The AI training dataset market is growing rapidly, fueled by the rise of machine learning and artificial intelligence, as well as technological advancements that enable the generation of vast amounts of data. Despite this growth, the market is hindered to some extent by a lack of technological expertise in developing regions. However, the expanding use of training datasets across various industries is expected to create profitable opportunities for market growth in the foreseeable future.
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Covid-19 scenario-
► The COVID-19 pandemic s accelerated the adoption of AI-based tool and solutions in various industries, particularly in healthcare.
► As businesses faced operational difficulties due to the crisis, many were turning to digital transformation, leading to significant demand for AI solutions. This trend created a favorable impact on the market for AI training datasets.
► Also, major industry players are focusing on implementing digital technologies to enhance their operations, resulting in a surge in the use of AI.
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By type, the text segment held the major share in 2021, garnering more than two-fifths of the global AI training dataset market revenue, and is expected to rule the roost by 2031. The image/video segment, on the other hand, would showcase the fastest CAGR of 23.3% during the forecast period. This is due to the rising focus of key players to launch new datasets along with a rising number of applications. Moreover, AI training offers datasets of photographs in the public domain for testing.
By end user, the IT and telecom segment accounted for around one-fourth of the global AI training dataset market share in 2021, and is expected to dominate by 2031. The healthcare segment, on the other hand, would display the fastest CAGR of 24.9% throughout the forecast period. This is because AI in healthcare offers various opportunities in therapy areas such as lifestyle and wellness management, diagnostics, virtual assistants, and wearables.
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By region, North America garnered the highest share in 2021, holding around one-third of the global AI training dataset market revenue in 2021, and is projected to retain its dominance by 2031. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 24.1% during the forecast period, owing to the widespread release of new datasets to speed up the usage of artificial intelligence technology in developing sectors.
Leading Market Players-
► Google LLC
► Amazon Web Services Inc.
► Microsoft Corporation
► SCALE AI INC.
► APPEN LIMITED
► Cogito Tech LLC
► Lionbridge Technologies, Inc.
► Alegion, Deep Vision Data
► Samasource Inc.
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