Data Annotation Tools Market, By Data Type (Image/Video (Bounding Box, Semantic Annotation, Polygon

Published Date: April 2020 | Report Code : IT2065691

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Data Annotation Tools Market, By Data Type (Image/Video (Bounding Box, Semantic Annotation, Polygon Annotation, Lines and Splines), Text, and Audio), Annotation Approach (Manual Annotation and Automated Annotation), Application (Telecom, BFSI, Healthcare, Retail, Automotive, and Agriculture) And By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

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Report Code : IT2065691

Status : Published April 2020

The Global Data Annotation Tools Market size was valued at USD 647.98 million in 2019 and is anticipated to grow at a CAGR of 33.87% during the forecast period. Data annotation stands for the labeling data including any kind of data that a human might understand. This includes: images (from cars, phones, or medical instruments) text (in English, Spanish, Chinese, or any other language) to make it usable for machine learning. Data annotation tools is tools helps flawlessly turn unstructured & raw data into structured & highly useful and is used in machine learning in the process of labeling data which can be in form of text, images, audio or objects to make it recognizable for machines.

Increasing adoption of image data annotation tools in the automotive, retail, and healthcare sectors is a key factor driving the market. Moreover, it is expected to play a major role in enhancing the applications of AI in the healthcare sector. However, factors like inaccuracy of data annotation tools which further in addition to the cost of the entire annotation process is expected to hinder the growth of the global data annotation tools market during the forecast period.

Key Factors Impacting the Growth of Data Annotation Tools Market:

  • The rapid adoption of image data annotation tools in the automotive, retail, and healthcare
  • It enables users to accomplish the data definition at a single location and eliminates the need to rewrite similar rules in multiple places

The data annotation tools market segmentation is based on data type, annotation approach, application, and region.

Data Type Outlook:

Based on data type, the global data annotation tools market is further segmented into image/video (bounding box, semantic annotation, polygon annotation, lines and splines), text, and audio. In 2019, the text annotation tool segment is expected to lead the market with wide applications in e-commerce, logistics, and clinical research. Moreover, the image/video segment is expected to grow at the highest CAGR in the global market owing increase development and operation of autonomous vehicles, sports analytics, agriculture, and healthcare. 

Annotation Approach Outlook:

Based on annotation approach, the global data annotation tools market is divided into manual annotation and automated annotation. Manual data annotation approach held the largest market share in the global data annotation market in 2019, this is due to several advantages like accuracy, high level of integrity, need for minimal administration of data annotation efforts compared to other alternatives.

Application Outlook:

Based on application, the data annotation tools market has been segmented into telecom, BFSI, healthcare, retail, automotive, and agriculture. In 2019, the healthcare segment is expected to dominate the market. The increasing number of healthcare applications for data annotations including treatment prediction, diagnostic automation, drug development, and gene sequencing is expected to maintain the its dominance through the forecast period.

Regional Outlook:

Based on the region, the global data annotation tools market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. The North America region includes countries like US, Canada, and Mexico. Western Europe region includes countries like Germany, UK, France, Italy, Spain, and others. Eastern Europe region includes countries like Russia, Turkey, and others. Asia Pacific region includes countries like China, Japan, India, South Korea, Australia, and others. The Middle East region includes countries like UAE, Saudi Arabia, Qatar, Iran, and others. Rest of the World includes South America and Africa.

In terms of revenue North America is expected to lead the global data annotation tools market during the forecast period. This is due to the presence of major companies and their rapid product and geographic expansion strategy in this region.

Asia-Pacific region is expected to register highest growth rate in the global data annotation market during the forecast period, this growth rate is subjected to the recent growth of the healthcare industry and growing adoption of data annotation tools, particularly in the healthcare and financial services and other end use industries in countries like Inia, China and ASEAN countries.

The report analyzes factors affecting the data annotation tools market from both demand and supply side and further analyses market dynamics affecting the market during the forecast year such as driver, restrain, opportunities and future trends. The report also provides comprehensive Porter’s model analysis on the Data annotation tools market for all six regions namely; North America, Western Europe, Eastern Europe, Asia Pacific, Middle East and the Rest of the world.

Competitive Landscape

Major companies operating in the global data annotation market are investing in research and development combined with the product launches and geographical expansion. Key market players are majorly investing in new technology and product developments to increase their respective markets shares. The key leading players in the global data annotation market include MonkeyLearn Inc., Neurala, Inc., Playment Inc., Samasource Inc., Scale, Inc., Trilldata Technologies Pvt. Ltd., CloudFactory Limited, Cogito, Google LLC, Hive, IBM Corporation, iMerit, Labelbox, Inc., LionBridge AI, Alegion, Inc., Appen Limited, Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc.,Mighty AI, Webtunix AI and among others.

This report also includes the profiles of key data annotation tools market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Data Annotation Tools Market:

  • In 2019, Chinese data labeling enterprise Basic Finder Beijing Technology, offering the custom labeling features for autonomous datasets, launched privatized data annotation system, BasicFinder HIVE, which automates the labeling process for large volume LiDAR mapping datasets.
  • In 2018, Toyota one of the leading Japanese multinational automotive manufacturer headquartered in Japan invested USD 500 million in a division of Uber named as Advanced Technologies Group (ATG), focused on the self-driving car program to develop autonomous taxis. The funds are mostly for acquiring Mighty AI, a data labeling startup that specializes in autonomous vehicle data annotation.

What Does This Report Provide?

This report provides a detailed understanding of the global data annotation tools market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Data Type

  • Image/video
    • Bounding Box
    • Semantic Annotation
    • Polygon Annotation
    • Lines & Splines
  • Text
  • Audio

By Annotation Approach

  • Manual Annotation
  • Automated Annotation

By Application

  • IT & Telecom
  • BFSI
  • Healthcare
  • Retail
  • Automotive
  • Agriculture

By Region:

  • North America Data Annotation Tools Market
    • By Country (US, Canada, Mexico)
    • By Data Type
    • By Annotation Approach
    • By Application
  • Europe Data Annotation Tools Market
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Data Type
    • By Annotation Approach
    • By Application
  • Asia Pacific Data Annotation Tools Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Data Type
    • By Annotation Approach
    • By Application
  • Middle East & Africa Data Annotation Tools Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Data Type
    • By Annotation Approach
    • By Application
  • South America Data Annotation Tools Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Data Type
    • By Annotation Approach
    • By Application

Reasons to Buy This Report:

  • Market size estimation of the data annotation tools market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

  • We provide customization of the study to meet specific requirements:
  • By Segment
  • By Sub-segment
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