Data Collection and Labeling Market Research Report is of great importance for superior decision making and achieving competitive benefit.
NEW YORK, UNITED STATES, November 15, 2022 /EINPresswire.com/ — The Insight Partners announces the release of the report “Data Collection and Labeling Market Size, Share, Growth, Trends, COVID-19 Impact and Global Analysis by Data Type (Text, Image/Video, Audio); Vertical (Information Technology, Automotive, Government, Healthcare, BFSI, Retail and E-commerce, Others) and Geography– Industry Trends and Forecast to 2028”. The Data Collection and Labeling Market size is expected to reach US$ 9.07 billion by 2028 and registering at a CAGR of 27.2% between 2022 and 2028. This report highlights key market dynamics of Data Collection and Labeling industry and covers historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. This Data Collection and Labeling report provides current as well as upcoming technical and financial details of the industry to 2028.
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The widespread adoption of machine learning (ML), artificial intelligence (AI), and big data have been fueling the data collection and labeling market. Data annotators, software, and various processes are integrated to create the base for a ML model. ML models are thus a representation of their input data. Therefore, the quality of data provided to the model will determine the performance of the model. Data can include audio, text, images, or video. Collecting, segregating, and labelling of such data can be a cost and time intensive process. In data labeling, each collected data is provided a unique label which aids in grouping it to a specific type. For instance, all images containing faces of people are separated. Then each individual in those images is identified and name is tagged.
This basic process is done for zettabytes of data, containing various identifiers and millions of labels. Depending on the labels attached to a data pointer, ML models identify data vectors and provides a prediction. Any error in data labeling can result in erroneous models. Solutions from data collection and labeling market players can aid in mitigating such challenges and strongly aid in increasing the efficiency of ML models. The growing penetration of smartphones, coupled with rising number of internet users, has been revolutionizing the entire business landscape. Social media marketing is rising and enterprises are strongly utilizing such data for product marketing and business growth. Presently, business intelligence strategies are mostly driven by data collected from various different sources, including social media platforms. Such factors have been strongly boosting data generation and data utilization. This in turn is expected to strongly promote data collection and labeling market.
Some of the Major Players Operating in the Data Collection and Labeling Market are:
Ava Labs, Inc.
Reality Analytics Inc.
Scale AI, Inc.
Summa Linguae Technologies
The Global Data Collection and Labeling Market report encompasses the general idea of the global Data Collection and Labeling market including definition, classifications, and applications. Further, it includes the all-inclusive comprehension of several factors such as drivers, constraints, and major micro markets. The report is a wide-ranging source of widespread facts and figures for business strategists as it offers the historical &futuristic data such as demand & supply data, cost, revenue, profit, supply chain value, and so on. Furthermore, it entails the key market features, comprising production, revenue, price, capacity, gross margin, market share, consumption, gross, production rate, demand/supply, cost, capacity utilization rate, export/import, and CAGR (compound annual growth rate).
Innovative solutions provided by data collection and labeling market players have been the key factors the market. There is a growing shift from on-premise solutions to cloud-based solutions. Thus, the development of cloud-based automated image organization has been a strong selling point for data collection and labeling market players. The solution can easily identify and group images, thereby offering a smoother user experience within a fraction of time. Additionally, data collection and labeling market players have been partnering with several enterprises to design and provide custom made solutions. AI-driven data labeling platforms are also witnessing high demand. Heartex, Inc. raised nearly US$ 25 million funding in May 2022 for developing such a platform.
Global Data Collection and Labeling Market Scope
By Data Type (Text, Image/Video, Audio)
By Vertical (Information Technology, Automotive, Government, Healthcare, BFSI, Retail and E-commerce, Others)
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Regional Analysis of the Data Collection and Labeling Market:
The global Data Collection and Labeling Market research report details the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the Market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors.
➛ North America (United States, Canada, and Mexico)
➛ Europe (Germany, France, UK, Russia, and Italy)
➛ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
➛ South America (Brazil, Argentina, Colombia, etc.)
➛ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Information technology and retail & e-commerce are some of the largest users of solutions developed by data collection and labeling market players. E-commerce and retail are strongly reliant on social media marketing. Social media platforms are impacting the way consumers research a product, buy an item, and connect with their favorite brands. These digital touchpoints vary how often and quickly consumers share feedback, with their close ones, regarding retail experiences. With increasing digital browsing and purchasing, retail & e-commerce players are increasing their expenditure on data analytics for gaining consumer insights and business insights. IT & telecom industry players are strongly embracing data collection and labeling solutions, primarily to gain competitive edge.
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