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Data Annotation Tools Market Future Analysis to 2030 | Annotate.com, Appen Limited, CloudApp, Cogito Tech LLC

Data Annotation Tools Market

Data Annotation Tools Market

The growth of the market is majorly driven by the increasing adoption of image data annotation tools in the automotive, retail, and healthcare sectors.

PORTLAND, PORTLAND, OR, UNITED STATE, September 27, 2022 /EINPresswire.com/ -- Rapid automation across multi and hybrid cloud-based solutions across prime enterprise sectors is propelling the growth of the data annotation tools market size. Further, advancement in machine learning and artificial intelligence technology has revolutionized various industries globally. Subsequently, this offers significant growth opportunities for the market.

The growth of global data annotation tools is majorly driven by a surge in penetration of artificial intelligence and machine learning solutions and a rise in demand for annotated data to improve machine learning models. However, the high cost and lack of skilled labor associated with manual annotation of complex acts as a prime restraint of the global market.

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On the contrary, the growing adoption of data annotation for medical imaging data and rising investments in the development of autonomous driving technologies are anticipated to provide lucrative opportunities for the data annotation tools industry during the forecast period.

The solution segment dominated the data annotation tools market size in 2020 and is projected to maintain its dominance during the forecast period. Surge in the adoption of hybrid cloud-computing technology applications across IT, healthcare, and BFSI sectors has led to the growth of the solution segment in the data annotation tools market.

The emergence of COVID-19 has significantly increased the growth of the artificial intelligence and machine learning market, subsequently increasing the demand for data annotation tools across the globe. However, partial or complete lockdown in various regions has significantly impacted the growth of the data annotation tools market, owing to the lack of availability of skilled workforce during the pandemic.

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Moreover, the rise in investments in machine learning-powered solutions from various prime industries is expected to hamper market growth in the coming years. Besides, the IT & telecommunication sector has witnessed prominent growth during and post-pandemic for the data annotation tools market.

Region-wise, North America holds a significant share in the global data annotation tools market. The adoption of artificial intelligence and machine learning technology across healthcare and IT & telecommunication level is expected to propel the growth of the data annotation tools industry in this region. Moreover, surge in demand for text annotation for document classification technologies across government and BFSI sectors in North America is anticipated to boost the growth of the data annotation tools market in this region.

The key players profiled in the data annotation tools market analysis include Amazon Mechanical Turk, Inc., APPEN LIMITED, clickworker GmbH, Cogito, Dbrain, LightTag, Lionbridge Technologies, Inc. , Playment, Scale AI, Inc., and tagtog Sp. z o.o.. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the data annotation tools market.

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