The Global Market for Data Labelling Solution and Services Is Forecast to Accelerate at A 24% CAGR to Reach Us$ 74.5 BN by 2032

A recently published Fact.MR report forecasts that the data Labelling solution and services market is expected to surge at a CAGR of 24% between 2022 and 2032, likely to be valued at US$ 74.5 Bn by the end of the aforementioned assessment period. Extensive reliance on virtual platforms and machine learning to accumulate and assimilate data is widening growth prospects for the market.
From 2015 to 2021, the market experienced robust growth, at a CAGR of 18%. As of 2021, the market was valued at US$ 6.8 Bn, and is projected to expand at a Y-o-Y rate of 29% to reach US$ 8.8 Bn by 2022-end. During the COVID-19 pandemic, prospects further heightened, attributed to increased migration to the virtual space amid the imposition of mandatory shutdowns to curb the spread of the virus.
Future market demand is heavily reliant on an increasing number of enterprises vying for digital supremacy, particularly with respect to data interpretation and collection. With the pandemic induced work culture here to stay, corporations are investing a major part of their revenue in strengthening their online presence, which will impel deployment of data Labelling solutions and services.

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Key Segments Covered in Data Labelling Solution and Services Report
By Sourcing Type
• In-House Data Labelling Solution and Services
• Outsourced Data Labelling Solution and Services
By Type
• Text-based Data Labelling Solution and Services
• Image/Video-based Data Labelling Solution and Services
• Audio-based Data Labelling Solution and Services
By Labelling Type
• Manual Data Labelling Solution and Services
• Semi-Supervised Data Labelling Solution and Services
• Automatic Data Labelling Solution and Services
By Vertical
• IT Data Labelling Solution and Services
• Automotive Data Labelling Solution and Services
• Government Data Labelling Solution and Services
• Healthcare Data Labelling Solution and Services
• Financial Data Labelling Solution and Services
• Retail Data Labelling Solution and Services
• Other Vertical Data Labelling Solution and Services

Data Labelling Solution and Services Market- Scope of Report
A recent study by Fact.MR on the data labelling solution and services market offers a 10-year forecast for 2022 to 2032. The study analyses crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering data labelling solution and services.
The study also provides the dynamics responsible for influencing the future status of the data labelling solution and services market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

Competitive Landscape
Prominent data labelling solution and services providers are focusing on expanding their outreach by virtue of collaborations, partnerships, acquisitions and mergers. Additionally, they are focusing on introducing new labelling technologies to tap into different industrial verticals. Some notable developments in the industry are as follows:
In April 2019, Appen Limited Acquired Figure Eight, paving the way for a robust training data offering designed to enhance AI capabilities for a wide variety of use cases. This offering is uniquely positioned to deliver on the increasing volume, quality and speed requirements for training data to support business innovations and efficiencies which use ML and AI.
In October 2020, Cloud Factory Limited launched a new computer vision offering- Data Annotation Solution- which bundles their professionally managed workforce with a market-leading data annotation platform. The offering is aimed at organizations that want a single partner to manage image and video annotations so they can apply their talents and expertise to higher-value work.
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Key Companies profiled:

• Alegion
• Amazon Mechanical Turk Inc.
• Appen Limited
• Clickworker GmbH
• CloudApp
• CloudFactory Limited
• Cogito Tech Ltd.
• Deep Systems LLC
• Edgecase
• Explosion AI
• Heex Technologies
• Labelbox Inc.
• Lotus Quality Assurance (LQA)
• Mighty AI
• Playment
• Scale Labs
• Shaip
• Steldia Services Ltd.
• Tagtog SP. Z.o.o
• Trilldata Technologies Pvt. Ltd.
• Yandex LLC
• CrowdWorks Inc.

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Key Takeaways from the Market Study
• Outsourced data Labelling solution and services to account for over 4 out of 5 sales through 2022 and beyond
• By type, text-based Labelling solutions to accumulate over 33% revenue, image/video based solutions to surge at 20% CAGR
• Manual data Labelling solution and services to comprise 80% of total revenue, automatic solutions to surge at 17% CAGR
• Bulk of data Labelling solutions to be deployed in the IT industry, accumulating over 33% revenue
• Data Labelling solutions and services to experience over 25% CAGR in the automotive industry
• North America to account for 37% of the global data Labelling solutions and services revenue
• Asia Pacific to expand at an impressive 26% value CAGR from 2022 to 2032

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