Data Collection and Labeling Market to Surpass US$ 9,670 Mn with the Introduction of Image Processing Technology

- Government Initiatives Encouraging Healthcare Infrastructure Growth Propelling Data Collection and Labeling Market at 18% CAGR

- Fact.MR's latest research report on the global data collection and labeling market offers an elaborate analysis of the leading segments in terms of data type, vertical, and region. It also provides detailed information about key players and the vital strategies adopted by them to gain competitive edge

NEW YORK, Feb. 15, 2022 /PRNewswire/ -- The global data collection and labeling market is projected to reach US$ 9,670 Mn, exhibiting growth at 18% CAGR during the forecast period from 2022 to 2032, estimates Fact.MR.

The ongoing technological advancement, evolving healthcare infrastructure, and increasing awareness among customers about digitization are expected to drive the growth in the market.

Emergence of robotics and drones, especially in developed countries, is another factor propelling the demand in the market. Various government and private agencies are integrating Artificial Intelligence (AI) and Machine Learning (ML) with drones to provide data collection and labeling services to industries, such as defense, construction, mining, forestry, and agriculture.

Besides this, data gathering and its annotation are likely to create various growth opportunities for industries such as e-commerce, social networking, and gaming. Consequently, social networking platforms are estimated to benefit from the image processing technology for improving audience engagement.

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Data collection and labeling software solutions help these platforms in creating a more connected experience by encouraging users to tag their friends and share their images. Hence, implementation of data annotation with functions, such as landmark detection, object recognition, and facial recognition will drive the market.

The advent of large-scale cloud-hosted ML and AI platforms provided by tech giants will also increase the demand for data collection and labelling. Rising integration of mobile computing platforms and digital image processing in diverse applications, such as document verification and digital shopping, will bolster the market.

"Need for verified clinical information and increasing adoption of Electronic Health Record (EHR) in the healthcare sector to conduct in-depth studies on patients are expected to boost the sales of data collection and labeling software solutions. On the other hand, these software solutions are utilized for gathering insights from vast volumes of datasets for surveillance and national security," says a Fact.MR analyst.

Key Takeaways:

• Based on data type, the image/video segment is likely to hold more than 35% of the market share owing to the generalization of public surveillance and facial recognition technology by governments.
• By vertical, the automotive segment will account for 1/3^rd of market share owing to the high demand for rental services and autonomous driving.
• The U.S. is expected to hold about 27% of the revenue on the back of rapid expansion of the e-commerce industry and growing trend of online shopping.
• India is estimated to account for 25% of the market share due to rising usage of smartphones and adoption of digital platforms in retail and healthcare sectors.
• China data collection and labeling market is projected to exhibit 40% of the share backed by development of high-quality localized AI data solutions by key players.

Growth Drivers:

• High demand for medical imaging systems equipped with computer vision technology in the healthcare industry for detecting various diseases is estimated to boost the market.
• Need to enhance organizational decision-making is expected to encourage healthcare institutions to adopt big data, fuelling the growth in the market.
• Rising government investments to develop innovative data collection and labeling software due to privacy concerns are projected to augment the sales.

Restraints:

• Usage of an external force during the crowd-sourced data labeling process can limit a team's ability to learn and develop its own processes.
• As machine learning models are trained according to the available datasets, objects that are external to the sample might not be labeled accurately during automated labeling. This might limit the growth in the market.

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Competitive Landscape

Leading players operating in the data collection and labeling market are engaging in collaborations with start-up companies to increase production capacities and broaden their presence across the globe.

Meanwhile, some of the other key players are conducting research and development activities to introduce state-of-the-art technologies to cater to the high demand from a wide range of industries.

For instance,

• February 2022: FlyNex and Drone Harmony joined hands to develop an all-in-one solution for data collection with the help of drones. The platform is aimed at the real estate, telecommunications, energy, and construction industries. It would enable integrated mission planning and is specially designed to enhance surveying jobs, documentation, and building inspections. The company will also provide training to numerous organizations, where it will introduce topics related to drones and the usage of its new software.
• January 2022: AIMMO, a leading data labeling service provider based in the Republic of Korea, announced that it has raised US$12 million in a 'Series A' round to accelerate its data labeling technology and expand its presence worldwide. The company's AI-powered data annotation includes AIMMO Enterprise, its new flagship product, Microsoft Azure infrastructure, and AIMMO Annotation Workforce Service, which is a novel labeling service.
• November 2021: Scale AI, a provider of high quality training data headquartered in the U.S., acquired SiaSearch, a small start-up firm to boost the development of its newest product and to expand its reach in Europe. This acquisition would help the former in creating its AI development platform named Nucleus which would help customers to manage, curate, and organize massive data sets.

Key Players in the Data Collection and Labeling Market Include:

• Appen Limited
• Reality AI
• Globalme Localization Inc.
• Global Technology Solutions
• Alegion
• Labelbox Inc.
• Dobility Inc.
• Scale AI Inc.
• Trilldata Technologies Pvt. Ltd.
• Playment Inc.

More Valuable Insights on Data Collection and Labeling Market

Fact.MR provides an unbiased analysis of the data collection and labeling market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global data collection and labeling market with a detailed segmentation on the basis of:

By Data Type

• Text
• Image/Video
• Audio

By Vertical

• IT
• Automotive
• Government
• Healthcare
• BFSI
• Retail & E-commerce
• Others

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

Key Questions Covered in Data Collection and Labeling Market Report

• The report offers insight into the data collection and labeling market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for data collection and labeling market between 2022 and 2032.
• Data collection and labeling market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Data collection and labeling market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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