Global Automated Data Annotation Tool Market: Introduction
Automated data annotation is an automated process of labeling data to make it usable for machine learning and the data includes images (from cars, phones, or medical instruments), text (in English, Spanish, Chinese, or any other language), audio, video, 3D models from MRIs and CAT scans, tabular data, time series data and LIDAR data, RADAR data, or data from other sensors.
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Global Automated Data Annotation Tool Market – Dynamics
Access to Specialized Resources and Skills
One of the major driving factors of an automated data annotation tool is it empowers the company to gain specialized expertise in machine learning. Machine learning based trained AI models or automated applications provide a totally different and seamless experience for end-users. For instance, in virtual assistance, speech recognition technology is used with the help of natural language process to understand the human language and communication.
Unawareness among SMEs
Regions such as South America and Asia Pacific face strong technological and digital gaps which leads to unawareness among business enterprises. The level of awareness among SMEs or micro businesses to smoothly run automated data annotation tools at a remote location is not very effective. Ignorance about automated data annotation tools and low skilled personnel with regards to machine learning within SMEs in these regions is hampering the growth of the market.
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North America to Dominate the Global Automated Data Annotation Tool Market
In terms of region, the global automated data annotation tool market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the automated data annotation tool market during the forecast period due to its strong growth in machine learning and its applicability in many devices.
COVID-19 Impact on the Global Automated Data Annotation Tool Market
The COVID-19 pandemic is expected to moderately impact the global automated data annotation tool market for a short-term period. Lockdown and slow growth during this period has reduced the amount of expenditure and investment in this technology.
Global Automated Data Annotation Tool Market – Competition Landscape
- In January 2020, IBM Corporation launched an annotation tool which taps AI to label images. The launch will help to develop easy and collaborative open source image annotation tools for teams and individuals.
Incorporated in 1911, IBM manufactures and sells computer hardware and software and offers infrastructure services, hosting services, and consulting services in areas ranging from mainframe computers to nanotechnology. The company operates through five segments: Cognitive Solutions, Global Business Services (GBS), Technology Services & Cloud Platforms, Systems, and Global Financing.
Global Automated Data Annotation Tool Market: Segmentation
The global automated data annotation tool market can be segmented based on:
Global Automated Data Annotation Tool Market, by Type
Based on type, the global automated data annotation tool market can be divided into:
- Text Annotation Tool
- Image Annotation Tool
Global Automated Data Annotation Tool Market, by Application
In terms of application, the global automated data annotation tool market can be segregated into:
Regional analysis of the global automated data annotation tool market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.