Data Collection and Labeling Market to Surpass US$9,670 Million with Introduction of Image Processing Technology
NEW YORK, February 15, 2022 /PRNewswire/ — The Global Data Collection and Labeling Market is Expected to Reach US$9,670 millionposting an 18% CAGR growth over the forecast period of 2022 to 2032, estimates Fact.MR.
Ongoing technological advancements, evolving healthcare infrastructure, and growing customer awareness of digitalization are expected to drive the market growth.
The emergence of robotics and drones, especially in developed countries, is another factor propelling the demand in the market. Various government and private agencies are integrating artificial intelligence (AI) and machine learning (ML) with drones to provide data collection and tagging services to industries such as defense, construction, mining, forestry and agriculture.
Furthermore, data collection and its annotation are likely to create various growth opportunities for industries such as e-commerce, social media, and gaming. Therefore, social media platforms are believed to benefit from image processing technology to enhance audience engagement.
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Data collection and tagging software solutions help these platforms create a more connected experience by encouraging users to tag their friends and share their images. Hence, the implementation of data annotation with functions like landmark detection, object recognition, and facial recognition will drive the market.
The advent of large-scale cloud-hosted ML and AI platforms provided by tech giants will also increase the demand for data collection and labeling. The increasing integration of mobile computing platforms and digital image processing in various applications, such as document verification and digital shopping, will strengthen the market.
“The need for verified clinical information and the growing adoption of electronic health record (EHR) in the healthcare industry to conduct in-depth patient studies is expected to drive sales of data collection and labeling software solutions On the other hand, these software solutions are used to gather information from vast volumes of datasets for surveillance and national security,” says an analyst from Fact.MR.
Key points to remember:
- Based on the type of data, the image/video segment is expected to hold more than 35% market share due to widespread public surveillance and facial recognition technology by governments.
- By vertical, the automotive segment will represent 1/3rd market share due to strong demand for self-driving and rental services.
- The United States is expected to hold about 27% of the revenue thanks to the rapid expansion of the e-commerce industry and the growing trend of online shopping.
- India is estimated to account for 25% of the market share due to the growing use of smartphones and the adoption of digital platforms in the retail and healthcare sectors.
- China The data collection and labeling market is expected to account for 40% of the share supported by the development of high-quality localized AI data solutions by key players.
- High demand for medical imaging systems equipped with computer vision technology in the healthcare industry to detect various diseases is estimated to drive the market.
- The need for improved organizational decision-making is expected to encourage healthcare institutions to adopt big data, fueling the growth of the market.
- Increased government investment to develop innovative data collection and labeling software due to privacy concerns is expected to boost sales.
- Using external force during the outsourced data labeling process can limit a team’s ability to learn and develop their own processes.
- As machine learning models are trained based on available data sets, objects external to the sample may not be accurately labeled during automated labeling. This might limit the growth of the market.
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Major players operating in the data collection and labeling market are engaging in collaborations with start-ups to increase their production capacities and expand their presence across the globe.
Meanwhile, some of the other key players are carrying out research and development activities to introduce advanced technologies to meet the high demand from a wide range of industries.
- February 2022: FlyNex and Drone Harmony have partnered to develop an all-in-one solution for data collection using drones. The platform is intended for the real estate, telecommunications, energy and construction sectors. It would enable integrated mission planning and is specifically designed to improve surveying work, documentation and building inspections. The company will also offer training to many organizations, where it will present topics related to drones and the use of its new software.
- January 2022: AIMMO, a leading data labeling service provider based in the Republic of Korea, announced that it has lifted $12 million in a “Series A” round to accelerate its data labeling technology and expand its global presence. The company’s AI-powered data annotation includes AIMMO Enterprise, its new flagship product, Microsoft Azure infrastructure and AIMMO Annotation Workforce Service, which is a new labeling service.
- November 2021: Scale AI, a high-quality training data provider headquartered in the United States, has acquired SiaSearch, a small start-up to accelerate the development of its new product and expand its reach in Europe. The acquisition would help the former create its AI development platform named Nucleus, which would help customers manage, curate and organize massive data sets.
Key Players of Data Collection and Labeling Market include:
- app limited
- Reality AI
- Global Localization Inc.
- Global Technology Solutions
- labelbox inc.
- Dobility Inc.
- AI scale inc.
- Trilldata Technologies Pvt. ltd.
- Play Inc.
More Valuable Insights into the Data Collection and Tagging Market
Fact.MR provides an unbiased analysis of the data collection and labeling market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the Global Data Collection and Labeling Market with detailed segmentation on the basis of:
By data type
- Health care
- Retail and e-commerce
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Key Questions Covered in the Data Collection and Labeling Market Report
- The report offers an overview of the data collection and labeling market demand outlook for 2022-2032.
- The market study also highlights the predicted sales growth for the data collection and labeling market between 2022 and 2032.
- The Data Collection and Labeling market study identifies key growth drivers, restraints, and other forces impacting the prevailing trends and evaluation of current market size and forecasts and forecasts. technological advances within the industry.
- Data collection and analysis of the Labeling market share of key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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