According to the report titled ‘Data Annotation Tools Market Size By Data Type (Image/Video [Bounding Box, Semantic Annotation, Polygon Annotation, Lines and Splines], Text, Audio), By Annotation Approach (Manual Annotation, Automated Annotation), By Application (IT & Telecom, BFSI, Healthcare, Retail, Automotive, Agriculture), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, worldwide data annotation tools market is anticipated to witness a stellar growth during 2021-2027.
 

Rising adoption of Big Data analytics by government agencies, surge in use of polygonal annotation, usage for medical image labelling, and application in banking sector are the factors propelling the growth of data annotation tools market.
 

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For the unversed, data annotation is a data labelling procedure that makes objects in contents like videos, texts, images etc. recognizable to the computer vision so that the machine can understand and memorize the input patterns.
 

Soaring investments for the development of autonomous driving technologies, and rise in utilization of text annotation for document classification are adding momentum to the industry expansion.
 

On the contrary, shortage of skilled professionals, costly manual data annotation, and lack of accuracy in data labelling because of poor content quality are negatively impacting the market dynamics.
 

Based on data type, polygonal annotation segment of global data annotation tools market is expected to exhibit a CAGR of 37.3% during the forecast timeline, owing to high precision in object detection and better image/video localization ability of this data type.
 

Talking of application scope, the BFSI segment share is likely to swell at a CAGR of 30.9% during 2021-2027, due to surge is data annotation usage in the banking sector to computerize manual documentation tasks.
 

Similarly, the healthcare sector captured a market share of 20% in 2020 and is slated to grow modestly through 2027, due to rise in data annotation usage for medical labelling. Emergence of machine learning models and applications enables payers, vendors, and providers to take better medical decisions by utilizing data.
 

The retail application segment is expected to register 30.9% CAGR during the analysis timeframe owing to extensive use of tools for price checking, eliminating inventory shrinkage, shelf management, and misplaced product detection.
 

Considering the geographical gamut, data annotation tools market is Latin America is expected to record y-o-y growth rate of 31% during the projected timeframe, credited to government emphasis on exploiting artificial intelligence, and massive investments in technology.
 

Meanwhile, Middle East & Africa accounted for 3.71% industry share in 2020 and is speculated to progress further in the coming years, due to adoption of Big Data analytics by the government organizations, and new initiatives to minimize the economy dependence on oil & gas sector.
 

The key players in data annotation tools industry are Appen Limited, Clickworker GmbH, Trilldata Technologies Pvt. Ltd., Playment Inc., iMerit Technology Services, Google LLC, CloudApp Inc., Alegion Inc., Amazon Web Services Inc., Cogito Corporation, Apache Hive, Labelbox Inc, MonkeyLearn Inc., Samasource Inc., Scale AI, and IBM Corporation.