Global Data Annotation Tools Market

Description

Global Data Annotation Tools Market was valued US$ XX Bn in 2018 and is expected to reach US$ 2.03 Bn by 2026, at a CAGR of around XX % during a forecast period.

Annotation in machine learning is a process of labeling data which can be in form of text, images, audio or objects to make it recognizable for machines. Data annotation tools allow users to add cost to data by labeling and adding data attributes. The combination of data attributes allows users to manage data definitions in someplace by eliminating the need to rewrite similar rules in multiple places.



Global Data Annotation Tools Market
The growth of the data annotation tools market is driven as there is favorable need in the industry. Vendors in this market are seen focusing on the development of novel marketing strategies and ideas to carve a niche position for themselves. The prominent focus is being put towards the launch of new products, create a brand reputation, and gain a strong position in the global data annotation tools market.

The report covers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a significant role in the enlargement of the market from 2019 to 2026.
Based on the type, the image segment is expected to dominate the xx% market share during the forecast period. The image segment data annotation is in the field of medical imaging. The medical imaging technology uses different equipment’s, such as x-ray scans, CT-scan to diagnose diseases and help doctors or surgeons decide the progress of treatment. Medical imaging is perceived to view and analyze the internal phases of the body with various sets of techniques that noninvasively produce images.

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Manual data annotation segment expected to dominate the xx% market share during the forecast period. The high level of integrity is needed for minimal administration of data annotation efforts, and a higher chance of discovering intriguing insights on the data as compared to automatic annotation. However, as the manual process can be expensive to considered data gathered through crowdsourcing activities is used for a variety of applications.
Asia-Pacific is estimated to be the largest market for data annotation tools during the forecast period, owing to the rising adoption of data annotation tools in healthcare & financial sectors. Developing countries such as India and China are witnessing strong growth in the healthcare sector due to adoption of innovative technologies such as ‘AI’ and machine learning.
The report covers the recent development in the data annotation tools market like in March 2019, Alegion, a leading AI and machine learning training data preparation platform provider launched novel image & video annotation tools for training data for AI and machine learning. This new product helped the business to offer robust machine learning solutions for the automotive, government, and financial sectors.