The global Data Collection And Labeling Market size is expected to reach USD 8.22 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 25.6% from 2021 to 2028. Data collection and labeling refer to the process of collecting datasets from online sources and other sources and labeling them based on their nature, data type, and feature. Data gathering and its annotation, combined with artificial intelligence (AI) technology, have created valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the image processing technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.
The
advent of digital capturing devices, particularly cameras built into
smartphones, has led to an exponential growth in the volume of digital content
in the form of images and videos. A vast amount of visual and digital
information is being captured and shared through several applications,
websites, social networks, and other digital channels. Several businesses have
leveraged this available online content to deliver smarter and better services
to their customers, with the use of data annotation. For instance, Scale AI,
Inc., the U.S.-based tech start-up, has provided valuable data labeling
services to its autonomous driving customers, including Waymo LLC; Lyft, Inc.;
Zoox; and Toyota Research Institute.
However,
data cleaning remains a significant challenge involved in data labeling. Also,
considering the time, complexity, and cost associated with the development of
machine learning models, many companies may not have the resources who can
produce acceptable and accurate results. Therefore, several companies are
taking strategic initiatives to expand their business in the field of
artificial intelligence-based data gathering. For instance, in July 2020, Microsoft
acquired Orions Digital Systems, Inc., a U.S.-based data management solutions
provider, to boost its Dynamics 365 Connected Store capabilities. This
acquisition is anticipated to proliferate the use of computer vision and IoT
sensors to help retailers better understand customer behavior and manage their
physical spaces.
Related Press
Release @ Data
Collection And Labeling Market Report
Data Collection And Labeling Market Report Highlights
- Automated
image organization offered by cloud-based applications and telecom
companies is one of the most popular uses of data gathering that has
improved the users’ experience and drawn the customers’ attraction towards
this technology
- Several
benefits, such as better security and automation of identification, are
the factors encouraging the implementation of facial
recognition at significant public spaces or events
- The advent
of large-scale cloud-hosted AI and machine learning platforms offered by
tech giants, has led to the implementation of data annotation with
multiple functions such as facial recognition, object recognition, and
landmark detection
- The growing
integration of digital image processing and mobile computing platforms in
various applications such as digital shopping and document verification
are propelling market growth
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