Data Annotation Tools market accounted for US$ 695.5 million in 2017 and is projected to reach US$ 6450.0 million by 2027; it is expected to grow at a CAGR of 32.54% from 2020 to 2027.
The process of data annotation includes labelling of data which makes it usable for machine learning. Data annotation tools are an important tool for data scientists as they make use of the labelled data with machine learning algorithms. Data can be in any form such as images (from cars, phones, or medical instruments), text (in English, Spanish, Chinese, or any other language), audio and video. There are different types of annotation techniques like polygon annotation, semantic segmentation, bounding box annotation, landmark annotation, polylines annotation and 3D point cloud annotation. In house teams can label the data if it is a small set, but this can be time consuming. When data is huge outsourcing it to companies like Precise BPO Solution who can handle millions of annotations in a week could save time. Further, investments by various market players in data annotation techniques in order to offer high quality labelled data are predictable to play a significant role in the near future.
The applications of data annotation continue to grow strongly across the globe. Face detection and recognition is one of the major application of data annotation. Countries across the globe are implementing various facial technology to create social status and award penalties for public menace to its citizens. For instance, China has installed 200 million surveillance cameras, one camera for every seven of its citizens. It plans to install about 400 million new cameras by 2021 in the country. The cameras are installed for security and traffic control purposes.
Key Players Influencing the Market
- Appen Limited
- CloudFactory Limited
- Deep Systems
- Google LLC
- Labelbox, Inc
- Tagtog Sp. z o.o.
- PLAYMENT INC.
- SCALE AI, INC.
The market for data annotation tools has been segmented on the basis of type, annotation type, end-user, and geography. Based on type, the data annotation tools market has been segmented into text, image, others. Based on annotation type, the data annotation tools market has been segmented into manual, semi-supervised, automatic. Based on end-user, the data annotation tools market has been segmented into automotive, government, healthcare, financial services, retail, IT and telecom, others. Geographically, the data annotation tools market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The overall global data annotation tools market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global data annotation tools market. It also provides an overview and forecast for the data annotation tools market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the data annotation tools industry.
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