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The widespread use of wearable health devices and the explosion of digital medical information has made it difficult for data scientists to identify data manually. Data annotation technologies aid healthcare institutions in addressing these difficulties by delivering accurate, high-quality, labeled medical data with minimal input from medical specialists. This, in turn, has contributed to the high adoption rate of data annotation for medical imaging data, thus, favoring market growth.
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Data Annotation Tools Market Growth Potential & Forecast, 2032
Industry Insights • The widespread use of wearable health devices and the explosion of digital medical information has made it difficult for data scientists to identify data manually. Data annotation technologies aid healthcare institutions in addressing these difficulties by delivering accurate, high-quality, labeled medical data with minimal input from medical specialists. This, in turn, has contributed to the high adoption rate of data annotation for medical imaging data, thus, favoring market growth. • Furthermore, market players are maximizing their efforts to introduce innovative data annotation tools to address the rising consumer demand. Citing an instance, In January 2023, CloudFactory, a prominent provider of human-in-the-loop AI technologies, introduced Accelerated Annotation. This revolutionary Vision AI product combines CloudFactory's skilled workforce with AI-assisted labeling technology to expedite the data labeling process. Technological breakthroughs such as these will help strengthen the industry outlook through 2032.
By annotation approach, the automated data annotation tools market is set to exhibit a commendable CAGR from 2023 to 2032. With the growing usage of computer vision across several industry verticals, the demand for precise and quick picture annotation tools has increased. Manual picture annotation is time-consuming and error-prone, which has increased the acceptance of automatic image annotation technologies. As a result, its use in an array of applications, including healthcare, e-commerce, and social media, is expected to stimulate industry revenue streams until 2032. • As per data, the data annotation tools market from the text segment is poised to register substantial revenue growth owing to the rising usage of text annotation for document classification. The segment growth can also be attributed to the growing popularity of text annotation software among organizations dealing with massive amounts of textual content, such as media houses and research universities, which allow users to assign one or more categories to documents.
Regional Analysis • Asia Pacific data annotation tools market was worth more than USD 450 million in 2022 and is estimated to record substantial growth through 2032, owing to the proliferation of IoT and AI technologies across multiple industries. Furthermore, the expanding automotive sector and the rising adoption of autonomous cars across the region will stimulate regional industry growth through 2032. • Competitive Analysis • Alegion Inc., ClickworkerGmBH, Amazon Web Services, Inc. (Amazon.com, Inc), CloudFactory Limited, Cogito Tech LLC, CloudApp, Inc, Dataturks (Walmart Labs), Appen Limited, and Defined AI
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