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Data annotation is the process of labelling data so that it can be used for machine learning. Data scientists use data annotation tools because they use labelled data with machine learning algorithms. Images (from cars, phones, or medical gadgets), text (in English, Spanish, Chinese, and other languages), audio, and video are all examples of data.
Polygon annotation, semantic segmentation, bounding box annotation, landmark annotation, polylines annotation, and 3D point cloud annotation are all examples of annotation techniques. If the data collection is tiny, in-house teams can classify it, but this can be time intensive. When a huge amount of data needs to be annotated, businesses like Precise BPO Solution are used, since they can handle millions of annotations in a week and save time. Furthermore, numerous market participants are projected to increase their investments in data annotation methodologies in order to provide high-quality labelled data, which is expected to drive market growth.
Data annotation is becoming increasingly popular around the world. One of the most common uses of data annotation is face detection and recognition. Various facial technologies are being used by countries around the world to create social status and to punish persons who pose a public threat.
By increasing AI applications in healthcare, data annotation tools benefit the healthcare sector tremendously. By learning from their patterns and data insights, AI-powered devices may autonomously generate medical reports for patients. The epidemic is predicted to have a beneficial effect on the data annotation market in general.
Key Market Driver -
Growth in investments and increasing application of data annotation is going to drive the success of this market
Key Market Restraint -
Disadvantages that comes with the various automation techniques and lack of skilled labor is going to restrain the market growth.
Alegion, Inc., Appen Limited, Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc., CloudFactory Limited, Cogito, Google LLC, Hive, IBM Corporation, iMerit, Labelbox, Inc., LionBridge AI, Neurala, Inc., Playment Inc., Samasource Inc., Scale, Inc., Trilldata Technologies Pvt. Ltd., and Webtunix AI. And others are some of the major players in this market.
North America led the market, accounting for the lion's share of revenue. This is owing to market vendors' aggressive product and regional expansion strategies in order to achieve a competitive advantage.
Over the projection period, the European market is expected to increase at a stable pace. Furthermore, the growing emphasis on image annotation is expected to improve the retail and automotive verticals' operations in Europe.
Over the projected period, the market in Asia Pacific is expected to grow at the fastest rate. The Asia Pacific region has a lot of potential for widespread adoption of data annotation tools, especially in the healthcare and financial services sectors. The region's healthcare industry is booming, thanks to increased acceptance of technology and new ideas. These factors are helping to give a push to the Data Annotation Tool Market in this region.
The market for data annotation tools is growing due to the increasing acceptance rate of various new technologies in this region. Many businesses in the Middle East, Africa, and Latin America are rapidly adopting emerging and advanced technologies, which will have a substantial impact on the market for data annotation tools. Furthermore, several enterprises in the sector have inadequate capital this is going to hamper the market.
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