Businesses participating in the global data annotation tool market are increasingly focusing on setting up cloud-based pages for specialized resources associated with the coronavirus outbreak, to track, contain and treat patients.
ROCKVILLE, MD / ACCESSWIRE / June 8, 2020 / The data annotation tools market is growing rapidly, driven by advances in analytics tools such as artificial intelligence and machine learning. Such developments are being implemented to reduce the spread of coronavirus cases globally. As the virus impacts lungs and other respiratory organs, the use of data annotation tools to study the effects of coronavirus on lungs is proliferating. The data annotation tools market is anticipated to grow 7x at a massive 15.1% CAGR by the end of the projection period in 2030.
According to Fact.MR, artificial intelligence, along with augmented reality, and virtual reality solutions are anticipated to contribute substantially during the pandemic. Research and development initiatives by healthcare and insurance sectors will remain instrumental generating lucrative opportunities and sustaining growth through the crisis.
“Video and image type data annotation tools are projected to gain significant traction, driven by tech advancements and the exponentially rising adoption of internet-based video and image services. Changes in consumer behavior, and an increased focus towards improvements in customer experience will increase the need for data annotation tools throughout and after the coronavirus outbreak ends,” says the Fact.MR analyst.
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Data Annotation Tools Market – Important Takeaways
- The text annotation tool segment is anticipated to witness a surge in use, expanding at a strong pace through the forecast period, driven by e-commerce and clinical research applications.
- Audio annotation tools will witness moderate growth in the years ahead owing to limited scope of application.
- Video/image annotation tools will play critical roles in the market, driven by extensive use in the medical imaging sector.
- While manual annotation tools remain the most commonly used, automatic variants are anticipated to display higher growth over the forecast period.
- Applications in the healthcare sector are likely to be driven by the adoption of AI training data sets.
Data Annotation Tools Market – Driving Factors
- The growing use of image data annotation in multiple verticals including healthcare, retail, and automotive sectors.
- The rise in large data sets and big data technologies create the necessity for artificial intelligence tech in data annotation.
- Frequent advances in predictive analytics, Internet of Things, and Machine Learning, are essential for the economics and innovations in the data annotation field.
- The growing scope of data labeling, and development of advanced algorithms will reduce the dependency on manual tools, reducing operational costs for users.
Data Annotation Tools Market – Leading Constraints
- Lack of adequate machine learning, and artificial intelligence data analytics infrastructure is hurting adoption and revenue.
- Issues associated with inaccuracy in data annotation and labeling, will limit growth of market players.
Anticipated Market Impact of Coronavirus Outbreak
The coronavirus pandemic is anticipated to push healthcare and pharmaceutical players to increase investments in research for artificial intelligence. Developments in augmented reality, artificial intelligence, and virtual reality will remain essential to sustain market growth through obstacles arising from the pandemic.
Further, challenges of cost efficiency within the insurance industry have generated opportunities during the pandemic through the reduction of operational costs, and better customer experience by implementing AI. The temporary closure of educational institutions, and the adoption of remote learning initiatives will generate new data annotation opportunities in the augmented reality and virtual reality space throughout the duration of the pandemic, and even after.
Find out more about the global data annotation tool market with 234 figures, 74 data tables, along with the table of contents of the report. You can also find detailed market segmentation on https://www.factmr.com/report/4710/data-annotation-tool-market
Leading developers in the global data annotation tool market are Google LLC, Annotate.com, Mechanical Turk Inc., Appen Limited, Amazon, Cloud App, Alegion, Cogito Tech LLC, CloudFactory Ltd., Labelbox Inc, Clickworker GmbH, Labelbox Inc., Tagtog, and Playment Inc. Market players are pushing to develop and introduce new products with novel functionalities. Developers are also rounding their business strategy around client-based collaborations, in addition to fundraising and acquisition initiatives.
More on the Report
The FACT.MR’s market research report of 300 pages provides in-depth insights on data annotation tool market. The market is scrutinized according to data type (text, image/video, and audio), annotation type (manual, semi-supervised, and automatic) and vertical (IT, automotive, government, healthcare, financial services, retail, and others) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East and Africa).
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