Data Collection and Labeling Market: Overview
Data collection and labeling technologies and tools are extensively used in machine learning applications. These tools form a key part of the development of machine learning and artificial intelligence products. They help in extracting valuable insights from a vast collection of data. The huge data repository is characteristics of social media websites, visual websites, and wide spectrum of emerging digital marketing media platforms. Additionally, they also form a part of spam detection techniques. Thus, the data collection and labeling market has evolved on the back of the need for gaining business insights for applications such as robotics, drones, and autonomous vehicle systems.
Key application areas are in healthcare, government, and automotive sectors. One of the key objectives of such data collection and labeling is meeting the needs of security and surveillance. An example is the use of data collection technologies for facial recognition used by law enforcement agencies.
The study on the data collection and labeling market strives to offer all-encompassing assessment of key demand trends, consumer insights, technological advances, and prospects in various end-use industries. The research offers insights into the share and size of various segments including the regional ones during the forecast period of 2020 – 2030.
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Data Collection and Labeling Market: Key Trends
Strides in the data collection and labeling market are bolstered by the growing application of machine learning tools and algorithm in commercial and research applications. The growing role of garnering insights from vast volumes of data sets for national security and surveillance is boosting the market. The demand has also been spurred by the prospects of such data collection and labelling in reducing the chances of phishing and spamming, especially in government sector.
One promising avenue has come from measuring emotional contagion in social media, where data collection and labelling has held high prospects. Growing popularity of Twitter and Facebook has also fueling the demand. However, the prospect of the market in social-media-based micro-communications is relatively new. Rise in avenues for proliferation of data offers a huge undercurrent to the expansion of the data collection and labelling market.
Growing demand for cloud-based media services has also spurred prospects in the data collection and labeling market. The application has also risen on the back of strides being made in digital marketing channels. Ecommerce is source of vast volumes of data that need to be labeled for extracting business insights.
Data Collection and Labeling Market: Competitive Analysis and Key Developments
Companies engaged in AI software development and machine learning systems have been leaning on expanding their customer base in the data collection and labeling market. They are getting into strategic mergers, acquisitions, and partnerships to meet the demands of a wide customer base. Several players are tapping into the recently emerging revenue streams in the autonomous vehicle system market. E-commerce companies are keen on adopting machine learning systems that leverage the techniques of data collection and labeling.
Some of the key companies aimed at expanding their stakes in the data collection and labeling market are Playment Inc., Appen Limited, Trilldata Technologies Pvt., Ava Labs, Dobility, Inc., Labelbox, Inc., Alegion, Global Technology Solutions, and Globalme Localization Inc.s
Data Collection and Labeling Market: Regional Assessment
Regionally, North America and Europe have been remarkably lucrative markets. The expansion of these regional markets is underpinned by the rapidly expanding application avenues. The integration of artificial intelligence with mobile computing platforms is one such instance that has spurred vast revenue prospects in the data collection and labeling market. Rise in demand in the automotive sector is also spurring the prospects.
On the other hand, proliferating volumes of data in Asia Pacific has been due to the extensive use of smart devices. Burgeoning social media users has also boosted opportunities in the regional market.
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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.