Data Annotation Tools – Demand for Smart Products to Underscore Growth, Notes Fact.MR
The global data annotation tool market exhibits a meteoric 15.1% CAGR during the forecast period (2020 - 2030).
As per Fact.MR, the market is anticipated to grow at a stellar pace of 15.1%, compounded annually – CAGR – over the forecast period of 2020 to 2030. Not only will this lead the market to an impressive market worth but also, it will lead to a slew of gainful growth opportunities.
Key Takeaways of Data Annotation Tool Market Study
• IT is an industry vertical that primarily deals with data. Hence, the compatibility of data annotation tools with existing IT data collection and storage infrastructure, positions this vertical segment as the leader with over 35% of the total market value.
• Disruptive financial technology such as blockchain lending services make financial services vertical the most lucrative growth prospect. The segment will multiply with a stupendous 19% CAGR during the forecast period.
• Manual annotation type holds the largest share of over 76% of the total market revenue.
• Automatic annotation type will offer the most lucrative growth opportunities with a meteoric 18% CAGR through 2030. Research and development of advanced Internet of Things and machine learning products and services will bolster growth in automatic annotation type segment.
• Image and videos are the highest growing data type with over 17% CAGR between 2020 and 2030. Penetration of social media and video calling in developing economies is billowing the need for data annotation tools to analyse and leverage the data produced from these products and services.
• North America accounts for the largest market value share of over 32%. Early adopters in this region are witnessing an uptake in smart automation services. Prevalence of products such as smart homes and smart cars will continue to drive growth in this region.
• South Asia & Oceania is home to many burgeoning digital economies. Countries such as Indonesia will drive the demand for data annotation tools with an astounding 18% CAGR during the projection period.
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