Data Collection and Labelling Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030

Data Collection and Labelling Market Exhibits Meteoric 17% CAGR Through 2030

The applications of data collection and labelling across industries generates high demand for data collection and labelling products and services. Penetration of smart devices in developing countries such as India, Indonesia, and China presents bankable data collection and labelling prospects. The global data collection and labelling market will multiply 7.0 X during the forecast period (2020-2030). Surging consumer demand for convenience through technology indirectly contributes to the growth of the data collection and labelling market. Products such as smart speakers employ data collection and labelling to train the AI software that talks back. Using data collection and labelling expertise, product manufacturers are able to enhance performance and reduce errors in functioning.

Image/Video Analysis to Garner Maximum Revenues

When categorised based on data type, the data collection and labelling market is divided into text, image/video, and audio. Among the three, Image/video holds a majority value share of more than 35% of the total market. Generalization of facial recognition and public surveillance by governments across the globe acts as a central factor for growth. Also, omnipresent integration of facial recognition as a prominent feature in smartphones further the demand for image/video data collection and labelling. Audio data collection and labelling offers the most lucrative growth opportunities. The segment exhibits the highest growth rate of over 19% CAGR through 2030. Surge in demand for conversational smart devices such as speakers, home security, automotive, and smartphone assistants drive growth in this data type segment.

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North America to Capture Lion’s Share in Data Collection and Labelling Market

North America accounts for the largest share of global sales with more than 31% of the total market value. Early adopters such as the United States and Canada are the frontiers of artificial intelligence applications of data collection and labelling. Consumer trends such as virtual shopping, and mass-adoption of smart devices that recognize voice, as well as, faces will continue to drive growth in this region. However, the highest growth can be accredited to South Asia & Oceania. The region offers the most remunerative opportunities with a stupendous 20% CAGR between 2020 and 2030. Increasing demand for smartphones, and smart devices among consumers presents high revenue for market players. Adoption of Internet of Things (IoT) and artificial intelligence (AI) in public and private sector digitization efforts is driving market growth in this region.

Data Collection and Labelling Amid the COVID-19 Pandemic

Rampant spread of coronavirus has rendered all initial assumptions and metrics irrelevant. With the total number of cases crossing 1.4 Mn, governments across the globe are evaluating extended public isolation measures. As this measure gains momentum, the data collection and labelling market will face significant uncertainties. However, most companies are already planning rigorous steps to combat the adverse effects. Data collection and labelling tools will play an important role in planning, and executing a digital shift in business functioning processes. Since these tools allow organizations to record, label, and recall data as and when needed, the impact of COVID-19 lock down on the data collection and labelling market will be moderate.

Market players can garner sustainable revenues during the pandemic by devising customized products for specific use-cases, targeting the worst affected industries. The digital nature of data collection and labelling proves to be boon for market players. Now the deciding factor in successfully managing the impact of COVID-19 will be an organization’s ability to rapidly shift gears and adopt work from home technologies such as telecommuting, remote deployment, and online training of client organization personnel. The demand for data collection and labelling will grow at a lackluster pace as the world battles coronavirus. However, this lackluster growth is better than many industry verticals which depend on physical efforts from employees.

Acquisition of Disruptive Technologies to Heat up Competition Landscape

Major players in the data collection and labelling market that shape competition are, but not limited to, Appen Limited, Reality AI, Globalme Localization Inc., Global Technology Solutions, Alegion, Labelbox, Inc, Dobility, Inc., Scale AI, Inc., Trilldata Technologies Pvt Ltd, and Playment Inc. Mergers, acquisitions, and technical collaborations are the most popular business strategies employed by market players. Here are a few of the major developments:

• In June 2019, Uber Technologies Inc. acquired Mighty AI Inc., a computer vision model provider for self-driving cars.
• In February 2019, Walmart Inc. announced acquisition of Trilldata Technologies Pvt. Ltd., an Indian Neuro Linguistic Programming (NLP) solutions developer to enhance their retail services using machine learning and data collection & labelling services.
• Globalme Localization Inc. declared the company’s acquisition by Summa Linguae Technologies, an upcoming language solutions provider with headquarters in poland.

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