Data Preparation Industry Data Book - Data Collection and Labelling, Data Labelling Solutions and Services & Data Integration Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030
The global Data Preparation Industry was valued at USD 20.89 billion in 2021 and is anticipated to increase at a significant CAGR of 17.0% from 2022 to 2030.
Grand View Research’s Data Preparation industry databook is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Data Collection and Labelling Market Insights
The global data collection and labeling market size was valued at USD 1.67 billion in 2021 and it is expected to expand at a compound annual growth rate (CAGR) of 25.1% from 2022 to 2030. The market is expected to witness a surge in technology adoption owing to benefits such as extracting business insights from socially shared pictures and auto-organizing untagged photo collections. It also contributes to developing enhanced safety features in autonomous vehicles, such as condition monitoring, terrain detection, wear detection, and emergency vehicle detection.
Machine learning has been incorporated into various industries, including facial recognition on social networking websites, automated picture arrangement on visual websites, robotics, and drones. Social media monitoring is one of the most popular data collection applications, as visual listening and visual analytics are essential for digital marketing growth. Also, this technology is highly used in applications related to safety and security, such as data gathering for facial recognition used by law enforcement agencies. The need for a constant flow of data to evaluate is expanding as the importance of data-backed decisions for businesses increases. Analysts derive insights and information from data about their target clientele through data mining.
Artificial intelligence-enabled data labeling service is rapidly gaining traction in security monitoring technology in many countries. Person/object tracking, traffic monitoring, parking occupancy detection area monitoring, and vehicle analysis are some of the primary AI applications in surveillance settings. Many companies have invested much time developing AI-based data processing technologies to maintain social isolation in open spaces, especially during the global covid-19 epidemic.
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Data Labelling Solutions and Services Market Insights
The global data labeling solution and services market size was valued at USD 8.69 billion in 2021 and is projected to grow a CAGR of 21.0% from 2022 to 2030. By adding attribute tags, data labeling tools assist users in developing data value. Data labeling is a process for identifying raw data (text, videos images, etc.) and adding one or more significant and revealing labels to offer context. Machine learning has been incorporated in several industries, including facial recognition on social networking websites powered by data collection, automated picture organization of visual websites, and robots & drones. Prominent growth in the automotive business, particularly in self-driving vehicles, significantly fuels data labeling solutions and services. A self-driving vehicle has a multiplicity of sensors and networking devices that let the computer drive the vehicle.
The global data labeling solution and services market is expected to witness a surge in the adoption of the technology owing to assistance such as deriving business insights from socially shared photographs and auto-organizing untagged photo collections. Furthermore, data labeling technology is increasingly being used in autonomous vehicles, which is expected to contribute to significant growth in the automobile industry. With the help of this technology, self-driving cars can detect obstacles and notify the driver about the vicinity of walkways and guardrails. The technology is also capable of reading stoplights and road signs.
The emerging importance of data efficiency and the evolution of technology is allowing for new business innovations, economics, and infrastructure. These factors have contributed to the expansion of the data labeling market. The significant development of machine learning in automated data analytics is projected to increase demand for tools and solutions for autonomous data labeling in many data-driven applications. Furthermore, the emerging prominence of picture annotation is likely to advance retail, automotive, and healthcare operations, driving demand for data labeling technologies. Moreover, the high expenses involved with manually annotating complicated photos may limit the market's growth.
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Data Preparation Industry Data Book Competitive Landscape
The market participants are implementing several organic and inorganic growth strategies, including new product launches, product modernizations, collaborations, corporate expansions, and acquisitions and mergers.
Key players operating in the Data Preparation Industry are:
- Alegion
- Amazon Mechanical Turk, Inc.
- Appen Limited
- Clickworker GmbH
- CloudFactory Limited
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