Data annotation is the process of labeling data attributes before the deployment of these data into machine learning algorithm or AR-VR applications. Data annotation tools are majorly used to identify patterns and sense the possible injuries in computer vision. One of the most important process of data annotation is making it usable for the artificial intelligence system. These functionalities can be deployed across various industries such as Healthcare, Oil & Gas, Supply Chain, Retail, etc. Such rise in demand from various industries contributes to the growth of Data Annotation tool market Ecosystem. In Healthcare industry, data annotation will help the healthcare personals to automatic generation of reports after observing any patient symptoms. This also helps in accurate annotation for enhancing machine learning capabilities. In the automotive industry, the data labeling is essential for the autonomous vehicles application. The data annotation tools are used across most of the industries. This technology is also used in medical & healthcare applications like gene sequencing, and drug development. According to our estimates, the global data annotation tool market Ecosystem is valued to be US$ 319.5 Mn in the year 2018.
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The advancements in technology and rapid digitization and the rise in use of real-time data is increasing also in the BFSI Industry. Monitoring and evaluation of vast amounts of client data including personal and security information by Banks and other financial organizations is made much simpler. In Banking, services such as core banking, retail, private, corporate, investment, cards etc are offered, where the data annotation is essential. Apart from Banking, other financial services include stock-broking, payment gateways, mutual funds etc. Such developments in the digitalization process in the BFSI industry also contributes to the growth of Data annotation tool market.
Image annotation is one of the vital application that is used in Retail industry. These image based data annotation brings more accuracy and helps in smooth functioning of the machine learning algorithms. In Feb 2019, Walmart has acquired “Dataturks” a Bangalore based data annotation start-up. It brings more advantage to the retail giant. The contribution of Retail industry is considerably higher for data annotation tool market after the IT and Telecom industry.
Global Data Annotation Tool Market
The evolution of technology in the telecom industry results in the rise in machine learning application to analyse the vast amount of data keep up the changing ecosystem and better serve their customers. Artificial intelligence (AI) is playing major role in the various industries. The IT & telecom segment accounted for the highest share of 25.08% in 2018 and is expected to dominated the market during the forecast period. Improvements in the US, China, and Japan, as well as the European Union, contributed to rise in global demand. This is expected to boost the growth of advanced technologies in the IT and Telecom sector.
North American region is expected to hold the pole position in the data annotation tools market owing to the increasing demand for self-driving cars across the region. The major manufacturers of automobiles such as Voyage, and General Motors are also using data annotation tools. Companies like Tesla are also using the data annotation tools for its computer vision algorithms in self-driving cars. North America accounts to 39.6% share is of data annotation tool market. These are some of the factors that will contribute to the growth of the Data annotation tool market.