Data Collection And Labeling Industry Overview
The global data collection and labeling market size is expected to reach USD 8.22 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 25.6% from 2021 to 2028. Data collection and labeling refer to the process of collecting datasets from online sources and other sources and labeling them based on their nature, data type, and feature. Data gathering and its annotation, combined with artificial intelligence (AI) technology, have created valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the image processing technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.
Data Collection And Labeling Market Segmentation
Grand View Research has segmented the global data collection and labeling market based on data type, vertical, and region:
Based on the Data Type Insights, the market is segmented into Audio, Image/ Video, Text.
The image/ video segment led the data collection and labeling market in 2020, accounting for over 35% share of the global revenue.
For instance, medical imaging is one of the significant image labeling applications. Also, the text segment accounted for the significant share in 2020, owing to its rising applications in clinical research and e-commerce.
The growing implementation of electronic health record (EHR) systems, the accumulation of clinical data, including unstructured text documents, has become one of the valuable resources for clinical research.
Statistical NLP (natural language processing) models have been developed to unlock information embedded in clinical text. Also, with the advancement in sentiment analysis, text labeling is highly used in social media monitoring to build recommendation systems.
Based on the Vertical Insights, the market is segmented into IT, Automotive, Government, Healthcare, BFSI, Retail & E-commerce, Others.
The IT segment led the market in 2020, accounting for over 30% share of the global revenue. The high share can be attributed to the wide adoption of AI applications across the industry.
The healthcare industry is expected to grow at a noticeable rate over the forecast period. Since artificial intelligence is being used widely in the healthcare industry for several applications, such as diagnostic automation, treatment prediction, gene sequencing, and drug development, among others, training of datasets with deep learning and machine learning algorithms is required.
The retail and e-commerce segment secured significant market shares in 2020. With the help of image labeling, online shoppers can search for clothing or accessories by taking a picture of the texture, print, or color of their choice.
Data Collection And Labeling Regional Outlook
North America
Europe
Asia Pacific
South America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Vendors in the market are focusing on increasing the customer base to gain a competitive edge in the industry. Therefore, vendors are taking several strategic initiatives, such as collaborations, acquisitions & mergers, and partnerships with other key players in the market.
Some prominent players in the global data collection and labeling market include
Reality AI
Globalme Localization Inc.
Global Technology Solutions
Alegion
Labelbox, Inc
Dobility, Inc.
Scale AI, Inc.
Trilldata Technologies Pvt Ltd
Appen Limited
Playment Inc
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.