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Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Data Annotation and Labeling Market Component, Data Type, Application (Dataset Management, Sentiment Analysis), Annotation Type, Vertical (BFSI, IT and ITES, Healthcare and Life Sciences) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global data annotation and labeling market is projected to grow from USD 0.8 billion in 2022 to USD 3.6 billion by 2027, at a CAGR of 33.2% during the forecast period.

Any model or system that relies on a computer-driven decision-making system must annotate and label the data in order to guarantee that the decisions are accurate and pertinent. Businesses use massive amounts of datasets when building an ML model, carefully customizing them according to the model training needs.

As a result, machines can detect data that has been annotated in a variety of comprehensible formats, including images, texts, and videos. This explains why AI and ML firms seek out this type of annotated data to put into their ML algorithm, training it to learn and detect recurrent patterns, and ultimately employing the same to create accurate estimates and predictions.

The major market players, such as Google, Appen, IBM, Oracle, TELUS International, Adobe, AWS have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.

By organization size, SMEs are anticipated to grow at the highest CAGR during the forecast period

The increased competitive market scenario is expected to prompt SMEs to invest in cutting-edge technologies and adopt go-to-market strategies for making informed business decisions. SMEs are more open to adopting new technology to improve and streamline business operations as well as to expand their market presence in the global economy. During the forecast period, SMEs are anticipated to grow at highest CAGR.

By application, catalogue management segment to register the highest CAGR during the forecast period

The catalogue management tool helps businesses handle enormous amounts of unstructured data across many AI and ML projects. Teams that work on data annotation need strong tools that can gather all different kinds of data and information from various sources into a single, searchable database. Companies such as LabelBox developed a data annotation tool powered by catalogue management with the intent to filter out unstructured data based on metadata properties. Among applications, catalogue management is projected to register the highest CAGR during the forecast period.

Asia Pacific market to register highest CAGR during the forecast period

The data annotation and labeling market is projected to register the highest CAGR in the Asia Pacific region during the forecast period. The rapid industrialization of the countries across the Asia Pacific and the increasing digitalization trend is leading to the production of the bulk of unstructured data. Since the Asia Pacific region has shown untapped potential in the increased adoption of data annotation and labeling solutions, most organisations are moving there to extend their market reach. Due to the expanding corporate productivity awareness and the competently designed data annotation and labeling solutions offered by the vendors in this market, the Asia Pacific has emerged as a very promising region.

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Key Attributes:

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Data Annotation and Labeling Market, By Component6.1 Introduction6.2 Solutions6.3 Services6.3.2 Professional Services6.3.2.1 Training and Consulting6.3.2.2 System Integration and Implementation6.3.2.3 Support and Maintenance6.3.3 Managed Services

7 Data Annotation and Labeling Market, By Data Type7.1 Introduction7.2 Text7.3 Image7.4 Video7.5 Audio

8 Data Annotation and Labeling Market, By Deployment Type8.1 Introduction8.2 On-Premises8.3 Cloud

9 Data Annotation and Labeling Market, By Organization Size9.1 Introduction9.2 Small and Medium-Sized Enterprises9.3 Large Enterprises

10 Data Annotation and Labeling Market, By Annotation Type10.1 Introduction10.2 Manual10.3 Automatic10.4 Semi-Supervised

11 Data Annotation and Labeling Market, By Application11.1 Introduction11.2 Dataset Management11.3 Security and Compliance11.4 Data Quality Control11.5 Workforce Management11.6 Content Management11.7 Catalogue Management11.8 Sentiment Analysis11.9 Other Applications

12 Data Annotation and Labeling Market, By Vertical12.1 Introduction12.2 BFSI12.3 Healthcare and Life Sciences12.4 Telecom12.5 Government, Defense, and Public Agencies12.6 IT and ITES12.7 Retail and Consumer Goods12.8 Automotive12.9 Other Verticals

13 Market, By Region

14 Competitive Landscape

15 Company Profiles

16 Adjacent and Related Markets

17 Appendix

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/j2el21

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Data Annotation and Labeling Global Market Report 2023 ... - GlobeNewswire