Global Image Tagging & Annotation Services Market – Introduction
- Image annotation is also known as image tagging. It is the labeling of images to be utilized as Artificial Intelligence (AI) training data. Image tagging & annotation services provide users with annotated images with their requested labels. These labels are programmed by AI professionals and are selected to provide the computer vision model information regarding what is displayed in the image or a picture.
- Nowadays, image annotation & tagging services are becoming an essential part of companies across various industries such as retail, e-commerce, automobile, fashion, and healthcare. Organizing images or pictures through easy catalogs, easy management of image categorization, and matching images as per client requirements are some of the noteworthy advantages of image tagging & annotation services.
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Increasing deployment of image tagging & annotation services across industries: Prominent driving factor of the market
- Image tagging & annotation has various usages in different situations based on the mode of operation and business nature. It can easily create a catalog from scratch, update catalog sheet objects, syndicate various datasets, and also help in training dataset formation. For instance, image tagging & annotation is widely used in the automotive industry through semantic segmentation for object detection & recognition. Object detection & recognition plays a vital role in the autonomous vehicle and ADAS system. Therefore, the semantic segmentation technique is helpful in training modules to develop a better understanding of what the data holds.
- In logistics, warehouse applications such as package delivery, handling, and transportation are tiresome tasks when handled manually. Image tagging & annotation automates these activities while using annotated techniques, producing precise datasets for training smart detection and tracking modules.
- Thus, the increasing deployment of image tagging & annotation services across industries is augmenting the growth of the market worldwide.
Lack of awareness expected to significantly hamper the image tagging & annotation services market
- In India, Taiwan, etc., organizations still follow the traditional approach rather than the advanced approach with the help of artificial intelligence/machine learning that helps in object identification and detection. Thus, lack of awareness about novel technologies (image tagging & annotation), specifically in developing nations is hampering the market.
- Lack of awareness is expected to significantly hamper the image tagging & annotation services market globally.
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North America to hold major share of the global image tagging & annotation services market
- In terms of region, the global image tagging & annotation services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global image tagging & annotation services market during the forecast period due to upsurge of Big Data and rise in large datasets across enterprises, indicating potential growth of the image tagging & annotation services market in this region. Europe is estimated to be the second largest market for image tagging & annotation services from 2019 to 2027. Increasing scope of the growth in data labelling across various industries (automotive, manufacturing) is likely to drive the image tagging & annotation services market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global image tagging & annotation services market during the forecast period due to increasing demand for autonomous vehicles and facial recognition which is expected to increase the adoption of image tagging & annotation services in the region.
Global Image Tagging & Annotation Services Market – Competitive Landscape
- In August 2019, Alegion decided to raise around US$ 12 million in series A funding for data annotation. The investment would help the company to enhance its product portfolio to gain market share worldwide.
- In November 2019, CloudFactory raised approximately US$ 65 million for its image annotation services across various applications such as facial recognition and autonomous vehicles. The strategy would help the company to enhance its market position to compete with other players worldwide.
Key Players Operating in the Global Image Tagging & Annotation Services Market
- Lionbridge Technologies, Inc.
- Vee Technologies
- Sparx BPO
- clickworker GmbH
- Cogito Technology LLC
Global Image Tagging & Annotation Services Market: Research Scope
Global Image Tagging & Annotation Services Market, by Service Type
- Bounding Boxes/ Cuboids
- Landmark Annotation
- Image Categorization
- Lines and Splines
- Pixel-precise/Pixel-wise Segmentation
- Semantic Segmentation
Global Image Tagging & Annotation Services Market, by Application
- Autonomous Vehicles
- Augmented Reality
- Facial Recognition
- Robotics & Drones
Global Image Tagging & Annotation Services Market, by Industry
- Food & Beverages
- Transportation & Logistics
- Others (Fashion, E-commerce)
Global Image Tagging & Annotation Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- 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
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- 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
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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.
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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?
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