Data Annotation Tools Market Size Worth $5.3 Billion By 2030

The global data annotation tools market is projected to reach USD 5.3 billion, expanding at a CAGR of 26.6% by 2030. The market is predominantly driven by the advent of Artificial Intelligence (AI) and machine learning technologies. The emergence of big data is anticipated to fuel the expansion of the artificial intelligence market since it necessitates the recording, storing, and analysis of massive volumes of data.

AI adoption is anticipated to considerably increase demand for data annotation tools since annotated data is used to catalyze the development of AI models and machine learning systems in major domains like image and speech recognition. These tools provide AI its power by explicitly correlating data that is important for predicting outcomes and making real-time decisions.

The automobile industry is presently witnessing a surge in the production of autonomous vehicles, which is drawing larger investments for their research. An autonomous vehicle consists of a variety of networking and sensor devices that help the computer drive the car with minimum human intervention. These computer models can recognize and learn from the annotated data.

Numerous technology companies have also entered the market for autonomous vehicles, including Google LLC, Tesla Motors, Apple Inc., and Huawei Technologies Co., Ltd. Future demand for data annotation is anticipated to be driven by the in-flow of investments in the self-driving business. For instance, Appen Limited, a supplier of efficient training data and AI systems in February 2021, announced the introduction of new training data annotation.

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Data Annotation Tools Market Report Highlights

• Increasing innovations in the retail sector, particularly in enhancing the e-commerce sector and leveraging data annotation tools, are anticipated to fuel the market demand during the coming years

• For instance, in February 2019, Walmart Labs acquired the data annotation start-up Dataturks, which was based in India. Dataturks uses machine learning to provide annotation tools for text and image data. The acquisition encouraged improvements to the Walmart merchandising platform's catalog quality and reliability

• The manual segment accounted for the highest market in 2021 since manual annotation tools have become an excellent choice for machine learning algorithm training in computer vision applications. Manual annotation tools deliver accurate results and detect edge instances, thus, ensuring reliability for massive amounts of data

• To gain a competitive edge, the prominent players are adopting the client base expansion strategy such as fundraising for the development of their platform. For instance, Labelbox, Inc. raised about USD 25 million in series B funding in February 2020 to upgrade its platform with new data labeling capabilities for AI training models

Data Annotation Tools Market Segments

Data Annotation Tools Type Outlook (Revenue, USD Million, 2017 - 2030)
    • Text
    • Image/Video
    • Audio

Data Annotation Tools Annotation Type Outlook (Revenue, USD Million, 2017 - 2030)
    • Manual
    • Semi-supervised
    • Automatic

Data Annotation Tools Vertical Outlook (Revenue, USD Million, 2017 - 2030)
    • IT
    • Automotive
    • Government
    • Healthcare
    • Financial Services
    • Retail
    • Others

Data Annotation Tools Regional Outlook (Revenue, USD Million, 2017 - 2030)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
    • Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • Middle East and Africa

List of Key Players in the Data Annotation Tools Market
    • Annotate.com
    • Appen Limited
    • CloudApp
    • Cogito Tech LLC
    • Deep Systems
    • Labelbox, Inc
    • LightTag
    • Lotus Quality Assurance
    • Playment Inc
    • Tagtog Sp. z o.o
    • CloudFactory Limited
    • Clickworker GmbH
    • Alegion
    • Figure Eight Inc.
    • Amazon Mechanical Turk, Inc
    • Explosion AI GMbH
    • Mighty AI, Inc.
    • Trilldata Technologies Pvt Ltd
    • Scale AI, Inc.
    • Google LLC
    • Lionbridge Technologies, Inc
    • SuperAnnotate LLC