Data Annotation and Labeling Market to reach $3.6 billion by 2027, reports MarketsandMarkets
A MarketsandMarkets report shows that the global data annotation and labeling market is about to explode. From $1.0 billion in 2020, it will grow to $3.6 billion by 2027. The increasing adoption of AI and machine learning technologies across various industries drives this rapid growth.
Data annotation and labeling may not be the most exciting topic, but it is crucial for teaching machines how to think. This process involves adding metadata, such as labels and keywords, to data to help machine learning algorithms understand and interpret it. A recent report by MarketsandMarkets reveals that the global market for data annotation and labeling is set to explode.
The report highlights that the market is expected to grow from $1.0 billion in 2020 to $3.6 billion by 2027, a compound annual growth rate of 20.5%. This explosive growth is attributed to the increasing adoption of artificial intelligence and machine learning technologies across various industries.
Images and videos are the most commonly used data types for machine learning applications, making this segment the largest share of the market. The IT industry is also expected to dominate the market, thanks to the growing demand for machine learning and artificial intelligence technologies.
While North America is currently the largest market for data annotation and labeling, Asia Pacific is expected to be the fastest-growing market due to the increasing adoption of these technologies in countries like China and India.
Also, we remind of the news from Microsoft CEO - the company is starting to integrate the GPT-4 OpenAI model into Bing. Now, thanks to the new integration, Bing will offer conversational search similar to ChatGPT.
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