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 labeling 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.
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Acquisition of Disruptive Technologies to Heat up Competition Landscape
- 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 the 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.
Global Data Collection and Labelling Market: In-Depth Assessment on Key Segments
The global data collection and labelling market is segmented on the basis of data type, vertical, and region.
- Retail & E-commerce
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Global Data Collection and Labelling Market – Scope of the Report
The following report provides a forecast and analysis of the global data collection and labelling market along with the historical data of 2015, estimated data 2020 and forecast data up to 2030 in terms of value (US$ Mn), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global data collection and labelling market along with several macro-economic indicators. This newly published and insightful report on data collection and labelling sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global data collection and labelling market.
The report also comprises the study of current issues with end users and opportunities for data collection and labelling. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of data collection and labelling manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the data collection and labelling market provided in the report adds to the credibility of this exhaustive research study.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for data collection and labelling has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous data collection and labelling manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates.
Global Data Collection and Labelling Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the data collection and labelling market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the data collection and labelling market, which includes global GDP growth rate IT, automotive, government, healthcare, BFSI, retail & E-commerce, and others.
This report serves as an authentic resource of intelligence on the data collection and labelling market, enabling the readers to take fact-based decisions on the future direction of their businesses
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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