Global Data Collection And Labeling Market by Data Type (Text, Image/Video, Audio), by Vertical (Automotive, IT, Healthcare) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2020, the global data collection market was worth USD 1,307.7 millions. The market is expected to grow at a 25.6% compound annual growth rate (CAGR), between 2021 and 2028. This technology's benefits include the ability to extract business insights from socially-shared photos and the ability to auto-organize untagged photo collections. It also offers enhanced safety features for self-driving vehicles. These include emergency vehicle detection, terrain detection and wear detection. Data gathering has enabled embedded data collection in many fields such as robotics and drones, automated visual organization of visual websites, face identification on social media websites, and machine learning. Social media monitoring is a popular tool for data collection. Visual listening and visual analytics are essential elements of digital marketing. This technology is also used extensively in applications that are related to safety and security such as data collection for facial Recognition by law enforcement agencies.

Many companies are now taking strategic steps to build strong machine learning models through outsourcing data collection and labeling. Globalme Localization Inc. is a U.S.-based AI data collection company that provided accent and dialect audio collection to Sonos Inc.. Sonos Inc. collected accents and speech data from three countries to integrate the smarthome assistants into its wireless speakers. The company was able to improve its speech recognition engines by integrating these devices.

The healthcare industry is expected to have a major role in data collection and labeling. Medical imaging uses computer-vision technology to detect patterns and diagnose disease. Data annotation tools aid in training AI systems to recognize information from medical images. This includes Magnetic Resonance Imaging (MRI), CT scan images, and X-ray images. It also assists medical professionals in automatically generating reports on patients being examined. TrainingData.io is a U.S.-based tech startup that helps healthcare radiology customers improve their labeling efficiency and reduce errors by over 15%. To help companies manage their data collection workflows, the company developed a web-based platform.

Many data processing technologies have been developed in response to the rise of mobile devices and cloud media services. These include multilingual speech transcription, data classification, and data annotation. The industry's growth is still hindered by inaccuracy in data annotation. Images with low resolution can be difficult to label and labelling errors can add cost and effort. Automated tools are being developed to decrease the dependence on manual processes. For instance, tagtog Sp. z o.o. This tool allows you to annotate text in a variety of ways.

Data Type Insights

Image/video accounted for more than 35% of global revenue in 2020. This high share is due to the increasing use of computer vision in many industries, such as healthcare and automotive, media & entertainment, among others. Medical imaging, for example, is one of the most important image labeling applications. The text segment also accounted for a significant share of the market in 2020 due to its growing applications in clinical research and eCommerce.

The increasing use of electronic medical record (HER), systems has made it possible to accumulate clinical data, which includes unstructured text documents. This is a valuable resource for clinical research. To unlock the information contained in clinical text, statistical NLP (natural-language processing) models were developed. Text labeling has been a key component of social media monitoring and recommendation systems, due to the advances in sentiment analysis. E-commerce companies, for example, use social media data in order to influence customers to buy.

Vertical Insights

In 2020, the IT segment accounted for more than 30% of global revenue. This high share can be attributed the widespread adoption of AI applications in the industry. The healthcare industry is also expected to grow at an impressive rate during the forecast period. Artificial intelligence is widely used in healthcare for many applications. These include treatment prediction, drug development, diagnostic automation, gene sequencing and treatment prediction. Therefore, it is necessary to train datasets using deep learning and machine-learning algorithms. The industry's growth is directly affected by the need for accurate data labeling in order to use AI-based apps.

In 2020, the e-commerce and retail segment accounted for significant market share. Online shoppers can now search for clothes or accessories by simply taking a photo of the fabric, color, and print they want. An app uses AI technology to search for similar products in an inventory. The smartphone's photo is uploaded to the app. Data annotation technology is also being used in autonomous vehicles. This is expected to help in the segment's growth. This technology allows self-driving cars to detect obstacles and alert the driver when they are near walkways or guardrails. This technology can also read road signs and stoplights.

Regional Insights

North America was the dominant market in 2020 accounting for 38% of global revenue. The rapid growth in cloud-based media services is one reason for this. These services can be used to collect data. The growing integration of artificial Intelligence and mobile computing platforms in digital shopping and ecommerce has led to North America's growth. This creates large amounts of data that can be annotated. Europe is forecast to experience significant growth during the forecast period. Over the forecast period, the European market for automobiles will see significant growth due to the advancements in automobile obstacle detection technology.

Asia Pacific, on the other hand is expected to experience the fastest growth rate over the forecast period. This is due to the rapid technological advances, the increased use of tablets and mobiles, as well as the growing popularity of social networking sites in emerging countries like China and India. This growing number of smart devices increases the demand for data collection and annotation. Asia Pacific's market growth is expected to be driven by the increasing use of face recognition in surveillance and security systems in China. China has implemented real-name registration policies. Citizens are required to link their online accounts with the official government ID. These policies have made data collection and labeling easier to use in the country.

Market Share Insights & Key Companies

To gain an edge in the market, vendors are increasing their customer base. Vendors are taking strategic initiatives such as acquisitions, mergers and partnerships with key market players. Labelbox, a provider of data annotation tools, received additional venture capital funding in the amount of USD 25 million from Andreessen Horowitz, Kleiner Perkins and Gradient Ventures, a prominent U.S. venture capital firm. Uber Technologies Inc. also acquired Mighty AI, Inc., an American start-up, in June 2019. This acquisition will provide computer vision models to self-driving cars. Walmart Inc. also acquired Trilldata Technologies Pvt Ltd in India in February 2019. This acquisition will bring them deep domain expertise in NLP and application development. The following are some of the most prominent players in the global data collection/labeling market:

• Reality AI

• Globalme Localization Inc.

• Global Technology Solutions

• Alegion

• Labelbox, Inc

• Dobility, Inc.

• Scale AI, Inc.

• Trilldata Technologies Pvt Ltd

• Appen Limited

• Playment Inc

Up Market Research published a new report titled “Data Collection And Labeling Market research report which is segmented by Data Type (Text, Image/Video, Audio), by Vertical (Automotive, IT, Healthcare), By Players/Companies Dobility Inc, Reality AI, Appen Limited, Alegion, Labelbox Inc, Globalme Localization Inc, Playment Inc, Global Technology Solutions, Trilldata Technologies Pvt Ltd, Scale AI Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Data Collection And Labeling Market Report Segments:

The market is segmented by Data Type (Text, Image/Video, Audio), by Vertical (Automotive, IT, Healthcare).

Data Collection And Labeling Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Data Collection And Labeling Market

Overview of the regional outlook of the Data Collection And Labeling Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Data Collection And Labeling Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Data Collection And Labeling Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Text

                2. Image/Video

                3. Audio

                1. Automotive

                2. IT

                3. Healthcare

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Data Collection And Labeling Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Data Collection And Labeling Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.