The global data collection and labeling market size is expected to grow to
Pune, India, November 01, 2021 (GLOBE NEWSWIRE) – The Global data collection and labeling market size was valued at $ 2.6 billion in 2021 and is expected to post a CAGR of 27.7% during the forecast period. Data collection and labeling generally refers to the process of collecting information or databases from online platforms or other sources and labeling them according to their data type, characteristics, of their nature and their properties. Factors such as growing awareness among the population of digitization, growth in healthcare treatments, and advanced technologies are driving the global data collection and labeling market.
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Technological advancements in different industries for application in large organizations, healthcare sectors increase the demand for data collection and labeling. The use of product and service data labeling by producers to offer ingredient list to customers is also increasing which is expected to boost the global data collection and labeling market.
Moreover, with the technological innovations, there are various opportunities available in the industries. For example, artificial intelligence (AI) and machine learning (ML) help deliver enhanced safety features in autonomous vehicles such as terrain detection, emergency vehicle detection, wear detection , monitoring conditions, etc. .
In addition, some industries face challenges in workforce management as unstructured data needs to be managed before upload, which requires huge manpower. It is a time consuming process and poses a risk of personal data breaches which are factors which are restraining the growth of the global data collection and labeling market.
Impact of COVID-19 on the Global Data Collection and Labeling Market
QMI is closely monitoring the impact of COVID-19 on the global data collection and labeling market. Data collection and labeling play an important role in executing and planning a digital shift in business working procedures. These tools allow organizations to label, save, and recall data as needed.
Large companies can generate sustainable income during the COVID-19 period by designing modified products for specific use cases. The digital nature of data collection and labeling is seen as a boon for companies in the market. Market demand will increase as the world battles COVID-19. The growth is due to automatic devices used for data collection and labeling, which reduce physical exertion.
Global Data Collection and Labeling Market, By Data Type
By Data Type, the market is split into Text, Image / Video, and Audio. Among all of them, the image / video segment holds the largest market share in 2021 and is also expected to remain the largest during the forecast period.
The factor attributed to the growth of the image / video segment is the advanced technology used in the segment. In addition, the increasing use of computer applications in healthcare industries for x-rays, computed tomography (CT), magnetic resonance imaging (MRI) and patient treatments will drive the growth of the segment.
Global Data Collection and Labeling Market, By Organization Size
Depending on the size of the organization, the market is divided into small and medium enterprises and large enterprises. The large enterprise segment holds the largest market in 2021 and is expected to remain the largest market until the forecast period.
The factor attributed to the growth of the large business segment is innumerable data and information available in large companies, which must be recorded properly.
To keep complex data, companies need various tools like artificial intelligence or machine learning to record properly. And hence, there is an increasing market demand for data collection and labeling in large enterprises.
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Global Data Collection and Labeling Market, By Vertical
By vertical, the market is further divided into BFSI, IT, Automotive, Government, Healthcare, Retail and E-commerce etc. The healthcare sector captured the largest market share in 2021 for data collection and labeling and is also expected to remain the largest during the forecast period.
The factor attributed to the growth of the healthcare segment is a high reliance on data collection and labeling for the treatment of patients. Healthcare, medical research, patient treatment, disease prevention or control are driving the global data collection and labeling market.
Global Data Collection and Labeling Market, By Region
By region, the global data collection and labeling market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the largest market in 2021 and it is expected to remain so during the forecast period.
The factor attributed to the growth of the North American market is e-commerce and online shopping and the growing preference of customers to purchase products from these sites. Products sold on the online platform require labeling.
In addition, Asia-Pacific is the fastest growing market for data collection and labeling due to its heavy reliance on digital platform for healthcare, sales retail and large industries in developing economies.
Recent Developments in the Global Data Collection and Labeling Market
- July 2021 – Data collection will be led by food labeling, the European Commission has proposed. The new labeling system will focus on data collection and digitization of the food supply chain. This food labeling will provide nutritional aspects useful for public health as well as social and sustainable elements of food products.
Some key conclusions from the Global Data collection and labeling Marlet The report includes:
- The analysis includes a global data collection and labeling market study, extensions and forecasts, as well as country-specific analysis.
- An in-depth analysis of the global data collection and labeling market includes segment by data type, organization size, industry vertical, and regions with insights and factors analysis based on trends.
- The market research includes a study of the provinces, boundaries, drivers, outlook, guidelines, challenges, and procedures that propel the global Data Collection and Labeling market.
- The research also helps in understanding the dynamics of data collection and labeling market structure by analyzing market segments and projecting the market size.
- The report helps to understand the effects of the COVID-19 pandemic on the data collection and labeling market.
- Some of the major industry players present in the global data collection and labeling market are: Amazon Inc., Appen Limited, Reality AI, Summa Linguae Technologies, Global Technology Solutions, Alegion, Labelbox, Inc., Dobility, Inc., Scale AI, Inc., Dataloop Ltd., Playment Inc. and Falkonry.
Browse key industry information from the report, “Data Collection and Labeling Market, by data type (text, image / video and audio), application (IT, automotive, government, healthcare, BFSI, retail and e-commerce and others) and by region (North America, Europe, Asia-Pacific, Central East Africa and South America) – Market Size and Forecast to 2028“, with table of contents (ToC) and in-depth analysis.
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