Rockville , Nov. 12, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global data collection and labeling market is projected to expand at a CAGR of 18% to reach US $13.45 Bn by the end of 2034.
Data collection involves gathering information from different sources, like surveys, observations, or online sources. It's important because it lets us get the specific data we need for a particular problem. Data labeling, on the other hand, means adding labels or tags to the collected data to give it meaning. This is crucial for training models, especially in tasks where we need labeled examples. For example, in image classification, each image needs a label like "cat" or "dog".
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The growth of the data collection and labeling market is primarily driven by the burgeoning demand for high-quality labeled data in various industries. As machine learning and AI applications proliferate, there is an increasing need for accurately labeled datasets to train these models effectively.
Handling large volumes of data efficiently and at scale can be a daunting task. This includes both the collection of raw data and the subsequent labeling process. Maintaining the privacy and security of sensitive information during data collection and labeling is crucial, especially in industries like healthcare or finance.
| Report Attribute | Details |
| Value Projection (2034) | US$ 13.45 Billion |
| Growth Rate (2024-2034) | 18% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 66 Tables |
| No. of Figures | 180 Figures |
Key Takeaways:
- Sales of data collection and labeling products are growing at a rapid pace in the US. Moreover, in the US, Germany, and Japan, the demand for data collection and labeling solutions is propelled by the increasing requirement for technological advancements in online retail platforms, automotive technology, robotics, and industrial automation.
- Historical growth rate was expected to be around 16% CAGR from 2018-2023.
- Germany is renowned for its precision engineering and automotive industries. Moreover, the growth of autonomous vehicles is leading to significant demand for labeled data.
Requirement for high privacy and security of sensitive information during data collection and labeling, especially in industries like healthcare or finance are a few factors shaping the market growth - Says FACTMR Expert
Key Companies Profiled in This Report
- Appen Limited
- Reality AI
- Globalme Localization Inc.
- Global Technology Solutions
- Alegion
- Labelbox Inc.
- Dobility Inc.
- Scale AI Inc.
- Trilldata Technologies Pvt. Ltd.
- Playment Inc.
Market Competition
Emerging businesses venturing into the data collection and labeling sector have the opportunity to implement diverse strategies to enhance their earnings and gain a competitive advantage.
- In January 2022, AIMMO, a Korean startup, developed an AI data annotation tool that allows businesses to read and annotate image, video, audio, text, and sensor fusion data with greater speed and precision.
Winning strategies
- Leading companies should focus on creating annotation tools that can be tailored to specific industries and types of data. These tools should be flexible, user-friendly, and capable of meeting precise labeling needs.
- A great winning strategy in the industry involves specializing in specific industries like healthcare, autonomous vehicles, or agriculture, and customizing labeling services to meet their distinct needs. This approach allows for the development of tailored solutions.
- Leading companies should deeply understand and follow data privacy rules. They should prioritize protecting sensitive information by using encryption, secure storage, and strict access controls.
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Country-wise Analysis:-
The increasing need for digital advancements in online shopping platforms, automotive, robotics, and industrial automation is driving sales of data collecting and labelling systems in the US, Germany, and Japan. The market's growth is indicative of the critical role data labelling plays in facilitating the creation and implementation of AI and machine learning applications in a variety of industries.
How is the US market being driven by technological advancements?
"The e-Commerce Industry's Widespread Utilisation of Advanced Data Collection and Labelling Technologies"
In the US, sales of products for labelling and data collection are rising quickly. When it comes to technological innovation and AI development, the US is leading the way. This is making high-quality labelled data even more essential for training machine learning models.
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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