Data Annotation Tools Market Is Projected To Reach US$ 6.6 Billion At A CAGR Of 14.5% By 2034

Growing Requirements for Diverse AI Models Making Data Annotation Tools More Attractive: Fact.MR Report

ROCKVILLE, MD, UNITED STATES, May 30, 2024 /EINPresswire.com/ — Worldwide revenue from the sales of data annotation tools is estimated to reach US$ 1.7 billion in 2024, as stated in the latest market study recently published by Fact.MR, a market research and competitive intelligence provider. The global data annotation tool market is forecasted to expand at a CAGR of 14.5% from 2024 to 2034.

Expansion of the global market is being driven by rising adoption of data annotation tools in several sectors, including healthcare, retail, automotive, etc. These tools contribute to value addition with the use of labeling and tagging. The increasing number of large datasets and the rise of big data are anticipated to generate requirements for artificial intelligence technologies in data annotations. Increasing expenditure on advanced autonomous technologies and growing requirements for improvements in ML (machine learning) are benefiting market growth.

Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=4710

Key Takeaway from Market Study

Global demand for data annotation tools is poised to reach a market value of US$ 1.7 billion in 2024. The global data annotation tool market is forecasted to reach US$ 6.6 billion by the end of 2034.

The market is has been projected to advance at a CAGR of 14.5% from 2024 to 2034. Manual data annotation tools are approximated to account for 64% of the global market share by the end of 2034.

Sales of data annotation tools in the South Korean market are evaluated to rise at 16.1% CAGR from 2024 to 2034. North America is set to account for 31.5% share of global market revenue by 2034-end.

“Growth of data-driven technologies, increasing requirements for training multiple AL models, and growing concentration on autonomous systems are set to increase the deployment of data annotation tools,” says a Fact.MR analyst.

Ensured High-quality Input through Data Annotation Tools in the United States

Demand for data annotation tools in the United States is forecasted to accelerate at a CAGR of 14.2% and reach a valuation of US$ 900 million by the end of 2034. The growing adoption of data annotation tools in the country is attributed to their capability to ensure high-quality input data. Further, increased accuracy and high precision of data annotation tools are also contributing to their sales in the country.

Key Market Players

Cogito Tech LLC, Google LLC, CloudFactory Limited, Amazon Mechanical Turk Inc., Clickworker GmbH, Appen Limited, Labelbox Inc., Annotate.com, Playment Inc., Alegion, and CloudApp are some of the prominent suppliers of data annotation tools.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the data annotation tool market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on data type (text, images/videos, audio), annotation type (manual data, semi-supervised, automatic), and vertical (IT, automotive, government, healthcare, financial services, retail), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=4710

Insights by country:

According to a recently published study by Fact.MR, a market research and competitive intelligence provider, North America is projected to account for 31.5% of the global market by 2034. This significant share is attributed to the increasing use of data annotation tools in the region to ensure precise and high-quality input data.

Within North America, the United States is expected to hold 45.6% of the market share by the end of 2034. The growing adoption of manual data annotation tools for maintaining high-quality input data is a key driver of market growth. Enhanced accuracy and precision are also major factors contributing to the rising demand for data annotation tools.

Competitive Landscape

Some of the prominent suppliers of data annotation tools are coming up with more effective services to generate leads. They are increasing their expenditure on new product development, providing quality products, and managing systems utilized in the supply chain. Moreover, acquisitions, collaborations, partnerships, etc., are some other strategies adopted by players.

For instance :

Appen Limited is a company based in Australia and offers quality training data for numerous organizations building AI systems. In August 2021, the company announced the acquisition of Quadrant, who is dealing in corresponding compliance services, mobile location data, and Point-of-interest data.

CloudApp is a cross-platform used prominently for the modern workplace. In May 2021, the company announced a collaboration with Slack as well as Atlassian products Confluence and Jira.

Explore More Studies Published by Fact.MR Research:

Data Collection and Labeling Market: The global data collection and labeling market size is estimated at US$ 2.57 billion in 2024 and is projected to expand at a robust CAGR of 18% to reach US$ 13.45 billion by 2034-end, as per the latest market study by Fact.MR.

DNA Data Storage Market: The newly released DNA data storage market analysis report by Fact.MR reveals that global revenues of DNA data storage in 2022 were held at US$ 105 million. With a 69.8% projected CAGR from 2023 to 2033, the market is expected to reach a US$ 35.8 billion valuation by the end of the forecast period.

About Fact.MR:

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.

Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com

S. N. Jha
Fact.MR
email us here