Rise in demand for text annotation for document classification is projected to provide opportunities during the forecast period. The spread of Covid-19 acted as a major factor driving the growth of the global data annotation tools market size.
Major industry players such as – Amazon Mechanical Turk Inc., clickworker GmbH, Dbrain, Lionbridge Technologies Inc., Scale AI Inc., Cogito, APPEN LIMITED, LightTag, Playment, and tagtog Sp. z o.o.
The global data annotation tools market generated $1.35 billion in 2020 and is anticipated to reach $13.69 billion by 2030, manifesting a CAGR of 26.3% from 2021 to 2030.
The global data annotation tools market is segmented into annotation type, component, end-user, and region.
Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share. On the other hand, Asia-Pacific is anticipated to manifest the fastest CAGR of 31.1% during the forecast period.
Based on component, the solution segment accounted for the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the service segment is estimated to witness the fastest CAGR of 28.2% from 2021 to 2030.
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Based on end users, the IT & Telecommunication segment contributed to the largest share in 2020, accounting for more than one-fourth of the global data annotation tools market. However, the healthcare segment is expected to manifest the highest CAGR of 31.4% from 2021 to 2030.
Covid-19 impact on global data annotation tools market:
- Coronavirus has increased the growth of the artificial intelligence and machine learning market, boosting the demand for data annotation tools across the globe.
- Partial or complete lockdown in various regions has significantly impacted the growth of the data annotation tools market, owing to the lack of availability of a skilled workforce during the pandemic.
- Moreover, a rise in investments in machine learning-powered solutions from various industries is anticipated to hit the market growth in the coming years.
- The IT & telecommunication sector has witnessed significant growth during and post-pandemic. This, in turn, increased the demand for data annotation tools.
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