SAN FRANCISCO, Feb. 9, 2021 /PRNewswire/ -- The global data collection and labeling market size is expected to reachUSD 8.22 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 25.6% from2021 to 2028. Data collection and labeling refer to the process of collecting datasets from online sources and other sources and labeling them based on their nature, data type, and feature. Data gathering and its annotation, combined with artificial intelligence (AI) technology, have created valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the image processing technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.
Key suggestions from the report:
Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of data gathering that has improved the users' experience and drawn the customers' attraction towards this technology
Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at significant public spaces or events
The advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the implementation of data annotation with multiple functions such as facial recognition, object recognition, and landmark detection
The growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling market growth
The advent of digital capturing devices, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital information is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this available online content to deliver smarter and better services to their customers, with the use of data annotation. For instance, Scale AI, Inc., the U.S.-based tech start-up, has provided valuable data labeling services to its autonomous driving customers, including Waymo LLC; Lyft, Inc.; Zoox; and Toyota Research Institute.
However, data cleaning remains a significant challenge involved in data labeling. Also, considering the time, complexity, and cost associated with the development of machine learning models, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business in the field of artificial intelligence-based data gathering. For instance, in July 2020, Microsoft acquired Orions Digital Systems, Inc., a U.S.-based data management solutions provider, to boost its Dynamics 365 Connected Store capabilities. This acquisition is anticipated to proliferate the use of computer vision and IoT sensors to help retailers better understand customer behavior and manage their physical spaces.
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)
Data Collection And Labeling Vertical Outlook (Revenue, USD Million, 2017 - 2028)
Retail & E-commerce
Data Collection And Labeling Regional Outlook (Revenue, USD Million, 2017 - 2028)
Middle East & Africa(MEA)
List of Key Players of Data Collection And Labeling Market:
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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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