May 2024 | Report Format: Electronic (PDF)
Data Labeling Solution And Services Market Growth & Trends
The global data labeling solution and services market is expected to reach USD 57.63 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 21.3% from 2023 to 2030. The prominent use of data labeling solutions and services in the automotive industry, combined with its self-driving vehicles that comprehend networking systems and various sensors that assist the computer in driving the car, is the key factor propelling the market’s growth.
The global labeling solution and services market is driven by increased public awareness of digitalization, growing healthcare treatments, and improved technology. Prominent technology improvements in several industries for use in large enterprises, automotive, and the healthcare sector is growing the demand for data labeling solution & services. For instance, Toyota Research Institute, Zoox, Waymo LLC, and Lyft, Inc., use data labeling services provided by Scale AI, Inc., a digital start-up based in the United States. Vendors increasingly use data labeling on services and products to deliver customers with ingredient lists, which is projected to enhance the global market. For instance, Image processing technology has helped Twitter and Facebook, two well-known social networking sites, increase audience engagement since it has prompted users to post photographs and tag their contacts, resulting in a more connected experience.
Moreover, Machine learning applications are extensively used to classify data items like tweets or news articles. This, in turn, calls for a specific annotated training dataset, which helps in developing algorithms that automatically classify future data items. Yet, manually constructing such a dataset is a complex task and requires coders to expend a significant amount of time. With the growing execution of electronic health record systems (HER), clinical data collection, mostly unstructured text documents, has become a valuable resource for clinical research. To unlock data hidden in clinical literature, statistical NLP (natural language processing) standards have been developed.
Text labelling is commonly used in social media monitoring to create recommendation systems because to advancements in sentiment analysis. In December 2019, Enlitic, Inc. announced a partnership with MLPCare, a Turkey-based private healthcare provider, to integrate clinical artificial intelligence into the healthcare systems of Turkey and adjacent countries in Central Asia and Eastern Europe. Under the agreement, Enlitic, Inc. is developing, training, and validating its deep learning models for patients in Turkey. Hence the increased application of Data Labeling Solution and Services is expected to propel the growth of the market.
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Data Labeling Solution And Services Market Report
Data Labeling Solution And Services Market Report Highlights
- In terms of type, the image & video annotation segment is expected to contribute significant revenue to the market over the forecast period. This growth is attributed to the increasing implementation of computer vision in several industries, including healthcare, automotive, and media & entertainment
- In terms of vertical, the automotive segment is expected to grow at the prominent CAGR over the forecast period owing to rising development of self-driving cars and trucks
- The key players in the market are Alegion, Appen Ltd., Cogito Tech LLC, Deep Systems LLC, Labelbox Inc., Edgecase, Labelbox, Inc., Clickworker GmbH, CloudApp CloudFactory Limited, Playment Inc., Mighty AI, Inc., Scale AI Inc., Shaip, Tagtog Sp. z o.o., Trilldata Technologies Pvt Ltd. among others
Data Labeling Solution And Services Market Segmentation
Grand View Research has segmented the global data labeling solution and services market based on Sourcing type, type, labeling type, vertical, and region.
Data Labeling Solution And Services Sourcing Type Outlook (Revenue, USD Million, 2017–2030)
- In-House
- Outsourced
Data Labeling Solution And Services Type Outlook (Revenue, USD Million, 2017–2030)
- Text
- Image/Video
- Audio
Data Labeling Solution And Services Labeling Type Outlook (Revenue, USD Million, 2017–2030)
- Manual
- Semi-Supervised
- Automatic
Data Labeling Solution And Services Vertical Outlook (Revenue, USD Million, 2017–2030)
- IT
- Automotive
- Government
- Healthcare
- Financial Services
- Retails
- Others
List of Key Players in the Data Labeling Solution And Services Market
- Alegion
- Amazon Mechanical Turk, Inc.
- Appen Limited
- Clickworker GmbH
- CloudApp
- CloudFactory Limited
- Cogito Tech LLC
- Crowdworks Inc.
- Edgecase.ai
- Explosion AI GmbH
- Heex Technologies
- Labelbox, Inc.
- Lotus Quality Assurance
- Mighty AI, Inc.
- Playment Inc.
- Scale AI,
- Shaip
- Steldia Services Ltd.
- Supervisely OÜ
- Tagtog Sp. z o.o.
- Trilldata Technologies Pvt. Ltd
- Yandez LLC
