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Data Annotation Tools Market Size 2022, Trend Analysis, Industry Growth Rate, Company Profiles with Strategies, Global Sales and Revenues, Future Demands, Production-Scenario and Supply Forecast 2030

Data annotation tool market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Data annotation tool market by region.

The global data annotation tool market was valued at $1,355.10 million in 2020. The global data annotation tool market is forecast to grow at a CAGR of 26.1% during the forecast period from 2021-2027.

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The data annotation tool is a software solution that can be deployed on-premise, in the cloud, or as a containerized solution designed to interpret machine learning training tools. Data annotation tools can also be used to create and analyze an explicit set of data, such as video, image, text, spreadsheet, and sensor data, within different deployment models such as SaaS (Cloud), on-premises, and container. Additionally, data annotation tools are growing in popularity as organizations globally build their own annotation tools.

Factors Affecting the Global Data Annotation Tool Market

The global adoption of open-source data annotation tools is further fueled by organizations building their data annotation tools themselves.

The growing demand for data annotation tools could be attributed to artificial intelligence and machine learning solutions being increasingly implemented in the healthcare and IT sectors during the forecast period.

A rise in the demand for annotated data to improve machine learning models is expected to propel the growth of the data annotation tools market during the forecast period.

Data annotation tools are being driven by the growth of autonomous driving technologies and artificial intelligence/machine learning technology combining to spur investment in the field.

This market growth is being stifled by the shortage of skilled workforce and the high costs of manual annotation.

During the forecast period, the market for data annotation tools is expected to experience growth due to the growing adoption of medical imaging data annotation.

A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Data Annotation Tools Market.

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Covid-19 Impact on the Global Data Annotation Tool Market

Covid-19 was a major driver for the growth of the data annotation tools market because of the demand for artificial intelligence and machine learning-based solutions, which boosted the demand for annotation tools. In 2021, the market is projected to grow at a relatively high rate. A shortage of skilled workers during the lockdown really hurt the global market for data annotating tools. Additionally, the market growth during the forecast period will be driven by a surge in the usage of text annotation for document classification.

Regional Analysis: The Global Data Annotation Tool Market

The data annotation tool market in Asia-Pacific will grow at the highest compound annual growth rate during the forecast period of 2021-2027. Data annotation tools are widely adopted in emerging economies in the Asia Pacific, especially in the healthcare and financial services sectors. Health care in the region is experiencing rapid growth because of advances in technology and innovative programs for access to healthcare.

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

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Key Players in the Global Data Annotation Tool Market

Several competitors in the global data annotation tool market are:

Amazon Mechanical Turk Inc.

Appen Limited

Cogito

Dbrain

LightTag

tagtog Sp. z o.o.

Lionbridge Technologies Inc.

clickworker GmbH

Playment

Scale AI Inc.

Other Prominent Players

Aim of the Report: The Global Data Annotation Tool Market

The global data annotation tool market is segmented by Annotation Type, Component, End-User, and Region.

Segmentation based on Annotation Type

Manual Annotation

Semi-Supervised

Automated Annotation

Segmentation based on Component

Solutions

Image/video

Text

Audio

Service

Professional Services

Managed Services

Segmentation based on End-User

Healthcare

Retail & E-Commerce

BFSI

Government

IT & Telecommunication

Automotive

Others

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Segmentation based on Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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