Latest Research Report on Data Collection And Labeling Market begins with a deep introduction and then delves broad into specific segments such as raw material, application, end user, and region, policy study, value chain structure, and upcoming trends in particular segments or regions. The report on Data collection and labeling prepare a case for investments in different regions based on a practical view of their regulatory outline, manufacturing dynamics, and availability of skills and resources in that region.
The global data collection and labeling market size is projected to reach USD 6.5 billion by 2027 and registering 26.0% CAGR over the forecast period from 2020 to 2027, according to new report by Million Insights. Data collection & label is a process which involves the collection of datasets from online as well as other sources and labeling them as per feature, data type and nature. Data collection and labeling coupled with AI technology have created several growth opportunities in various verticals including e-commerce, social networking and gaming. For example, Facebook and Twitter are major platforms of social networking across the globe. These platforms have benefited due to the adoption of image processing technology for audience engagement, as Facebook and Twitter have developed more connecting experience by encouraging the people to share images and tag their friends.
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Introduction of digital capturing devices, especially cameras in smartphones has increased the amount of digital content in terms of videos and images. Huge amount of digital and visual information is being shared and captured through many applications on social networks, websites, and other digital channels. Various businesses have leverage this available online content to provide better and smarter services to their customers along with the use of content labeling, for example, U.S. based Scale AI, Inc. provides valuable data labeling services to autonomous vehicle companies that includes Toyota Research Institute, Zoox; Lyft, Inc.; and Waymo LLC.
However, data cleaning is expected to hamper the growth of the data collection and labeling market. In addition, complexity, time, and cost for developing machine learning models, several companies are looking for accurate solutions along with technologically advanced features. Therefore, these companies are implementing strategies to expand their artificial intelligence-based on information collected thorough data collection &labeling. For example, in 2019, Appen Limited acquired U.S. based Figure Eight Inc. which is an AI-focused company. This acquisition was projected to add data collection and labeling resources in the company.
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