Data Annotation Tools Market

1. Analysis of Data Annotation Tools Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~26% During 2023-2035 and Attain ~USD 14 Billion by 2035 Research Nester assesses the growth and market size of the global data annotation tools market which is anticipated to be on account of the rising popularity of autonomous vehicles and growing adoption of artificial intelligence New York – May 15, 2023- Research Nester’s recent market research analysis on “Data Annotation Tools Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global data annotation tools market in terms of market segmentation by type, component, annotation type, end user, and by region. Growing Demand for Autonomous Vehicles to Promote Global Market Share of Data Annotation Tools The global data annotation tools market is estimated to grow majorly on account of the increased popularity of autonomous vehicles and the rising use of Internet of Things (IoT) connected devices. To build an autonomous vehicle and solve all safety concerns, a large amount of annotated image and video data is required. The self-driving system can then be programmed to detect objects. In 2019, about 1.4 million vehicles sold globally had at least Level 3 autonomy. Sales of self-driving cars are expected to rise between 2019 and 2030. Furthermore, global sales of these vehicles are estimated to reach 58 million units by 2030. In addition to this, production and consumption have expanded rapidly as the number of IoT-connected devices has increased, and this data can be turned into something of value by using a data annotation tool. Globally, IoT devices are expected to number over 25 billion by 2030.

2. Approximately 400 IoT platforms are now in operation. Furthermore, there may be 27 billion connected IoT devices by 2025. Besides this, the market growth is also attributed to the higher generation of data and the rising use of facial recognition technologies. According to the most recent estimates, over 4 billion individuals use the internet every day, generating over 3 quintillion bytes of data. Moreover, the entire amount of data on the planet is expected to exceed 40 zettabytes by 2020. Some of the major growth factors and challenges that are associated with the growth of the global data annotation tools market are: Growth Drivers: Rising Use of Facial Recognition Technology Growing Demand for Smart Autonomous Vehicles Challenges: The rising concern associated with data breaches and there is shortage of skilled workers to manage the huge amount of data, are some of the major factors anticipated to hamper the global market size of data annotation tools. On the other hand, the inaccuracy in data labeling reduces the quality of the content. Performing a data annotation project was regarded to be the most difficult obstacle to data quality. Consistency is required to maintain high data quality throughout the annotation process. Biased estimations induced by poor data quality may have an impact on the overall accuracy of a machine-learning model. Inconsistency can also wreak havoc on the review process and communication.

3. Access our detailed report at: https://www.researchnester.com/reports/data-annotation- tools-market/4763 By end user, the global data annotation tools market is segmented into retail & e-commerce, IT & telecommunication, BFSI, government, automotive, healthcare, and others. The retail & e-commerce segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growing acceptance of e- commerce and the increasing integration of artificial intelligence in retail and e-commerce can be ascribed to the segment's rise. According to the poll done in October 2020, over 70% of e-commerce managers in North America and Europe stated that AI would help customization in their companies' operations in 2021. Companies have seen a shift in the e- commerce industry's embrace of AI and data annotation in recent years. As a result, some organizations are already utilizing AI with data annotation services to provide a better customer experience and more effective solutions. By region, the North America data annotation tools market is to generate the highest revenue by the end of 2035. The growing number of devices connected to the Internet of Things (IoT) can be credited to the market's rise. In North America in 2022, there were approximately 3 billion linked IoT devices, with this number predicted to climb to more than 6 billion by 2030. On the other hand, increased AI usage in healthcare is likely to drive market growth. According to a poll of US healthcare professionals, more than 41% believe AI will be entirely operational by 2021. Another 26% said their AI system is just partially functional.

4. Consult our expert analysts at: info@researchnester.com or contact us at: https://www.researchnester.com/contact for any customized report. This report also provides the existing competitive scenario of some of the key players of the global data annotation tools market which includes company profiling of Figure Eight Federal Inc., Google LLC, Lighttag, Lionbridge Technologies, LLC., Lotus Quality Assurance, Scale AI, INC., SuperAnnotate AI, Inc., Tagtog Sp. Z.o. o, Cogito Tech LLC, Telus Corporation, and Innodata, Inc. Request Report Sample@ https://www.researchnester.com/sample-request-4763 Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties. Contact for more Info: AJ Daniel Email: info@researchnester.com U.S. Phone: +1 646 586 9123 U.K. Phone: +44 203 608 5919