The global data annotation tools market was valued at US$ 319.5 Mn in 2018 and is expected to reach US$ 1816.9 Mn by the year 2026, growing at a CAGR of 24.3% during the forecast period. In this data-driven world, Data Annotation has become vital in the decision-making processes in the Banking and Financial Services Industry. Investment banking and other businesses wherein, real-time information is used, volume, as well as the velocity of data, has become critical factors. Also, Data Analytics comes into the picture in cases like this when the sheer volume and size of the data is beyond the capability of traditional databases to collect.
Today, data labelling practices have made the monitoring and evaluation of vast amounts of client data including personal and security information by Banks and other financial organizations much simpler. Banking may include core banking, retail, private, corporate, investment, cards and the like. Financial Services may include stock-broking, payment gateways, mutual funds etc. Data Sciences is allowing the BFSI industry to reach out to new markets and offer novel products and services through efficient delivery channels. Also, data security and availability of information updates is critical to the banking and insurance business, mandating high network uptime, rapid fault detection and quick problem resolution. The banking and financial industry is also booming in terms of data curing and enrichment, in turn driving the data annotation market.
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