AI Training Dataset Market Size To Worth USD 14.42 Billion By 2033

(MENAFN- GlobeNewsWire - Nasdaq) The rapid expansion of artificial intelligence (AI) applications drives significant growth in the AI training dataset market. To speed up the adoption of artificial intelligence technology in North America's growing sectors, companies in that business are concentrating on releasing new datasets.

Newark, Aug. 26, 2024 (GLOBE NEWSWIRE) -- According to a report by The Brainy Insights, the global AI training dataset market is projected to grow from USD 1.64 billion in 2023 to USD 14.42 billion by 2033, with a compound annual growth rate (CAGR) of 24.25% during the forecast period from 2023 to 203. The North America region is expected to experience the highest CAGR of 31.63% over the forecast period, driven by the increasing adoption of new technologies as Indian businesses update their operations. Several key industry players are also expanding their presence in Asia-Pacific, boosting the use of datasets in the region and contributing to significant growth.

"With AI becoming an integral part of many industries, the need for high-quality training datasets is more crucial than ever. Datasets enable AI models to learn and improve, which is vital for applications like speech recognition, image identification, fraud detection, and personalized marketing," said a spokesperson for The Brainy Insights.

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Market Dynamics

Driver: Rapid Expansion of Machine Learning and AI

The rapid expansion of machine learning and artificial intelligence (AI) is largely driven by the advent of big data, which involves the recording, storing, and processing of vast amounts of information. As AI applications continue to grow, the demand for training datasets is expected to increase significantly. Annotated data is crucial for developing machine learning and AI models in key areas such as speech recognition and image identification. Public and private organizations use a variety of applications, including national intelligence, fraud detection, marketing, medical informatics, and cybersecurity, to collect domain-specific data. Datasets play a vital role in improving the accuracy of knowledge extraction from unstructured and unsupervised data, enhancing the overall effectiveness of AI technologies.

Opportunity: Expanding Uses of Training Datasets Across Various Industries

The proliferation of applications, websites, social networks, and other digital channels has facilitated the collection and sharing of vast amounts of visual and digital data. Many companies leverage this annotated data from freely available web content to develop innovative and high-quality products for their customers. In the healthcare sector, for instance, unstructured text data from electronic health record (EHR) systems is a key resource for clinical research. With the growing use of training datasets across multiple industries, there is significant potential for market expansion during the forecast period.

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Report Metrics Details

Report Metrics	Details
Market size available for years	2024–2033
Base year considered	2023
Forecast period	2024-2033
Market Size in 2023	$1.64 billion
Projected Market Value in 2033	$14.42 billion
CAGR	24.25% From 2024 to 2033
Segments covered	Type, Vertical, Regions
Geographies covered	North America, Asia Pacific, Europe, Middle East and Africa, and Latin America
Companies covered	Appen Limited, Lionbridge Technologies, Inc., Microsoft Corporation, Samasource Inc., Deep Vision Data, Google LLC (Kaggle), Amazon Web Services, Inc., Alegion, Cogito Tech LLC, and Scale AI Inc.

Market Segmentation

The AI training dataset market is segmented by type, vertical, and region.

Type Segment: This includes image/video, text, and audio datasets. In 2022, the text segment led the market with a share of approximately 35.02%. Text datasets are commonly used in the information technology sector for various automation tasks, such as speech recognition, text classification, and caption generation.

Vertical Segment: This includes sectors like automotive, healthcare, retail & e-commerce, IT, BFSI (banking, financial services, and insurance), government, and others. The IT segment dominated with a market share of about 16.53% in 2022. The sector extensively uses machine learning technologies to enhance user experience and develop innovative products, relying heavily on high-quality training data to refine machine learning algorithms.

Key Industry Players

Leading companies in the AI training dataset market include Appen Limited, Lionbridge Technologies, Inc., Microsoft Corporation, Samasource Inc., Deep Vision Data, Google LLC (Kaggle), Amazon Web Services, Inc., Alegion, Cogito Tech LLC, and Scale AI Inc. These companies are focused on developing new products and securing venture capital investments to expand their market share.

Industry Insights

AI is becoming increasingly crucial across various industries, including manufacturing, IT, BFSI, retail & e-commerce, and healthcare. The demand for application-specific training data is growing, providing new opportunities for newcomers in the field. Artificial intelligence's ability to extract complex data representations through hierarchical learning is making it an essential tool for big data analytics, requiring the mining and extraction of meaningful patterns from large data volumes.

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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Organization: The Brainy Insights
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