Rising Demand From Consumers To Push Sales of Data Annotation Tools Market : Fact.MR

To maintain smooth operations as workers continue to work from home, ICT businesses are widely utilising technologies like cloud computing and artificial intelligence. Growth will be stimulated by a focus on quick automation and the utilisation of real-time operation in a variety of end-use industries, including the automotive, food & beverage, and others.

The study provides useful market information for the Data Annotation Tool that can be put to use. The most recent research from Fact.MR includes historical market data and industry forecasting along with information on the market’s current state in several countries. Data Annotation Tool Market sales and demand data for various industries and geographical regions are also included in the report.

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The market for worldwide data annotation tools is projected to grow at a CAGR of 15.1% from 2022 to 2032. The market is anticipated to be worth US$ 1.3 billion by 2022’s end and US$ 5.3 billion by 2032.

Anticipated Market Value for 2022 US$ 1.3 Bn
Projected Market Value for 2032 US$ 5.3 Bn
Growth Rate (2022-2032) 15.1% CAGR

The market study conducted by Fact.MR provides unique information regarding the market’s future growth. The study analyses significant trends that are influencing the market expansion for Data Annotation Tools. This recently released study clarifies crucial trends, such as the market’s drivers, constraints, and possibilities for established businesses as well as up-and-coming competitors involved in supply and manufacturing. The most recent study from Fact.MR offers thorough Data Annotation Tool Market Analysis.

This recently released, informative study provides information on the market insights for data annotation tools, along with significant trends and their effects on the whole supply chain, from suppliers to end users.

Global Data Annotation Tool Market: In-Depth Assessment on Key Segments

The global data annotation tool market is segmented on the basis of data type, annotation type, vertical, and region.

Data Type

  • Text
  • Image/Video
  • Audio

Annotation Type

  • Manual
  • Semi-supervised
  • Automatic

Vertical

  • IT
  • Automotive
  • Government
  • Healthcare
  • Financial Services
  • Retail
  • Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

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Key Takeaways from the Market Study

  • During the projection period from 2022 to 2032, it is expected that the global market for data annotation tools will grow at a CAGR of 15.1%.
  • During the forecast period, a market share of 76% is expected for the manual annotation sector.
  • The automatic annotation tool market is anticipated to experience the greatest development trajectory during the forecast period, rising at a CAGR of 17%.
  • With a projected CAGR of 13%, North America is expected to hold 32% of the global market share.
  • South Asia and the Pacific will experience the fastest growth, with a CAGR of 18% until 2032.

Competitive Landscape

The market’s participants put a lot of effort into growing their market through the use of a variety of strategies, including brand building, expansion, partnerships, and acquisition. Key players are making a variety of efforts to differentiate their products from those of their rivals.

  • A cross-platform for the modern office called CloudApp announced a cooperation with Slack and the Atlassian products Jira and Confluence in May 2021.
  • Appen Limited, an Australian business that provides top-notch training data to businesses, announced in August 2021 that it has plans to buy Quadrant, a well-known provider of mobile location data, related compliance services, and Pint-of-Interest data.
  • In July 2021, TELUS International, a renowned leader in next-generation solutions for the digital customer experience, announced its intention to purchase Bangalore-based Playment, a well-known participant in the field of data annotation and computer vision technologies with a focus on 2D and 3D.

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