Data Annotation Tool Market Report: Trends, Forecast and Competitive Analysis to 2030

Data Annotation Tool Trends and Forecast

The future of the global data annotation tool market looks promising with opportunities in the IT, automotive, government, healthcare, financial service, and retail sectors. The global data annotation tool market is expected to reach an estimated $3.3 billion by 2030 with a CAGR of 23.4% from 2024 to 2030. The major drivers for this market are increasing applications of artificial intelligence and machine learning technologies among industries and growing adoption of autonomous vehicles.

A more than 150-page report is developed to help in your business decisions.

Data Annotation Tool by Segment

The study includes a forecast for the global data annotation tool by type, annotation type, end use, and region.

Data Annotation Tool Market by Type [Shipment Analysis by Value from 2018 to 2030]:

• Text
• Image/Video
• Audio

Data Annotation Tool Market by Annotation Type [Shipment Analysis by Value from 2018 to 2030]:

• Manual
• Semi-Supervised
• Automatic

Data Annotation Tool Market by End Use [Shipment Analysis by Value from 2018 to 2030]:

• IT
• Automotive
• Government
• Healthcare
• Financial Services
• Retail
• Others

Data Annotation Tool Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Data Annotation Tool Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies data annotation tool companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the data annotation tool companies profiled in this report include-

• Annotate
• Appen
• CloudApp
• Cogito Tech
• Deep Systems
• Labelbox
• Playment

Data Annotation Tool Market Insights

Lucintel forecasts that image/video will remain the largest segment over the forecast period due to its substantial applications in the automotive, retail, and healthcare sectors.

Within this market, healthcare is expected to witness the highest growth due to rising use of data annotation tool in this sector for variety of applications, such as treatment planning, diagnostic automation, drug development and genesequencing.

North America will remain the largest region over the forecast period due to rising availability of affordable annotation tools and presence of key players in the region.

Features of the Global Data Annotation Tool Market

Market Size Estimates: Data annotation tool market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Data annotation tool market size by type, annotation type, end use, and region in terms of value ($B).

Regional Analysis: Data annotation tool market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different types, annotation types, end uses, and regions for the data annotation tool market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the data annotation tool market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the data annotation tool market size?

Answer: The global data annotation tool market is expected to reach an estimated $3.3 billion by 2030.

Q2. What is the growth forecast for data annotation tool market?

Answer: The global data annotation tool market is expected to grow with a CAGR of 23.4% from 2024 to 2030.

Q3. What are the major drivers influencing the growth of the data annotation tool market?

Answer: The major drivers for this market are increasing applications of artificial intelligence and machine learning technologies among industries and growing adoption of autonomous vehicles.

Q4. What are the major segments for data annotation tool market?

Answer: The future of the data annotation tool market looks promising with opportunities in the IT, automotive, government, healthcare, financial service, and retail sectors.

Q5. Who are the key data annotation tool market companies?

Answer: Some of the key data annotation tool companies are as follows:

• Annotate
• Appen
• CloudApp
• Cogito Tech
• Deep Systems
• Labelbox
• Playment

Q6. Which data annotation tool market segment will be the largest in future?

Answer: Lucintel forecasts that image/video will remain the largest segment over the forecast period due to its substantial applications in the automotive, retail, and healthcare sectors.

Q7. In data annotation tool market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region over the forecast period due to rising availability of affordable annotation tools and presence of key players in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the data annotation tool market by type (text, image/video, and audio), annotation type (manual, semi-supervised, and automatic), end use (it, automotive, government, healthcare, financial services, retail, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?