Penetration of Internet of Things (IoT) and Artificial Intelligence (AI) in data collection and labelling services are augmenting the revenue pool key market leaders in the data collection and labelling market. Variegated applications such as visual analytics, visual listening, and social media monitoring will augur well for market. According to Fact.MR’s intuitive market intelligence, the global data collection and labelling market is on a stellar growth course at approximately 17% CAGR during the forecast period (2020-2030). In addition, many business organizations are outsourcing data collection and labelling services thereby boosting the market growth.
“Large enterprises must accelerate R&D to garner newer revenue streams in the immediate future,” finds Fact.MR.
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Key Takeaways of Data Collection and Labelling Market Study
- Healthcare industry will remain the leading vertical of data collection and labelling market through 2030 owing to several applications such as training of data sets, and treatment prediction.
- Retail segment will register significant growth rate in data collection and labelling market in view of its high adoption.
- South Asia & Oceania market will record double-digit CAGR owing to flourishing data-driven services.
- North America data collection and labelling market will capture a sizeable chunk accounting for 32% share in the overall market stack.
Data Collection and Labelling Market – Key Growth Drivers
- Proliferation of data processing technologies, mobile devices, and cloud media services is favoring the growth of data collection and labelling market.
- Rising preference for automation tools along with digital transformation will shape the global data collection and labelling market over the forecast period.
- Role of data collection and labelling in speech recognition and voice assistance will bode well for market over the forecast period.
- Popularity of smart home speakers will fuel the adoption of data collection and labelling through 2030.
Data Collection and Labelling Market – Key Impediments
- Inaccuracies and subsequent loss of effort and cost continue to pose a threat for data collection and labelling market leaders.
- Large enterprises still depend on on-premise teams. Thus demand for data collection and labelling will diminish during the pandemic.
Impact of COVID-19 on Data Collection and Labelling Market
The effect of COVID-19 on data collection and labelling market has been moderate in the first quarter of 2020. During the first two months, most companies had to cease their data collection services to mitigate the impact of COVID-19 outbreak. The time allowed market leaders to rethink their strategies in order to continue their operations as the pandemic spread worldwide. The foremost concern of companies is to ensure safety of surrounding communities and field teams through good hygiene and social distancing measures.
With COVID-19 well into the second quarter, players have modified their strategies to prepare for the new normal. Whether it’s brainstorming solutions or relaying information, virtual teams have been deployed instead of carrying on in-person meetings. However, unpredictable network connectivity remains the major constraint for companies in data collection and labelling market.
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Competition Landscape of Data Collection and Labelling Market
Prominent leaders that shape the competition of data collection and labelling market are featured in this Fact.MR report. Some of them include, but are not limited to, Playment Inc., Trilldata Technologies Pvt Ltd, Scale AI, Inc., Dobility, Inc., Labelbox, Inc. Alegion, Global Technology Solutions, Globalme Localization Inc., Reality AI, Appen Limited, and Annotate.com. Industry-wide collaborations, acquisitions, and mergers are few multi-pronged strategies undertaken by market leaders. For instance, Walmart Inc. acquired Trilldata Technologies Pvt. Ltd. in 2019 to leverage their retail services. Moreover, established players are integrating technologies such as machine learning into their businesses to improve their profitability.
About the Report
This 170-page study offers in-depth commentary on the data collection and labelling market. The study provides compelling insights on the data collection and labelling market on the basis of data type (text, image/video, and audio) and vertical (IT, automotive, government, healthcare, BFSI, and retail & ecommerce) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
Press Release: https://www.factmr.com/media-release/1477/global-data-collection-and-labelling-market