Data annotation includes the process of labeling/tagging video, images, text, and speech. For machine learning, precisely labeled datasets are needed, so that machines can easily and clearly understand the input patterns. When the dataset is precisely labeled, an accurate output can be expected.
Machine learning and artificial intelligence are among fastest-growing technologies that are introducing incredible innovations and offering various advantages to several industries globally. Chatbots and virtual assistant devices solve user queries and can give information about a specific product, services, weather conditions, as well as latest news updates of a particular city or country. Web search engines also provide relevant results as per the past searching behavior of end users. Data annotation is also widely used in the healthcare industry. The benefits offered by data annotation in the healthcare industry has high impact on patients, as well as the healthcare facility.
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Impact of COVID-19 on Data Annotation Tools Market
The threat of coronavirus resulting the disease COVID-19 is expected to have disruptive impact on the economy, globally. It has disrupted the global supply of goods and services resulting the companies to fulfill the orders. It has resulted to reduced labor on supply side and slow down in the demand for products and services other side. Due to the shutdown of businesses and the fall in the demand of data annotation tools in the first quarter of 2020, the market is negatively impacted. Moreover, due to the falling GDP, the market will have negative impact on the growth rate of data annotation tools market. However, it is expected that the economy will regain its momentum soon; the market for data annotation tools will witness a significant demand.
Data Annotation Tools Market Strategic Insights
The companies operating in the Data Annotation Tools Market are focusing on new product development to attract new customers and achieve a competitive position in the data annotation tools market
2019:Appen Limited, launched the Appen secure workspace solution, which provides the right combination of technology, people, and processes to ensure that projects containing sensitive data can be annotated by a global crowd securely, which is likely to use for AI training data annotation.This strategy is expected to support the company in attracting new customers in data annotation tools market.
2019:CloudFactory launched a solutions and partnership for artificial intelligence (AI) with technology providers Hivemind, Labelbox and Dataloop to tag, label, or annotate data. This would help the company to achieve a strong position in the data annotation tools market.
The data annotation tools market operates in a highly fragmented and competitive marketplace. As leading companies in this market continue to broaden its addressable market, by expanding its current offerings, diversifying its client base, all the prominent players face an increasing level of competition, both from start-ups as well as the leading established companies in the globe. Several companies in the value chain are acquiring other players in the market to maintain their position in the market and provide efficient services to its customers. Major companies of data annotation tools providers are based in North America and mainly the US. However, the data annotation tools market is penetrating at a high growth rate in the APAC region.
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