May 12, 2021

Some of the data annotation tools market participants are Appen Limited, Amazon Web Services, Inc., Clickworker, CloudApp, CloudFactory Limited, Cogito Tech, Dataturks, Google LLC, Hive, IBM Corporation, iMerit, Labelbox, LionBridge AI, MonkeyLearn, Neurala, Playment Inc., Samasource, Scale, and Webtunix AI. News provided by Share this article Share this article SELBYVILLE, Del., May 12, 2021 /PRNewswire/ -- Global Market Insights Inc. has recently added a new report on the data annotation tools market which estimates the market valuation  for data annotation tools will cross US$ 7 billion by 2027. The steadily growing uptake of data annotation tools by healthcare institutions for medical image labeling and classification of medical literature is likely to drive the industry demand. Data Annotation Tools Market size is set to surpass USD 7 billion by 2027, according to a new research report by Global Market Insights, Inc. The text annotation tools segment will witness a rapid growth rate of over 30% from 2021 to 2027 as textual data labeling becomes increasingly crucial for developing document classification algorithms and performing sentiment analysis. Textual data annotation is also gaining importance in social media text mining as federal agencies and national security authorities monitor the behavior of citizens for potential terrorist threats. Using deep learning neural networks integrated with text annotation solutions, security agencies can monitor potential threat topics and objectional material mentioned in social media handles. Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/3823 The manual data annotation tools segment held a substantial market share in 2020 due to the better quality of labeled data compared to automated data labeling. Manual data labeling is performed by highly skilled professionals with strong expertise in the nature and content of data. Human annotators can detect and handle even the smallest of discrepancies in the input data, which are prone to be missed by automated data labeling tools. The agriculture segment is anticipated to register exponential growth over the forecast period due to the increasing proliferation of artificial intelligence in precision agriculture. Data labeling solutions enable enterprises to develop computer vision models, which are used for a variety of agricultural end-uses such as livestock monitoring, crop monitoring, pest & disease control, soil quality assessment, and crop harvesting. Europe is set to witness a lucrative growth rate of nearly 30% by 2027 due to the extensive adoption of AI technologies by European business corporations. The region has a mature AI industry with several countries including Germany, the Netherlands, and the Nordics being regional leaders in the implementation of machine learning applications. The European Commission has also prioritized the importance of machine learning in improving the digital economy of the region with an allocated budget of over USD 775 million for AI-related projects in its Horizon 2020 digital strategy. Companies operating in the data annotation tools industry  are focusing on various business growth strategies including investments in new data labeling solutions, strengthening partner network, and geographical expansion. Through such strategic moves, companies are trying to gain a broader market share and maintain their leadership in the market. For instance, in January 2020, IBM launched a cloud annotation tool to automate image labeling processes with the help of AI applications. The tool helps developers to annotate data without manual inputs and for easy data labeling. Some major findings of the Data Annotation Tools market report include: The growing importance of accurately labeled textual data to develop novel technologies, such as natural language generation, text-to-speech, and voice recognition, will create a positive outlook for the data annotation tools market. Data scientists are reaping the benefits of automated data labeling tools, which will facilitate quick & accurate labeling of large-scale datasets including support for big data and Hadoop platforms. Some of the leading market players are Amazon Web Services, Inc., Clickworker GmbH, CloudApp, Inc., Google LLC, and IBM Corporation. Data annotation tool providers are focusing on strategic collaborations and long-term contracts with clients to gain market share. Request for customization of this research report at  https://www.gminsights.com/roc/3823 Partial chapters of report table of contents (TOC): Chapter 3   Data Annotation Tools Industry Insights 3.1    Introduction