The global data collection and labeling market size is projected to reach USD 6.5 billion by 2027 and registering 26.0% CAGR over the forecast period from 2020 to 2027, according to new report by Million Insights. Data collection & label is a process which involves the collection of datasets from online as well as other sources and labeling them as per feature, data type and nature. Data collection and labeling coupled with AI technology have created several growth opportunities in various verticals including e-commerce, social networking and gaming. For example, Facebook and Twitter are major platforms of social networking across the globe. These platforms have benefited due to the adoption of image processing technology for audience engagement, as Facebook and Twitter have developed more connecting experience by encouraging the people to share images and tag their friends.
Introduction of digital capturing devices, especially cameras in smartphones has increased the amount of digital content in terms of videos and images. Huge amount of digital and visual information is being shared and captured through many applications on social networks, websites, and other digital channels. Various businesses have leverage this available online content to provide better and smarter services to their customers along with the use of content labeling, for example, U.S. based Scale AI, Inc. provides valuable data labeling services to autonomous vehicle companies that includes Toyota Research Institute, Zoox; Lyft, Inc.; and Waymo LLC.
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However, data cleaning is expected to hamper the growth of the data collection and labeling market. In addition, complexity, time, and cost for developing machine learning models, several companies are looking for accurate solutions along with technologically advanced features. Therefore, these companies are implementing strategies to expand their artificial intelligence-based on information collected thorough data collection &labeling. For example, in 2019, Appen Limited acquired U.S. based Figure Eight Inc. which is an AI-focused company. This acquisition was projected to add data collection and labeling resources in the company.
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Further key findings from the report suggest:
• Telecom companies and cloud based application are offering automated image technology which is gaining popularity due to its data collection property. It also helps to improve user’s experience: thereby expected to drive the growth of this technology.
• Various benefits such as auto identification and better security are key factors influencing installation of facial recognition devices at several public places.
• Increasing usage of machine learning and AI technology offered by high-tech providers has led to the implement of information annotation along with multiple functions including object recognition, landmark detection and facial recognition.
• Rising integration of mobile computing platforms and digital image processing in several application such as document verification and digital shopping are fuelling the market growth.
• Trilldata Technologies Pvt Ltd; Globalme Localization Inc.; Alegion; Dobility, Inc.; Reality AI; Global Technology Solutions; Labelbox, Inc; Trilldata Technologies Pvt Ltd; Appen Limited; Playment Inc., and Scale AI, Inc. are key playersoperating in this industry.
Million Insights has segmented the global data collection and labeling market on the basis of product data type, vertical and region:
Data Collection & Labeling Data Type Outlook (Revenue, USD Billion, 2016 – 2027)
Data Collection & Labeling Vertical Outlook (Revenue, USD Billion, 2016 – 2027)
• Retail & E-commerce
Data Collection & Labeling Regional Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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