By End User
7.3.1 IT
7.3.2 Automotive
7.3.3 Government
7.3.4 Healthcare
7.3.5 Financial Services
7.3.6 Retail
7.3.7 Others
8 Global Data Annotation Tools Market, By Region
8.1 Global Data Annotation Tools Market Share Analysis, By Region
8.2 Global Data Annotation Tools Market Size and Forecast, By Region
9 North America Data Annotation Tools Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Data Annotation Tools Market Share Analysis, By Medium
9.3 North America Data Annotation Tools Market Size and Forecast, By Annotation Type
9.4 North America Data Annotation Tools Market Size and Forecast, By End User
9.5 North America Data Annotation Tools Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Data Annotation Tools Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Data Annotation Tools Market Share Analysis, By Medium
10.3 Europe Data Annotation Tools Market Size and Forecast, By Annotation Type
10.4 Europe Data Annotation Tools Market Size and Forecast, By End User
10.5 Europe Data Annotation Tools Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4 Rest of Europe
11 Asia Pacific Data Annotation Tools Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Data Annotation Tools Market Share Analysis, By Medium
11.3 Asia Pacific Data Annotation Tools Market Size and Forecast, By Annotation Type
11.4 Asia Pacific Data Annotation Tools Market Size and Forecast, By End User
11.5 Asia Pacific Data Annotation Tools Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Rest of Asia
12 Latin America Data Annotation Tools Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Data Annotation Tools Market Share Analysis, By Medium
12.3 Latin America Data Annotation Tools Market Size and Forecast, By Annotation Type
12.4 Latin America Data Annotation Tools Market Size and Forecast, By End User
12.5 Latin America Data Annotation Tools Market Size and Forecast, By Country
12.5.1 Brazil
12.5.2 Rest of Latin America
13 Middle East Data Annotation Tools Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Middle East Data Annotation Tools Market Share Analysis, By Medium
13.3 Middle East Data Annotation Tools Market Size and Forecast, By Annotation Type
13.4 Middle East Data Annotation Tools Market Size and Forecast, By End User
13.5 Middle East Data Annotation Tools Market Size and Forecast, By Country
13.5.1 Saudi Arabia
13.5.2 UAE
13.5.3 Egypt
13.5.4 Kuwait
13.5.5 South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Alegion
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Amazon Mechanical Turk
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Annotate.com
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Appen Limited
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 ClickWorker GmbH
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 CloudApp
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 CloudFactory Limited
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Cogito Tech LLC
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Deep Systems
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Explosion AI GMbH
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
Others
11. Google LLC
12. Labelbox
13. Lionbridge Technologies
14. Lotus Quality Assurance
