Ocean View, DE -- (SBWIRE) -- 04/03/2020 -- Global data annotation tools market derives much of its growth from the rising penetration of machine learning and artificial intelligence technologies in various industry verticals. These tools are witnessing extensive adoption in healthcare, telecom, agriculture industries.

A research report published by Global Market Insights, Inc., suggests that data annotation tools market will exceed a valuation of $5 billion by 2026.

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Company profiled in data annotation tools market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Alegion Inc.
2. Appen Limited
3. Amazon Web Services
4. Clickworker
5. CloudApp Inc.
6. CloudFactory Limited
7. Cogito
8. Google
9. Hive
10. IBM
11. iMerit
12. Labelbox Inc.
13. LionBridge AI
14. Mighty AI
15. MonkeyLearn Inc.
16. Neurala Inc.
17. Playment Inc.
18. Samasource Inc.
19. Scale Inc.
20. Trilldata Technologies Pvt. Ltd.
21. Webtunix AI

Artificial intelligence has witnessed massive deployment in agricultural applications for semantic segmentation of videos & images using data labeling tools. These tools help farming robots in executing many real-time actions, including herbicide spraying, weed controlling, and automated monitoring of huge acreage farmlands. For example, in 2018, Cropin, an AgTech solutions provider collaborated with ITC Ltd., an Indian multinational conglomerate company, to digitally plan and annotate the imagery of farmlands expanded in around 24,000 acres across four states of India. This solution enabled the company to develop advanced solutions to deal with crop diseases and pest infestations. Data annotation tools market from the agriculture segment is projected to grow at a 30% CAGR over 2020-2026.

The segment of text annotation tools is anticipated to witness significant growth rate of over 35% CAGR over 2020 and 2026. The immense growth rate can be attributed to textual data labeling becoming increasingly crucial for performing sentiment analysis as well as developing document classification algorithms.

Textual type data annotation is also picking up growth momentum and becoming crucial for text mining from social media platforms as national security authorities as well as federal agencies observe the behavior of their citizens for possible terroristic threats.

The manual date annotation segment dominated the overall data annotation tools market, accounting for over 75% of the industry share back in 2019 owing to the higher quality of labeled data in comparison to automated data labeling. Manual data labeling activities are conducted by highly skilled professionals having strong expertise on the content and nature of data.

The agriculture segment in data annotation tools market is anticipated to record a growth of over 30% CAGR during the forecast time period due to the increasing proliferation of AI in precision agriculture. Data labeling solutions allow organizations to develop computer vision models, that are being utilized for numerous agricultural end-uses like soil quality assessment, livestock monitoring, crop harvesting, pet and disease control.

The data annotation tools market in Europe is likely to witness growth of over 30% CAGR between 2020 and 2026 owing to the widespread adoption of AI technologies by European business corporations. The region has a well-developed AI market, with various countries like the Netherlands, Germany, and Nordics being the regional leaders in the execution of machine learning applications.

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Increasing demand for annotated training datasets to enable machine learning algorithms throughout various applications like big data analytics, robotics, and cognitive systems are also likely to drive the growth of the data annotation tools market in the region.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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