Global Data Collection and Labeling Market to Surge on back of Extensive Applications in the IT Sector, Projects Fact.MR
Published : 19 Jan 2022 Industry: Technology
The data collection and labeling market revenue totaled US$ 1,848.06 Mn for 2022, according to Fact.MR. The overall data collection and labeling market are expected to reach US$ 9,670 Mn by 2032.
Increasing opportunities for data collection and labeling will result from the use of data labeling and analytics in healthcare. The emergence of artificial intelligence (AI), the internet of things (IoT), and machine learning (ML) require the deployment of advanced data collection and labeling services.
The global data collection and labeling market exhibits a meteoric 18% CAGR during the forecast period (2022-2032). The digitization of industries and countries provides an ideal environment for data collection and labeling companies to expand. The data collection and labeling market are experiencing an explosive growth trajectory, driven by a variety of end-uses, including video surveillance, facial recognition, and password privacy.
Key Takeaways of Global Data Collection and Labelling Market
- By data type, image/video analysis to accumulate 35% revenue share through 2032
- By vertical, data collection and labeling for the IT sector to account for over 1/3rd revenue
- Retail industry to experience credible adoption, registering an impressive 20% CAGR
- US sales account for over 27% of global market value from 2022 to 2032
- India to be an opportunistic market, accumulating a quarter of global revenue
- China to be the largest market, capturing 40% revenue across the forecast period
“Using computer vision and sensors to diagnose and document body functions merits have widened prospects for data collection and labeling services. Besides, government initiatives to promote digital literacy have further enhanced scope,” says the Fact.MR analyst.
Collaborations with manufacturers make it possible for businesses to increase production and meet consumer demand, which increases revenue and market share. As a result of new technologies and products, end-users will be able to benefit from products and funding in the industries.
- In January 2022, Labelbox, a startup developing an annotation and labeling platform, announced today that it had raised $40M raising its total to $79M. In addition to providing capital for the company's plans, the funds will be used to acquire new customers, expand its product base and grow its workforce worldwide.
- In December 2021, the leading AI data solutions company iMerit released iMerit Data Studio, which includes proprietary and client-facing applications. Using expert-in-the-loop machine learning workflows, this new technology provides the industry's first fully integrated end-to-end solution. With iMerit Data Studio, including their Ground Control, Edge Case, and People Platform solutions, the firm can address our customers' need for rapid scale-up with an increased emphasis on data quality.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the hyperspectral imaging market, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032.
The study divulges essential insights on the market based on data type (text, image/video, audio), and vertical (IT, automotive, government, healthcare, BFSI, retail & e-commerce, others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology
Our ICT consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the ICT sector. Our expertise in recognizing the challenges and trends impacting the global ICT industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – ICT