Data annotation generally refers to the process of labeling and tagging all forms of data, images, text, video, audio, and others, so as to make it usable for machine learning. Data annotation tools are very important tool for data scientists as they make use of the labeled data with machine learning algorithms. Mainly, data annotation is expected to play a major role in enhancing the applications of AI in the healthcare sector. Also, AI-backed machines use machine vision or computer vision in medical imaging data technologies to sense patterns and identify possible injuries, which assists medical practitioners in automatically generating reports after the individual is examined. Additionally, the database of CT scan, MRI, and X-Ray images can be easily screened by the AI to determine different injuries. Furthermore, data annotation tools help train AI systems in differentiating data obtained from normal as well as injured medical images to generate the final reports of the examined individuals.
Global Data Annotation Tools Market: Key Players
The research study includes profiles of leading companies operating in the global data annotation tools market. Key players profiled in the report include: Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC, Deep Systems, Labelbox, Inc., LightTag, Lotus Quality Assurance, Clickworker GmbH, Alegion, Figure Eight Inc., Amazon Mechanical Turk, Inc., Explosion AI, Mighty AI, Inc., Trilldata Technologies Pvt. Ltd., Scale Inc., and Google, LLC.
Drivers for the Global Data Annotation Tools Market:
According to current market condition, the rising adoption of image data annotation tools in the automotive, retail and healthcare sectors are boosting the growth of the data annotation tools market. Moreover, the data annotation tool is the tool that is used for labeling data that can be in any form, such as in the text, audio, images, video, etc. Data annotation tools enable them to address complex data challenges, which boosting the growth of the data annotation tools market. Apart from that, rising innovations in the retail segment, improving the E-commerce sector, is growing the utilization of annotation tools that are fueling the growth of the data annotation tools market.
Opportunities for the Global Data Annotation Tools Market:
The rise of big data and increase in a number of large datasets have necessitated the use of artificial intelligence technologies. The rapid growth of artificial intelligence is a significantly growing demand for data annotation tools market. As well as, increasing technological advancements in the automotive sector, specifically in the development of autonomous vehicles and the connected vehicle, is expected to boost the growth of the data annotation tools market.
Restrains for the Global Data Annotation Tools Market:
However, inaccuracy of data annotation tools acts as a restraint to the growth of the market. For instance, a given image may have low resolution and can include multiple objects that makes it difficult to label. Also, the primary challenge faced by the market is issues related to inaccuracy in the quality of data labelled. In some cases, the data labeled manually may contain erroneous labeling and the time to detect such erroneous labels may vary, which further adds to the cost of the entire annotation process. Additionally, with the development of sophisticated algorithms, the accuracy of automated tools is improving, thus reducing the dependency on manual annotation and cost of the tools in the near future.
Region Wise, Global Data Annotation Tools Market Analysis:
On the basis of region, global data annotation tools market includes North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The North American market for data annotation tools is expected to dominate the global market. Market growth in the North American region can be attributed to significant investment in artificial intelligence and machine learning technologies. North America region is followed by Asia pacific and Europe.
Global Data Annotation Tools Market: Product analysis
Global Data Annotation Tools Market: Application analysis
- Financial Services
Global Data Annotation Tools Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
Proficient Market is the leading research company offering both tactical and strategic support to all our customers. Customer satisfaction is our goal and that is why, we have a team of skilled and experienced specialist with the ability to do data mining, information management, and revenue enhancement solutions to ensure that our clients make informed decisions when coming to investing in the market. Our happiness is when we help our clients grow their business, strengthen the brands and educate their members or consumers through the ever-new fun research methods developed by our team.
1st Floor, Harikrishna Building,
Samarth Nagar, New Sanghvi,
Pune- 411027 India
Tel: +91-8149441100 (GMT Office Hours)
Email: [email protected]