Global Data Collection And Labeling Market Size to grow USD 15.5 Billion by 2030 | CAGR of 24.9%

The Global Data Collection And Labeling Market Size is expected to grow from USD 2.1 billion in 2021 to USD 15.5 billion by 2030, at a CAGR of 24.9% during the forecast period 2021-2030. as per the latest research report by Spherical Insights & Consulting.

Datasets are gathered from online and other sources and labeled according to their nature, data type, and characteristics. AI technology, paired with data collection and annotation, has opened up promising new potential for growth in several industries, including e-commerce, social networking, and gaming. For instance, image processing technology has improved audience engagement on Twitter and Facebook, two of the most popular social networking sites. Businesses use data labeling platforms to identify raw data for machine learning models. The raw data consists of text, images, audio, and other objects. The increasing amount of digital content in the form of photographs and videos has increased exponentially with the introduction of digital capturing devices, especially cameras built into smartphones. Through numerous applications, websites, social networks, and other digital channels, a lot of visual and digital information is being gathered and shared. Several companies have taken advantage of this freely accessible web content using data annotation to provide their clients with smarter and better services. Social media monitoring is one of the most often used programs for data collection since visual listening and visual analytics are crucial elements of digital marketing. Additionally, this technology is extensively used in safety and security-related applications, such as data collection for law enforcement agencies' usage in facial recognition. As the value of decisions supported by data for organizations grows, a continuous flow of data to assess is becoming more and more necessary. Through data mining, analysts gain insights and knowledge about their target audience.

Browse key industry insights spread across 197 pages with 114 market data tables and figures & charts from the report “Global Data Collection And Labeling Market Size, Share, and COVID-19 Impact Analysis By Data Type (Audio, Image/Video, Text), By Industry Vertical (IT, Automotive, Government, Healthcare, BFSI, Retail & E-commerce, Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents. https://www.sphericalinsights.com/reports/data-collection-and-labeling-market

This research report categorizes the market for Data Collection And Labeling based on various segments and regions and forecasts revenue growth and analysis trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges that influence the Data Collection And Labeling market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included in order to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Data Collection And Labeling market.

Based on the data type, the global Data Collection And Labeling market is categorized into audio, image/video, and text. In 2021, the image/video segment dominated the market with the largest market share of 35% and market revenue of 0.7 billion. The growth of this segment can be attributed to the rising use of computer vision in various industries, including media, healthcare, automotive, and entertainment. Furthermore, the generalization of public surveillance and facial recognition technology by governments across the globe has propelled the segment's growth during the forecast period.

Based on region, the Global Data Collection And Labeling Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. North America is expected to be the largest market. North America is expected to be the largest market for Data Collection And Labeling. This is due to the rise of cloud-based media services, which are one of the potential data sources for collecting data. Furthermore, the expanding integration of artificial intelligence and mobile computing platforms in e-commerce and digital shopping contributes to regional growth. It generates a lot of data for annotation.

The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the rising popularity of social networking sites in developing nations like China and India and the rising use of mobile phones and tablets, data processing technology, and other technologies. The demand for data collection and labeling is rising as there is an increase in the number of smart devices and internet market penetration. Face recognition applications in Chinese security and surveillance systems are anticipated to propel market growth in the Asia Pacific region.

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