The data collection and labeling market was valued at US$ 1.82 billion in 2021 and it is expected to grow at a CAGR of 27.2% between 2022 and 2028.
The data collection and labeling involve the integration of software, processes, and data annotators for cleaning, structuring, and labeling data. Such data forms the base for machine learning (ML) models. ML, when utilized with artificial intelligence (AI) and big data, aids in providing actionable insights from huge datasets, which cannot be extracted by traditional data analytic solutions. Since ML models are completely dependent on the quality of data being fed, solutions developed by data collection and labeling market players are witnessing high growth rates globally.
MARKET DYNAMICS
The widespread adoption of machine learning (ML), artificial intelligence (AI), and big data have been driving the data collection and labeling market growth. Internet of Things (IoT)-enabled devices are being increasingly used in industrial, commercial, and residential scenarios. Growing penetration of internet have been fuelling such demand. The data is being utilized by businesses for various purposes, including gathering competitive intelligence, promoting their products, improving manufacturing activities, and streamlining supply chain. Such factors have been promoting the need for proper data collection and labeling solutions, which in turn have been fuelling the data collection and labeling market.
MARKET SCOPE
The "Global Data Collection and Labeling Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of data collection and labeling industry with detailed market segmentation by data type and vertical. The report provides key statistics on the market status of the leading data collection and labeling industry player and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global data collection and labeling market is segmented based on data type and vertical. By data type, the market is segmented into text, image/video, and audio. Further, in terms of vertical, the market is categorized into information technology, automotive, government, healthcare, BFSI, retail and e-commerce, and others.
Strategic Insights
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global data collection and labeling industry based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The data collection and labeling market by each region is later sub-segmented by respective countries. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, North American dominated the data collection and labeling market with ~31% market share in 2021. The dominance of North America in the data collection and labeling industry is majorly due to widespread penetration of internet, large smart gadget user base, and the presence of a large number of market players. Some of the key market players in the region include Alegion Inc., IBM Corporation, and Reality Analytics Inc. These data collection and labeling market players witness constant demand from various enterprises across different industry verticals. The below figure showcases the revenue growth trend in the global data collection and labeling industry:
Source: The Insight Partners Analysis
The report analyzes factors affecting data collection and labeling market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, effecting the market during the forecast period. The report also provides exhaustive PEST analysis highlighting the factors affecting the data collection and labeling market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic was an unprecedented event that disrupted several industry verticals globally. While some received a positive impact, most were negatively impacted. The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic. Implementation of containment measures, such as trade bans, travel restrictions, and workplace workforce limitations, impacted various businesses' manufacturing, supply, and sales. Such disruptions resulted in a temporary decline in the data collection and labeling market, as enterprises decided to focus on core business activities. However, post the first two quarters of 2020, the data collection and labeling market witnessed strong demand owing to rise in data being generated through social media platforms. This is because the pandemic led to an exponential increase in social media usage and active social media users. Thus, the pandemic positively impacted the global data collection and labeling market.
MARKET PLAYERS
The report covers key developments in organic and inorganic growth strategies of the data collection and labeling market. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from data collection and labeling market are anticipated to witness lucrative growth opportunities in the future with the rising demand for data collection and labeling.
The report also includes the profiles of key data collection and labeling market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of few companies engaged in the data collection and labeling market.
- Alegion Inc.
- Appen Limited
- Ava Labs, Inc.
- Dobility, Inc.
- IBM Corporation
- Labelbox, Inc.
- Playment
- Reality Analytics Inc.
- Scale AI, Inc.
- Summa Linguae Technologies
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.