Data Annotation Tools Market by Trends, Demand Analysis and Opportunity Outlook to 2028
Latin America data annotation tools market is speculated to grow at a CAGR of 33% through the projected timeline, propelled by the escalating awareness among businesses associated with AI technologies.
The MEA segment would expand at a rate of 29.8% over the stipulated timeframe. This can be assisted by the rapid improvement in the deployment of AI-based technologies in the region.
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The global data annotation tools market would foresee considerable gains through 2028, fueled by a rising product demand from a plethora of end-user industries including automotive, healthcare, BFSI, telecom, and others. The increasing trend of machine learning and AI adoption in these sectors would also augment industry outlook.
As per reliable estimates, 85% of global healthcare organizations have already deployed an AI strategy, while the remaining 15% are planning to develop one in the coming years.
Data annotation tools are generally cloud-based, on-premises, or containerized solutions that can be used to interpret production-grade training information for machine learning and artificial intelligence across diverse sectors.
Based on the application spectrum, data annotation tools market find primary usage across healthcare, BFSI, retail, automotive, agriculture, and IT and Telecom industries. The BFSI segment, amongst these, would register a CAGR of 32.8% through 2028 owing to the fact that the industry leverages extensive amount of data generated across a plethora of formats for enhancing operations.
The retail industry is also likely to grow substantially in the coming years, rising at a rate of 34.8% over the forecast timeline, driven by the tools' ability to be used for shelf management, detection of misplace item, price checking, and reducing inventory shrinkage.
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The healthcare segment in data annotation tools market accounted for a business share of 21.66% in 2021 and is poised to expand meteorically in the near future as a result of the increasing adoption of healthcare training data for developing advanced AI applications.
The image/video market is projected to accrue significant valuation throughout the analysis period. The market is further classified into bounding box, polygonal annotation, semantic annotation, and lines and splines. The polygonal annotation tools market would grow at a rate of 39.4% as these are considered to be an effective substitute for conventional bounding box tools that are inefficient for annotating irregular shapes or objects.
Meanwhile, the lines and splines market growth is predicted to be backed by its extensive deployment to train industrial robots in analyzing the work area boundaries and facilitating material movement. For the record, the segment had captured a data annotation tools market share of 13.1% in 2021.
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