Image Tagging & Annotation Services Market
Image Tagging & Annotation Services Market (Type: Image Classification, Object Recognition/Detection, Boundary Recognition, and Segmentation; and End User: Automotive, Retail & eCommerce, BFSI, Government & Security, Healthcare, Information Technology, Transportation & Logistics, Food & Beverages, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Website Tagging Gains Prominence to Handle Critical COVID-19 Information Dissemination
In order to increase the online visibility of important COVID-19 information, Federal Chief Information officers in the U.S. are being directed to incorporate a new set of vocabulary for tagging websites. This is evident since, along with the U.S., countries such as Russia, Brazil, France, and India are under the scanner for a second wave of coronavirus. Thus, companies in the image tagging & annotation services market are capitalizing on this opportunity to collaborate with healthcare, government, and other organizations that are actively involved in increasing awareness about COVID-19 preventive measures.
Information about disease spread statistics and projection visualization is becoming important for government organizations to devise strategies for containing the spread of the infection. Companies in the image tagging & annotation services market are targeting information outlets that create enhanced knowledge graphs to handle critical COVID-19 information.
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Deep Learning Techniques Help Resolve Issues of Limited Concept Representation
The advent of mobile devices and media cloud services has led to the burgeoning growth of the image tagging & annotation services market. While significant progresses have been made in the past decade, issues such as limited concept representation, owing to handcrafted features revolve around image tagging. Hence, companies in the image tagging & annotation services market should acquire proficiency in deep learning techniques to overcome drawbacks of handcrafted features in image tagging.
Deep learning techniques refer to a class of machine learning (ML) techniques where several layers of information processing stages in hierarchical architectures are classified. On the other hand, AI (Artificial Intelligence)-powered image tagging is gaining strong market grounds for business-critical applications.
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AI and ML Technologies Deploy High-quality Visualization for Image Annotation
The proliferation of AI in annotation services is helping to bolster market growth. As such, the image tagging & annotation services market is predicted to advance at an astonishing CAGR of ~17% during the forecast years. ISHIR— an offshore software development outsourcing company based out of India and Dallas, is increasing its portfolio in AI annotation and data labelling services. With the help of high quality data sets, companies in the image tagging & annotation services market are setting their collaboration wheels in motion to partner with AI and ML clients to advance in the annotation service technology.
Software companies are increasing efforts to supply the best quality text annotation worksheets for ML and AI-backed model developments. This enables high-quality visualization for end users. Companies are increasing their R&D capabilities in 2D bounding boxes, cuboid, and semantic segmentation services.
Image Annotation Holds Promising Potentials in Early Detection of Diseases
Investments in the computer vision technology are increasing each year. Computer vision is among the fastest growing application in artificial intelligence. Thus, companies in the image tagging & annotation services market are capitalizing on this trend to tap value-grab opportunities in healthcare, transportation, and agriculture industries. Image annotation is acquiring prominence in various end markets. High quality data sets are being used to train a machine to recognize target features such as a benign polyp in a medical image.
Healthcare AI patent applications are on the rise, indicating high rates of investment in technology. Hence, companies in the image tagging & annotation services market are gaining strong business holds in the healthcare industry where data is plentiful in the deployment of AI technologies.
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Human medical image annotators are gaining popularity for providing lung segmentations and bounding boxes that help to improve COVID-19 patient outcomes. The image auto tagging technology is gaining prominence in the assignment of relevant tags to a vast collection of images. The image tagging & annotation services market is expected to surpass the valuation of US$ 1.5 Bn by 2030. However, managing a large workforce that annotates a vast collection of images and videos is also a challenge in itself for data annotation companies. Hence, companies should provide their employees with high-quality training data to ensure quality annotations for large volumes of images and videos. The concept of precision agriculture is also growing popular in the domain of image annotation.
Image Tagging & Annotation Services Market: Overview
- According to the latest research report on the global image tagging & annotation services market published by Transparency Market Research, for the historical period 2018–2019 and the forecast period 2020–2030, increasing adoption of smart machines among end users is expected to boost the global image tagging & annotation services market during the forecast period. Increasing application of AI in healthcare generates demand for healthcare training data for AI applications, which has propelled the demand for image tagging & annotation services across the globe.
- In terms of revenue, the global image tagging & annotation services market is estimated to cross value of US$ 1.5 Bn by 2030, expanding at a CAGR of ~17% during the forecast period
Increasing Adoption of Image Tagging & Annotation Services Among End Users: A Key Driver
- Globally, the image tagging & annotation services market is primarily driven by increasing adoption of image tagging & annotation services by artificial intelligence and machine learning companies. End users in developing countries are increasingly engaging in digitization efforts within organizations and are rapidly deploying image tagging & annotation tools to accurately label vast volumes of AI training data.
- For instance, image tagging & annotation tools enable automotive manufacturers in developing smart applications for connected and autonomous vehicles (CAVs), autonomous vehicles (AVs), full self-driving cars or driverless cars, or robo-cars. Hence, image tagging & annotation service providers are focusing on designing and developing specified techniques to facilitate the automation of 2D and 3D annotation for image data.
- In June 2019, Uber Technologies Inc. acquired Mighty AI, a computer vision company to enhance its technology for self-driving cars and autonomous taxis
- Thus, rise in investment by end users and increase in government initiatives supporting digitalization are driving the image tagging & annotation services market globally
- The image tagging & annotation services market is still in its early phase. Several barriers need to be overcome before AI and machine learning become mainstream among end users. Growth of the image tagging & annotation services market is expected to be affected during the forecast period due to inaccuracy in the quality of images labeled and shortage of skilled professionals.
Increase in Investments for Image Tagging & Annotation Services
- Applications of AI in healthcare is expanding into many subfields such as treatment predictions, diagnostic automation, gene sequencing, and drug development that will generate demand for healthcare training data sets, which is expected to indirectly generate demand for image tagging & annotation services
- Image annotation services in healthcare is the process of labeling medical imaging data such as ultrasound, MRI, and CT scan for machine learning training. Hence, image tagging & annotation vendors are launching new services to meet expectations of customers. For instance, in November 2019, Cogito Tech LLC launched manual data labeling services for dentistry-based images. Additionally, it also hired experienced medical professionals to precisely label thousands of dental imaging datasets.
Image Tagging & Annotation Services Market: Competition Landscape
- Detailed profiles of providers of image tagging & annotation services have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global image tagging & annotation services market are
- ADEC Innovations
- CapeStart Inc.
- Cisio Consulting Private Limited
- clickworker GmbH
- General Blockchain, Inc.
- Innovary Technologies
- Lionbridge Technologies, Inc.
- Qualitas Global Services B.V
- SunTec Web Services Pvt. Ltd.
- Vee Technologies
- Webtunix AI.
- Zen3 Infosolutions Private Limited
- Bridged Internet Inc.
- KILI TECHNOLOGY SAS
- Kognitive Emerging Software Services
- ScaleOps Artificial Intelligence Pvt. Ltd.
Image Tagging & Annotation Services Market: Key Developments
- Key providers of image tagging & annotation services, such as General Blockchain, Inc., Zen3 Infosolutions Private Limited, Appen Limited, CloudFactory Limited, and ADEC Innovations are focusing on the development of cost-effective image tagging & annotation services to attract more customers
- Additionally, players active in providing image tagging & annotation services are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisitions activities with technology partners to improve their offerings and market reach in the image tagging & annotation services market
- Some other key developments in the global image tagging & annotation services market are highlighted below:
- In March 2020, Adaptive Vision Sp. z o.o. acquired Zillin.io, a dataset annotation platform to enhance its deep learning image processing offering
- In April 2019, Appen Limited acquired Figure Eight, a provider of high-quality annotated training data to increase its share in the image tagging & annotation services market
- In June 2019, Fritz Labs Incorporated, a mobile-based machine learning platform provider, introduced image labeling tools to identify skin diseases by analyzing the images of patients
- In December 2018, Ouster, a leading manufacturer of high-resolution Lidar sensors collaborated with Playment Inc. and Scale. AI, data labelling, and image tagging & annotation service providing companies to implement deep learning models in self-driving vehicles.
- In the global image tagging & annotation services market report, we have discussed individual strategies, followed by company profiles of providers of image tagging & annotation services. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global image tagging & annotation services market.
Image Tagging & Annotation Services Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global image tagging & annotation services market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the image tagging & annotation services market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the image tagging & annotation services market is expected to progress during the forecast period, 2020-2030.
The report offers intricate dynamics about the different aspects of the image tagging & annotation services market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the image tagging & annotation services market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the image tagging & annotation services market, and estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the image tagging & annotation services market, along with country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the image tagging & annotation services market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Image Tagging & Annotation Services Market
The report provides detailed information about the image tagging & annotation services market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the image tagging & annotation services market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for image tagging & annotation services market players?
- Which factors will induce a change in demand for image tagging & annotation services during the assessment period?
- How will changing trends impact the image tagging & annotation services market?
- How will COVID-19 impact the image tagging & annotation services market?
- How can market players capture low-hanging opportunities in the image tagging & annotation services market in developed regions?
- Which companies are leading the image tagging & annotation services market?
- What are the winning strategies of stakeholders in the image tagging & annotation services market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the image tagging & annotation services market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the image tagging & annotation services market?
Research Methodology – Image Tagging & Annotation Services Market
The research methodology adopted by analysts to compile the image tagging & annotation services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the image tagging & annotation services market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the image tagging & annotation services market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the image tagging & annotation services market.
Image Tagging & Annotation Services Market – Segmentation
TMR’s research study assesses the image tagging & annotation services market on the basis of type, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the image tagging & annotation services market.