Data Annotation And Labeling Global Market Report 2024

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, June 19, 2024 /EINPresswire.com/ -- The data annotation and labeling market plays a crucial role in attributing metadata to various data formats like audio, text, images, and videos, essential for training machine learning models. Valued at $1.28 billion in 2023, it is projected to grow to $1.70 billion in 2024, marking a compound annual growth rate (CAGR) of 32.9%. This growth is driven by increased accessibility to cloud-based data annotation services and the emergence of crowdsourcing platforms.

Increased AI and ML Usage Driving Market Expansion
Anticipated exponential growth sees the market reaching $5.27 billion by 2028, with a CAGR of 32.6%. This growth is fueled by the rising adoption of machine learning (ML) and artificial intelligence (AI), alongside the emergence of IoT and increased utilization of cloud-based solutions. Key trends include product innovations, technological advancements, and strategic partnerships.

Explore the global data annotation and labeling market trends and forecasts: https://www.thebusinessresearchcompany.com/sample_request?id=14080&type=smp

Key Players and Market Trends
Major players such as Google LLC, Amazon Web Services Inc., and IBM Corporation are focusing on advanced technologies like structured data annotation tools to enhance market position. For instance, SciBite Limited launched Workbench in March 2023, a structured data annotation application facilitating data curation using terminology and ontology standards.

In-depth insights into the data annotation and labeling market: https://www.thebusinessresearchcompany.com/report/data-annotation-and-labeling-global-market-report

Segments:
• Component: Solution, Service
• Data Type: Text, Image, Video, Audio
• Annotation Type: Manual, Automatic, Semi-Supervised
• Application: Dataset Management, Security and Compliance, Data Quality Control, Workforce Management, Content Management, Catalog Management, Sentiment Analysis, Other Applications

Regional Insights: North America Leads, Asia-Pacific to Drive Growth
North America dominated the data annotation and labeling market in 2023, while Asia-Pacific is expected to exhibit the highest growth rate. The comprehensive report offers detailed insights into regional dynamics, market trends, and growth opportunities.

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Data Annotation and Labeling Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Data Annotation and Labeling Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on data annotation and labeling market size, data annotation and labeling market drivers and trends, data annotation and labeling market major players, competitors' revenues, market positioning, and market growth across geographies. The data annotation and labeling market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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