According to the latest research study, the data annotation tools market is set to observe growth rate of over 30% till 2028. Technology has made its way in nearly every sector in the world, as is evident by the advent of artificial intelligence (AI), machine learning (ML) and other next-generation technologies. With massive volumes of data generated, stored, and transferred by the above-mentioned technologies, the need for data traffic management and data labelling has grown dominant.

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Audio and video annotation tools comprising of semantic annotation techniques and others are helping train AI and ML models. To train any ML-based model, the system needs to be able to detect any objects of interest in algorithm inputs right from the company name or person to accelerate output, as done by image annotation tools.

According to 2022 Capital Economics analysis for DCMS surveying AI activity in businesses across the UK, nearly 15% of all businesses — around 432,000 —­ have adopted at least one AI technology whereas 2% (62,000) have newly integrated AI, and 10% —that is 292,000 — are pursuing at least one AI technology.

Majority traction across data

India's ever growing digital ecosystem and technology market is offering lucrative opportunities for advanced systems. Some of the key barriers in Indian data annotation tools market include data privacy concerns, demand for other languages in labelling and cultural context.

Data annotation gained importance after a significant rise in AI penetration across the growing fields of India, including education, automobile, healthcare, e-commerce, and telecom.

The country also boasts of a very dynamic IT sector, which is capable of conceptualizing data annotation tools, both in-house as well as outsource to third parties, ultimately generating jobs catering to the nation's burgeoning population with employment opportunities.

India is home to some of the breakthrough data labelling companies including iMerit, Zuru, Cogito Tech, Tika Data, and Wisepl. iMerit for example is a leading AI data solutions provider with high-quality data which facilitates machine learning and AI applications for Fortune 500 companies.

Globally expanding healthcare sector as a result of strengthening infrastructure and next-generation technological advancements are transforming the face of medicine.

The healthcare industry generates stacks of clinical letters for documentation of details associated with patient consultation – comprising of patient history, diagnoses, and other valuable data. However, with unstructured format, these letters create barriers in retrieving and using the information for novel research.

Medical image annotation allows labelling of data derived through different medical imaging procedures such as ultrasound, MRI or CT scan.

In conclusion, ground-breaking technological development across healthcare, IT and telecom, automotive and other industries coupled with rapid adoption of online interface and digitally powered systems from a futuristic standpoint are expected to altogether foster growth of data annotation tools market realising the need for seamless, secure, and easily perceivable data.

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Partial Chapter of the Table of Content

Chapter 6 Data Annotation Tools Market, By Annotation Approach

6.1 Market, by annotation approach, 2021 & 2028

6.2 Manual annotation

6.2.1 Market estimates and forecast, 2018 – 2028

6.3 Automated annotation

6.3.1 Market estimates and forecast, 2018 – 2028

Chapter 7 Data Annotation Tools Market, By Application

7.1 Market, by application, 2021 & 2028

7.2 IT & telecom

7.2.1 Market estimates and forecast, 2018 – 2028

7.3 BFSI

7.3.1 Market estimates and forecast, 2018 – 2028

7.4 Healthcare

7.4.1 Market estimates and forecast, 2018 – 2028

7.5 Retail

7.5.1 Data annotation tools market estimates and forecast, 2018 – 2028

7.6 Automotive

7.6.1 Market estimates and forecast, 2018 – 2028

7.7 Agriculture

7.7.1 Data annotation tools market estimates and forecast, 2018 – 2028

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