According to the research report titled ‘Data Annotation Tools Market Size By Data Type, By Annotation Approach, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global data annotation tools market is expected to register stellar growth during 2020-2026.
 

Rising adoption of annotated data in order to enhance machine learning capabilities as well as for medical imaging data applications coupled with escalating investments towards development of autonomous driving solutions are some of the key factors driving the growth of global data annotation tools market.
 

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For those unfamiliar, data annotation is the labelling of information as per the type of image, audio, and video among others. Shifting preferences towards adopting insightful BI (Business Intelligence) over raw unstructured data through machine learning technologies is further aiding the market expansion.
 

Inclination towards using text annotation in order to categorize documents is also adding traction to global data annotation tools industry remuneration. However, factors such as concerns over inaccurate data labelling, lack of skilled professionals and high costs of manual data annotation may act as a bottleneck to the overall market expansion.
 

In terms of data type, the report states that image/video segment is predicted to expand with a CAGR of 40% between 2020 and 2026. Image/video data systems offer better precision during object detection alongside enhanced image/video localization features.
 

On the other hand, global data annotation tools market size from polygon annotation segment is expected to grow substantially over the study period, primarily driven by its ability to assist annotators to accurately plot the outlines of the target object, regardless of their shape or size.
 

Highlighting the application spectrum, the report cites that healthcare segment is estimated to account for 20% share in global data annotation tools industry by the year 2026, owing to widespread adoption of the technology for medical image labelling. Moreover, data annotation tools are also used for various healthcare disciplines such as radiology, oncology, pathology, psychiatry, and cardiology in order to develop treatment plants, facilitate diagnosis, and detect patterns, thereby favoring the overall market scenario.
 

From the regional standpoint, North America captured 40% share in worldwide data annotation tools market in the year 2019 and is likely to depict similar growth trends in the ensuing years. This rapid expansion can be attributed to increasing number of AI startups across the region.
 

The prominent companies operating in global data annotation tools market are Webtunix AI, Trilldata Technologies Pvt. Ltd., Scale Inc., Samasource Inc., Playment Inc., Neurala Inc., MonkeyLearn Inc., Mighty AI, LionBridge AI, Labelbox Inc., iMerit Technology Services, IBM Corp., Hive AI, Google LLC, Cogito Corp., CloudFactory Limited, CloudApp Inc., clickworker GmbH, Amazon Web Services Inc., Appen Limited, and Alegion Inc. among others.