![]() In addition, companies are enforcing a data-centric architecture this year. Here, data annotation helps businesses fully exploit the benefits of online content, add value, and attain new customers. This implies dealing with mass user data via a plethora of digital channels. Another fact to consider is the phenomenal growth of digital content across all business platforms. However, this is not an exhaustive list of factors shaping the current data annotation industry trends. Agricultural sector: crop monitoring, soil assessment, etc.Social media: content monitoring and curation, inappropriate content identification.Research: parsing scores of accumulated and unstructured datasets.Banking, finance, and insurance: document verification, customer interaction in real-time.Digital commerce: improving customer experience.What’s the purpose of data annotation in these areas, and where does it come into play? The most important factor behind such modifications is the rise of digital image processing and mobile computing platforms. In 2023, data annotation takes a big step forward and becomes even more integrated into the modern digital landscape. The increased investments in the development of autonomous driving technology and, thus, the rising need for well-annotated data to improve driverless ML models.The soaring demand for data annotation tools by businesses to accurately label large volumes of training data for AI projects.Efficient automated data labeling tools and the rising adoption of cloud-based computing resources for annotating large datasets.The top 3 factors driving market demand for data annotation tools are: Big data has a direct impact on the development of the data annotation industry, along with recent advances in machine learning and other digital solutions created to handle mass data. ![]() Consequently, one of the most influential trends, big data, has emerged. Such impressive stats are mainly caused by the rapid growth of data, which has spawned the need for businesses to learn how to deal with large training datasets. However, we can see the industry thriving already today. By the end of 2022, the market was worth US$ 1.3 billion, and by 2030, it is projected to be worth US$ 5.3 billion. Besides, through 2030, it’s expected that the global data annotation services market will grow at a CAGR of 26.6%. There are numerous fascinating things to look forward to in 2023 (and beyond) as data annotation for machine learning has fast developed into a brand-new industry.Īccording to the research, the global data annotation market is projected to be worth USD 8.22 billion by 2028. The importance of labeled data is only increasing as we enter the new year. The Status Quo of Data Annotation Market in 2023Įxpert data annotation becomes a trending topic in 2023 We will also explore the changing patterns in the industry and the future market needs. In this piece, we’ll discuss the latest trends of data annotation in 2023, the pressing labeling requirements of modern business, and the competitive edge offered by automation. For AI to recognize patterns or make accurate predictions, annotated data is a must to start building effective ML models for a wide gamut of areas, from healthcare to the automotive industry.īy leveraging data insights and testing out the trending data annotation solutions, businesses can gain a real advantage over their competitors and achieve long-term success. However, in an effort to harness the power of AI-enabled automation, they struggle to process large volumes of raw and unstructured data. Moreover, companies can optimize their workflows and develop better strategies for the future with this single most important asset - data. Data applies to everything from business transactions to consumer purchases to watching Netflix movies. It fuels corporate growth and progress, and plays an indispensable role in decision-making. Starting 2023 Off Right with the Hottest Tech Trends of the Futureĭata has become the foundation of many business endeavors. The Main Catalysts to Expedite Data Annotation in 2023 Major Technological Trends to Watch in the Next Decade #7: More focus on quality control procedures #6: Predictive annotation takes over the data-oriented industry #5: Data labeling tools market is skyrocketing #4: Healthcare becomes more dependent on data annotation #2: Technology impacts the data labeling market growth #1: Image, video, and text data are leading the way Top 7 Trends for Data Annotation Market in 2023: Industry Dynamics & Future Outlook What Makes 2023 the Year of Data Annotation? The Status Quo of Data Annotation Market in 2023
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