As per the analysis conducted by Fact MR, the global data annotation market is anticipated to exhibit a CAGR of 15.1% during the forecast period from 2022-2032.
The increased adoption of the ‘do-it-yourself’ method is projected to be one of the significant factors boosting the market in the assessment period. The growing penetration of AI and machine learning solutions in the healthcare sector is anticipated to be another significant cause that can augment the industry in the coming time. Furthermore, the outbreak of COVID-19 offered various opportunities for expansion to the industry owing to the adoption of Work from Home culture.
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Key Takeaways from the Market Study
- The global data annotation tool market is anticipated to exhibit a CAGR of 15.1% during the forecast period from 2022 to 2032.
- The manual annotation segment is projected to garner a market share of 76% during the forecast period.
- The automatic annotation tool segment is projected to witness the highest growth trajectory while expanding at a CAGR of 17% in the forecast period.
- North America is anticipated to garner 32% of the global market share, growing at a CAGR of 13%
- South Asia & Pacific to be fastest growing, registering a CAGR worth 18% through 2032
Key Segments Covered in the Data Annotation Tool Industry Report
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Data Type
- Text Data Annotation Tool
- Image/Video Data Annotation Tool
- Audio Data Annotation Tool
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Annotation Type
- Manual Data Annotation Tool
- Semi-supervised Data Annotation Tool
- Automatic Data Annotation Tool
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Vertical
- Data Annotation Tool for IT
- Data Annotation Tool for Automotive
- Data Annotation Tool for Government
- Data Annotation Tool for Healthcare
- Data Annotation Tool for Financial Services
- Data Annotation Tool for Retail
- Data Annotation Tool for Other Verticals
Competitive Landscape
Several players of the global data annotation tool market are providing various services which are expected to give the players a higher position against their competitors in the market. The key players majorly focus on investments, expansions, delivery, acquisitions, brand development, and portfolio expansion.
- In August 2021, Appen Limited, an Australian company that offers high-quality training data for organizations that build AI systems, announced its plan to acquire Quadrant, the global player in mobile location data, corresponding compliance services, and Pint-of Interest data.
- In May 2021, CloudApp, a cross-platform for the modern workplace, announced a partnership with Slack and Atlassian products Jira and Confluence.