Data Labeling Solutions and Services Playing Important Role in Extracting Value Business Insights from Shared Social Media Photos

ROCKVILLE, MARYLAND, UNITED STATES, June 3, 2024 /EINPresswire.com/ -- Data labeling technological advancements are forging the path to new business innovations. Fact.MR has therefore updated its study on this topic and places the global data labeling solution and services market at a value of US$ 12.7 billion in 2024 and has projected it to advance rapidly at 22% CAGR from 2024 to 2034.

Expansion of the global market for data labeling solutions and services is largely being driven by their ability to extract business insights from shared social media photos and automatically organize untagged photo collections. Increasing use of data labeling technology in self-driving cars to detect obstacles, alert the driver about nearby walkways and guardrails, and read stoplights and road signs is projected to significantly contribute to the growth of the automotive sector.

Growing importance of data efficiency and technological advancements are paving the way for new business innovations, economic models, and infrastructures and are contributing to the expansion of the data labeling solution and services market. Significant advancements in machine learning for automated data analytics are projected to augment the demand for autonomous data labeling tools and solutions across a wide range of data-driven applications.

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Key Takeaways from Market Study

The global data labeling solution and services market is projected to expand at a CAGR of 22% through 2034.The market is estimated at US$ 12.7 billion in 2024 and has been forecasted to reach US$ 92.4 billion by 2034-end.

The North American market is forecasted to expand at 22.2% CAGR through 2034.Outsourced data labeling solutions and services are projected to occupy 80% market share in 2024.The East Asia market is projected to expand at a CAGR of 22.4% from 2024 to 2034.

“Data labeling solutions and services are playing a pivotal role in accurately categorizing data and contributing to precise predictions. They enhance safety by detecting obstacles and interpreting traffic signals,” says a Fact.MR analyst.

Market Developments

Key data labeling solution and services market players are Alegion, Amazon Mechanical Turk Inc., Appen Limited, CloudApp, and Edgecase. The participants in the data labeling solution and services market are forging alliances with several renowned global manufacturers. This strategy is aimed at strengthening their position in the market and securing a substantial portion of the market share.

• In 2021, Appen Limited entered into an agreement to purchase Quadrant, a worldwide authority in mobile location data, point-of-interest data, and associated compliance services. The objective of this acquisition was to fortify Appen’s market standing and empower the company to supply top-tier data to businesses reliant on geolocation.

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Category-wise Insights

In 2024, outsourced data labeling solutions and services are projected to comprise 80% of the market, driven by enterprises seeking cost-efficiency and faster turnaround times. Outsourcing allows organizations to concentrate on vital tasks such as research and data collection, while also offering flexibility in developing annotative capacity and ensuring robust security protocols.

Despite the rise of automated tools, manual labeling maintains a leading market share due to its superior accuracy and ability to handle complex tasks. Manual labeling remains favored for its precision, even as automation becomes more prevalent.

Country-wise Insights

According to Fact.MR, North America is projected to capture 24.3% of the global data labeling solutions and services market by 2034. Manufacturers have strategically expanded their operations to regions such as Southeast Asia, Central and South America, and Australia. This expansion allows them to meet increasing global demand more effectively and minimize reliance on a single supply source.
In 2024, the United States is projected to dominate with a 44.5% share of the North American data labeling solutions and services market. This growth is propelled by the escalating demand for artificial intelligence (AI) and machine learning technologies, necessitating precise data labeling for optimal performance. Additionally, the expanding production of autonomous vehicles and the imperative for top-tier data for their operations are further fueling market expansion in the country.

The growth of the e-commerce industry, heavily reliant on image and data labeling for product classification and improving customer experience, is driving the expansion of the data labeling solution and service market. Major technology firms investing in data-driven technologies and the presence of a skilled workforce in the United States are advantageous for market participants. Domestic companies are working to tackle data privacy concerns and other challenges to encourage the uptake of data labeling.

Market participants are experiencing substantial advantages from the prevailing trends in the data labeling solutions and services market within the East Asia region. Among these trends is the burgeoning e-commerce industry, which relies heavily on image and data labeling for efficient product categorization, thereby enhancing customer access to crucial product details. The market expansion is further propelled by the active involvement of prominent technology firms investing in data-centric technologies, coupled with the abundance of skilled workforce in the region.

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