The global AI Training Dataset Market size is projected to account for USD 4.8 billion by 2027, according to a new report by Million Insights. The market is anticipated to grow at 22.5% CAGR over the forecast duration. The growing focus by businesses on automating their operations is a key factor attributing to the growth of the market. AI training dataset has been gaining traction across industry verticals such as healthcare, automotive, transportation and logistics among others.
Owing to the growing adoption of artificial intelligence across industries, the need for the training set is increasing rapidly. In order to make the technology more accurate and versatile, an increasing number of companies are focusing on releasing datasets. Thus, such factors are projected to augment the growth of the market.
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Companies are further focusing on introducing high-quality datasets in order to speed up the AI development. For example, IBM, in early 2019, introduced new datasets that include one million images of faces to support the development of facial recognition technology.
IT sector dominated the market in 2019 owing to the increased adoption of various technologies such as machine learning, data analytics and computer vision to provide an enhanced user experience. Healthcare sector is also anticipated to witness a substantial growth due to the increasing adoption of latest technologies such as wearable, virtual assistance and others in the sector.
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Further key findings from the report suggest:
• Based on type, the image/video category is projected to register over 25.0% CAGR from 2020 to 2027.
• Asia Pacific is anticipated to account for the significant share due to the increasing adoption of AI-based technology.
• By vertical, IT segment held the highest share in the artificial intelligence training dataset market in 2019 due to the increasing adoption of various technologies such as virtual assistance, machine learning and computer vision in the industry.
Million Insights has segmented the global AI training dataset market based on type, vertical, and region:
AI Training Dataset Type Outlook (Revenue, USD Million, 2016 – 2027)
AI Training Dataset Vertical Outlook (Revenue, USD Million, 2016 – 2027)
• Retail & E-commerce
AI Training Dataset Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• South America
• Middle East and Africa
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