The global AI Training Dataset Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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.
Key Players:
- Google, LLC (Kaggle)
- Appen Limited
- Cogito Tech LLC
- Lionbridge Technologies, Inc.
- Amazon Web Services, Inc.
- Microsoft Corporation
- Scale AI, Inc.
- Samasource Inc.
- Alegion
- Deep Vision Data
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Growth Drivers:
With the help of AI, machines learn from experiences, adjust to new programs and perform tasks like a human. These machines are capable of processing a huge amount of data and determine the pattern in order to accomplish any particular tasks. To train these machines, certain datasets are needed. Thus, increasing demand for datasets is driving the growth of the market.
Vertical Outlook:
- IT
- Automotive
- Government
- Healthcare
- BFSI
- Retail & E-commerce
IT sector held the largest share in the market in 2019. Several companies in the market are making use of machine learning to develop advanced products and enhance user-experience. Machine learning requires advanced datasets for its effective operations. In addition, quality data sets help IT companies with various other solutions such as data analytics, virtual assistance, crowdsourcing, and computer vision. Thus, these factors are anticipated to drive the use of data sets in the IT sector over the next few years.
In the healthcare sector, AI offers several opportunities in therapy areas like lifestyle & wellness management, wearable, virtual assistance and diagnostics. In addition, AI is used in improving organizational workflow and voice-enabled symptom checkers.
Regional Outlook:
Vendors in North America are focusing on introducing new training sets to strengthen AI adoption in the region. For example, Waymo LLC, in 2019, released a new dataset for self-driving vehicles. This dataset includes the data from LiDAR and camera sensors under different driving conditions like pedestrian, signage and cyclists.
Emerging countries such as China and India are increasingly witnessing the adoption of innovative technologies to transform their businesses. In addition, vendors are focusing on expanding their business operations in the Asia Pacific.
COVID-19 Impact Insights
COVID-19 outbreak is projected to positively affect the AI training dataset market. The pandemic has compelled businesses to adopt advanced analytics, and other AI-based technologies to ensure smooth operations of their businesses. COVID-19 has caused uncertainty about how the businesses will function. This has led to increasing dependencies of businesses on innovative technologies, which, in turn, is projected to drive the market growth over the forecast duration. Various industries such as e-commerce, healthcare, automotive and IT are anticipated to witness increased adoption of AI training dataset to automate their businesses.
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