Data Annotation Tools Market Size Growing at 27% CAGR Set to Reach USD 8808.6 Million by 2032; The Brainy Insights

The increased implementation of picture data annotation technologies in the automotive, retail, and healthcare industries drives the expansion. North America region emerged as the largest market for the global data annotation tools market, with a 59% market revenue share in 2022.

Newark, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 807.0 million data annotation tools market will reach USD 8808.6 million by 2032. Annotation creates high-quality data that may be used to train AI/ML models in the healthcare sector to speed up the search for significant biological and chemical interactions in drug development. Analysing massive amounts of data from patient records, clinical trials, patents, and academic publications can help to speed up medication development. Furthermore, data annotation can infer billions of associations between possible medications, species, tissues, symptoms, diseases, and genes. Furthermore, specialised annotation teams classify essential structures in millions of frames of surgical recordings to do computer vision-driven autonomous robotic surgery, which allows for safer and better treatments. As a result, the expanding applications of these tools and the growing acceptance of AI/ML technologies in the healthcare sector are fueling the market.*Request Sample Copy of Data Annotation Tools Market Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/13630**North America to account for the largest market size during the forecast period.*North America is expected to have the essential data annotation tools market share. This is attributed to rising healthcare expenditure and improved healthcare skills in growing the region. Furthermore, the increased use of new technologies such as AI/ML to reduce medical expenses and optimise hospital workflow is one of the region's primary drivers of healthcare data annotation tools. In addition, several government efforts and supportive programmes are boosting the region's use of these software solutions.*The image/video segment dominated the market with the most significant revenue of USD 347 million.*The image/video segment dominated the market with the most significant revenue of USD 347 million. This is due to the widespread adoption of image/video data annotation tools in the medical field and the growing demand for efficient and cost-effective solutions for medical diagnosis. These instruments are used to create visualisations of specific organs to diagnose unique problems in the human body that are not visible to the naked eye. Picture annotation is used in cancer to train AI algorithms to predict cancer using labelled cancer picture data. This reduces the chance of human error and aids in diagnosing several types of cancer early. Furthermore, tagged X-ray picture data is utilised in dental imaging to visualise tooth structure and detect tooth cavities, gum disease, decay, and other anomalies.*The healthcare segment dominated the market with the most significant revenue of USD 306 million.*The healthcare segment dominated the market with the most significant revenue of USD 306 million. In the healthcare sector, data annotation technologies are changing diagnosis, treatment, and patient monitoring by considerably boosting healthcare research and outcomes by creating precise diagnoses and enabling enhanced personalised treatments. These tools assist healthcare workers in promptly identifying illness signs by analysing large amounts of clinical records. These tools possible applications include scanning radiological images for early disease identification and predicting results from electronic health information.*Get a Complete TOC of Global Data Annotation Tools Market Report 2023-2032 at: https://www.thebrainyinsights.com/report/data-annotation-tools-market-13630**Market Dynamics:**Drivers: Adoption of Artificial Intelligence*Significant factors influencing the global data annotation tools market growth include increased adoption of artificial intelligence and machine learning solutions and increased investment in the development of autonomous driving technology. On the contrary, increased usage of data annotation for medical imaging data will likely provide the market with potential growth opportunities throughout the forecast period.*Restraint: High Cost*The high cost and shortage of qualified labour associated with manual annotation of complex data is a significant hurdle to early adoption, hampering the growth of the data annotation tools market.*Opportunity: Rising Health Benefits*The benefits of eHealth and telemedicine services, such as more accessible access to health care, cost savings, and advancements in diagnostic and treatment services, are expected to increase investments in digital health and other health-related services. For example, Aidoc raised USD 20 million in a Series B funding round headed by Square Peg Capital in September 2020 to aid in developing AI-based digital imaging and radiology products. Furthermore, an increase in initiatives supporting eHealth and digital health will likely propel the market throughout the forecast period. For example, the European Health Data Space Programme was launched in May 2022 to assist the use of health data for improvements in research, innovative healthcare delivery, and legislation.*Challenge: Inaccuracy*The fundamental obstacle the market faces is inaccuracy in the quality of labelled data. In some circumstances, manually labelled data may contain errors, and the time required to uncover such errors may vary, increasing the overall cost of the annotation process.*Have a query before purchasing this report: https://www.thebrainyinsights.com/enquiry/buying-inquiry/13630**Some of the major players operating in the data annotation tools market are:*● 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*Key Segments cover in the market:*By Type:● Text
● Image/Video
● AudioBy Application:● IT & Telecommunication
● Retail & E-commerce
● BFSI
● Healthcare
● Government
● Automotive
● Others*Purchase this report (Price 4700 USD for a single-user license) at: https://www.thebrainyinsights.com/buy-now/13630/single**About the report:*The global data annotation tools market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.’*About The Brainy Insights:*The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.*Contact Us*Avinash D
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