Data Labeling Solution And Services Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities
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The data labeling solution and services market size has grown exponentially in recent years. It will grow from $13.21 billion in 2023 to $16.4 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to the rise of machine learning and AI, increasing demand for labeled data, the emergence of computer vision applications, expansion of natural language processing (NLP), and growth of autonomous vehicles and robotics. The data labeling solution and services market size is expected to see exponential growth in the next few years. It will grow to $39.35 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The growth in the forecast period can be attributed to proliferation of IoT devices, advancements in edge computing, expanding adoption of autonomous systems, rise of industry-specific AI applications, and increasing focus on data privacy and security. Major trends in the forecast period include integration of AI-driven automation, rise of hybrid human-machine labeling approaches, emergence of specialized vertical solutions, expansion of data labeling-as-a-service (DLaaS), and emphasis on ethical and bias-aware labeling practices.
The rapidly growing volume of data is expected to propel the growth of the data labeling solution and services market going forward. Data refers to raw facts, figures, and statistics collected for analysis or reference, often in digital form. The rapidly growing volume of data is primarily due to increased digitalization and the proliferation of connected devices. Due to the complexity and scale of handling large datasets, the increasing volume of data necessitates data labeling solutions and services to clean, transform, and organize data for analysis efficiently. For instance, in December 2022, according to a report published by the Linux Foundation, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 terabytes (TB) in 2021 and 1,746 terabytes (TB) in 2022. Similarly, annual data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 TB in 2022, three times more than in 2021 (700 TB). Therefore, the rapidly growing volume of data will drive the growth of the data labeling solution and services market.
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What Are The Key Trends That Influence Data Labeling Solution And Services Share Analysis?
Major players in the data labeling solution and services market are advancing platforms that use large language models (LLMs) to automate data labeling, improving efficiency, accuracy, and scalability. LLMs are sophisticated AI systems trained on extensive text data to understand and generate human-like text. For example, in October 2023, Refuel AI Inc., a US-based technology firm, launched Refuel Cloud. This platform uses LLMs to automate data cleaning, labeling, and enrichment, offering clean and accurately labeled datasets for AI training in minutes. It also enhances data security by allowing deployment within a customer’s cloud or on-premises environment, ensuring data privacy and control.
Which Market Players Are Driving Growth In The Data Labeling Solution And Services Market?
Major companies operating in the data labeling solution and services market are Google LLC, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Uber Technologies Inc., Adobe Inc., Telus International, CloudFactory Limited, iMerit Technology Services Private Limited, Databricks Inc., Scale AI Inc., Appen Limited, The Hive AI Inc., BigID Inc., Encord LLC, Labelbox Inc., SuperAnnotate Inc., Adept Technologies Limited, Kili Technology Inc., Label Your Data LLC, Alegion Inc., SuperbAI Inc., Pure Moderation LLC, Data Labeler LLC, AI Data Innovations Inc., Amazon Mechanical Turk Inc., Cogito Tech LLC, Labellerr Inc., KeyMakr Inc.
How Is The Global Data Labeling Solution And Services Market Segmented?
1) By Type: Text; Image Or Video; Audio
2) By Labeling Type: Manual; Semi-Supervised; Automatic
3) By Sourcing Type: In-House; Outsourced
4) By Vertical: Information Technology; Automotive; Government; Healthcare; Financial Services; Retails; Other Verticals
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The Data Labeling Solution And Services Global Market Report 2024 provides an overview of the data labeling solution and servicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The data labeling solution and services market forecast analyzes data labeling solution and services market size, data labeling solution and services market share, leading competitor and their market positions.
The Table Of Content For The Data Labeling Solution And Services Market Include
1. Data Labeling Solution And Services Market Executive Summary
2. Data Labeling Solution And Services Market Segments
3. Data Labeling Solution And Services Market Size And Template Market Growth Rate
4. Key Data Labeling Solution And Services Market Trends
5. Major Data Labeling Solution And Services Market Drivers
……
25. Key Mergers And Acquisitions In The Data Labeling Solution And Services Market
26. Top Data Labeling Solution And Services Companies
27. Data Labeling Solution And Services Market Opportunities And Strategies
28. Data Labeling Solution And Services Market, Conclusions And Recommendations
29. Appendix
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