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According to a new report Global Data Collection and Labeling Market, published by KBV research, The Global Data Collection and Labeling Market size is expected to reach $3.5 billion by 2026, rising at a market growth of 28.4% CAGR during the forecast period.
Due to their growing applications in clinical research and e-commerce, the text segment accounted for the largest share in 2019. Since Electronic Health Record (EHR) systems are gradually being introduced, the collection of clinical records including unstructured text information has become one of the valuable resources for clinical research.
Over the projected period the healthcare industry is expected to expand at a significant pace. Since artificial intelligence is commonly used for many applications in the healthcare industry, such as diagnostic automation, treatment prediction, gene sequencing, and drug development, training of datasets with deep learning and machine learning algorithms is needed.
North America accounted for the largest share in 2019, largely due to the exponential growth of cloud-based information services as one of the main data sources for collection is media services. The segment's growth is due to the growing convergence of artificial intelligence and mobile computing platforms in the digital shopping and e-commerce sectors. This creates a tremendous amount of labeling data. The data collection and labeling market in Europe is expected to see significant growth over the forecast period. The growing developments in automotive obstacle detection technologies are expected to fuel demand growth in the region's automotive sector over the forecast period.
Asia Pacific is expected to have the highest CAGR over the forecast period. This growth is due to the growing adoption of cell phones and tablets, rapid technological developments and the popularity of social networking sites in emerging economies, such as China and India. Growing numbers of smart devices are expected to improve data collection and labeling requirements.
Structural Insights: https://www.kbvresearch.com/data-collection-and-labeling-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Avery Dennison Corporation, Appen Limited, Reality Analytics, Inc. (Reality AI), Alegion, Inc., Labelbox, Inc., Scale AI, Inc., Playment, Inc., Dobility, Inc., Summa Linguae Technologies S.A. (Globalme Localization, Inc.), Global Technology Solutions.
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