Data Collection And Labeling Market Propelling The Growth With CAGR Of 25.6% By 2028 Due To Growing Integration Of Mobile Computing Platforms

 Data Collection And Labeling Industry Overview

The global data collection and labeling market size was valued at USD 1,307.7 million in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 25.6% from 2021 to 2028.

The market is expected to witness a surge in the adoption of the technology owing to benefits such as extracting business insights from socially shared pictures and auto-organizing untagged photo collections. Also, it helps to offer enhanced safety features in autonomous vehicles, such as emergency vehicle detection, terrain detection, wear detection, and condition monitoring, among others. Machine learning, powered by data gathering, has been embedded in several fields, such as robotics & drones, automated image organization of visual websites, and face identification on social networking websites. One of the most popular data collection applications is social media monitoring, as visual listening and visual analytics are the essential factors of digital marketing. Also, this technology is highly used in applications related to safety and security, such as data gathering for facial recognition used by law enforcement agencies.

Gather more insights about the market drivers, restrains and growth of the Data Collection And Labeling Market

Several companies are taking strategic initiatives for building strong machine learning models by outsourcing data collection and labeling services. For instance, Globalme Localization Inc., the U.S. based AI data collection company, provided the dialect and accent audio collection to Sonos Inc., the U.S. based audio company. Sonos Inc. integrated the smart home assistants with its wireless speakers by collecting accents and speech data across three countries. This integration helped the company to fine-tune its speech recognition engines to provide a better voice experience.

Data collection and labeling are expected to play a significant role in the healthcare industry as medical imaging uses computer vision technology to sense patterns and detect injury or disease. Data annotation tools help training the AI systems in differentiating information obtained from medical images, including magnetic resonance imaging (MRI), X-ray, and CT scan images. Furthermore, it helps medical practitioners in the automatic generation of reports of examined individuals. For instance, TrainingData.io, the U.S. based tech startup, helps healthcare radiology customers increase the labeling efficiency by ten times and decrease the error rate by more than 15%. The company has developed a web-based platform to help companies manage their data collection workflow.

 

With the advent of cloud media services and a surge in mobile devices, numerous data processing technologies have emerged, such as multilingual speech transcription, data classification, and data annotation, among others. However, inaccuracy in data annotation remains a challenge for the industry’s growth. For instance, images of low resolution are difficult to label, and errors in labeling lead to the additional cost and effort to the process. Therefore, automated tools are being introduced to reduce the dependency on manual processes. For instance, tagtog Sp. z o.o. provides a versatile text annotation tool that offers automated annotation.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

  • Machine Learning Market: The global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025.
  • Smart Home Market: The global smart home industry was estimated at USD 13.07 billion in 2013 majorly attributed to increasing consumer interest towards energy efficiency and optimum resource utilization.

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:

  • Data Collection and Labeling Data Type Outlook (Revenue, USD Million, 2017 - 2028)
    • Audio
    • Image/ Video
    • Text
  • Data Collection and Labeling Vertical Outlook (Revenue, USD Million, 2017 - 2028)
    • IT
    • Automotive
    • Government
    • Healthcare
    • BFSI
    • Retail & E-Commerce
    • Others
  • Data Collection and Labeling Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa (MEA)

Market Share Insights

  • June 2019, Uber Technologies Inc. completed the acquisition of Mighty AI, Inc., a U.S. based start-up, to provide computer vision models for self-driving cars. 
  • February 2019: Walmart Inc. completed the acquisition of Trilldata Technologies Pvt Ltd, an India-based NLP solution provider, to bring their deep domain expertise in machine learning and extensive application development experience.

Key Companies profiled:

Some of the prominent players operating 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

Order a free sample PDF of the Data Collection And Labeling Market Intelligence Study, published by Grand View Research.


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.

 


 

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