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Text Data Collection and Labelling Market is Anticipated to Grow at a CAGR Value of 17% by 2031 End
Data Collection and Labeling Market
The report offers actionable and valuable market insights on the Text Data Collection and Labelling. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Text Data Collection and Labelling across various industries and regions.
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This newly published and insightful report on data collection and labelling sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global data collection and labelling market.
The applications of data collection and labeling across industries generates high demand for data collection and labelling products and services. Penetration of smart devices in developing countries such as India, Indonesia, and China presents bankable data collection and labeling prospects. The global data collection and labelling market will multiply 7.0 X during the forecast period (2020-2030).
Surging consumer demand for convenience through technology indirectly contributes to the growth of the data collection and labelling market. Products such as smart speakers employ data collection and labelling to train the AI software that talks back. Using data collection and labeling expertise, product manufacturers are able to enhance performance and reduce errors in functioning.
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Global Data Collection and Labeling Market: In-Depth Assessment on Key Segments
The global data collection and labeling market is segmented on the basis of data type, vertical, and region.
Data Type
Text
Image/Video
Audio
Vertical
IT
Automotive
Government
Healthcare
BFSI
Retail & E-commerce
Others
Region
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
Key Companies Profiled
Appen Limited
Reality AI
Globalme Localization Inc.
Global Technology Solutions
Alegion
Labelbox Inc
Dobility Inc.
Scale AI Inc.
Trilldata Technologies Pvt Ltd
Playment Inc.
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Competition Landscape
In June 2019, Uber Technologies Inc. acquired Mighty AI Inc., a computer vision model provider for self-driving cars.
In February 2019, Walmart Inc. announced the acquisition of Trilldata Technologies Pvt. Ltd., an Indian Neuro-Linguistic Programming (NLP) solutions developer to enhance their retail services using machine learning and data collection & labeling services.
Globalme Localization Inc. declared the company’s acquisition by Summa Linguae Technologies, an upcoming language solutions provider with headquarters in poland.
Key Takeaways of Data Collection and Labelling Market Study
Image/video data types used for facial recognition and consumer sentimental analysis gives this segment a stronghold with over 35% of total market value share.
Audio data collection and labelling for voice assistance, and speech recognition positions this segment having the highest growth potential by data type. Audio segment exhibits a stellar 19% CAGR through 2030.
IT applications of data collection and labelling in big data analysis for various end-uses such as financial lending, and digital security drive the demand from this vertical. IT accounts for more than 36% of the total market value share.
Increasing digitization of retail customer experience coupled with parallel surge in e-commerce adoption makes this vertical a high growth potential segment. Retail & e-commerce segment will grow at a stupendous 20% CAGR through 2030.
North America leads global sales with over 32% of the total market value share. Increasing expenditure in healthcare services propels the demand for data collection and labelling of patient records and medical treatment procedures.
South Asia & Oceania will offer the most remunerative growth opportunities with an astonishing 20% CAGR through 2030. Adoption of data driven services in the public and private sector will continue to drive demand for data collection and labelling.
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Market Survey of Text Data Collection and Labelling
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