Data Collection and Labeling Market Emerging Demands, Current Trends, Latest Industry Size, Growth, Share and Competitive Landscape Forecast, The Insight Partners - $4,095

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The Data collection and labeling market was valued at US$ 1.82 billion in 2021 and it is expected to grow at a CAGR of 27.2% between 2022 and 2028. The data collection and labeling involve the integration of software, processes, and data annotators for cleaning, structuring, and labeling data. Such data forms the base for machine learning (ML) models. ML, when utilized with artificial intelligence (AI) and big data, aids in providing actionable insights from huge datasets, which cannot be extracted by traditional data analytic solutions. Since ML models are completely dependent on the quality of data being fed, solutions developed by data collection and labeling market players are witnessing high growth rates globally.

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The widespread adoption of machine learning (ML), artificial intelligence (AI), and big data have been driving the data collection and labeling market growth. Internet of Things (IoT)-enabled devices are being increasingly used in industrial, commercial, and residential scenarios. Growing penetration of internet have been fuelling such demand. The data is being utilized by businesses for various purposes, including gathering competitive intelligence, promoting their products, improving manufacturing activities, and streamlining supply chain. Such factors have been promoting the need for proper data collection and labeling solutions, which in turn have been fuelling the data collection and labeling market.

The Innovative Key Players Are :

• Alegion Inc.
• Appen Limited
• Ava Labs, Inc.
• Dobility, Inc.
• IBM Corporation
• Labelbox, Inc.
• Playment
• Reality Analytics Inc.
• Scale AI, Inc.
• Summa Linguae Technologies

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic was an unprecedented event that disrupted several industry verticals globally. While some received a positive impact, most were negatively impacted. The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic. Implementation of containment measures, such as trade bans, travel restrictions, and workplace workforce limitations, impacted various businesses' manufacturing, supply, and sales. Such disruptions resulted in a temporary decline in the data collection and labeling market, as enterprises decided to focus on core business activities. However, post the first two quarters of 2020, the data collection and labeling market witnessed strong demand owing to rise in data being generated through social media platforms. This is because the pandemic led to an exponential increase in social media usage and active social media users. Thus, the pandemic positively impacted the global data collection and labeling market.

The report covers key developments in organic and inorganic growth strategies of the data collection and labeling market. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from data collection and labeling market are anticipated to witness lucrative growth opportunities in the future with the rising demand for data collection and labeling.

Answers that the report acknowledges:

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• PEST analysis of the market in the five major regions.

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