According to a new report by GlobalData Plc, the global data collection and labelling market size is likely to reach $14.86 billion by 2030. One of the main growth drivers for this market is the rise of computer vision and natural language processing (NLP) technologies, which require vast amounts of labeled data to train models accurately. The increasing adoption of autonomous vehicles, chatbots, and virtual assistants, among other AI applications, has also contributed to the growth of the data collection and labeling market.
Additionally, the rise of the gig economy and the availability of online platforms for data labeling and annotation has made it easier for businesses to access a global pool of data labelers, reducing costs and increasing efficiency. The proliferation of cloud computing services has also made it easier to scale data collection and labeling operations quickly and cost-effectively.
Data Collection and Labelling Market Size & Forecasts by Vertical ($B), 2020 – 2030 (%)
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Data Collection and Labelling Market FAQs
- What was the global data collection and labelling market size in 2023?
The data collection and labelling market size globally will be valued at $2.82 billion in 2023.
- What is the data collection and labelling market growth rate?
The global data collection and labelling market is expected to grow at a CAGR of 26.8% over the forecast period (2023-2030).
- What is the key data collection and labelling market driver?
The growing adoption of AI and machine, increasing use of natural language processing (NLP), and increasing need for data collection and labelling in autonomous driving are some of the major factors driving the market growth.
- What are the key data collection and labelling market segments?
Type Segments: Texts, Audios, Images, Videos
Vertical Segments: BFSI, IT, Retail, Healthcare, Manufacturing (Automotive), Government, Media and Others
- Which are the leading data collection and labelling companies globally?
The leading data collection and labelling companies are Alegion, Appen Ltd, Clarifai, Inc., CloudFactory Limited, Datasaur, IBM, Labelbox, Inc, Oracle, Scale AI, Inc., Summa Linguae Technologies, SuperAnnotate, and TELUS International.
Data Collection and Labelling Market Dynamics
According to GlobalData estimates, the Data Collection and Labelling market will grow from $2.82 billion in 2023 to $14.86 billion in 2030 at a CAGR of 26.8% over the forecast period.
The adoption of data collection and labelling in healthcare will act as a major driver over the forecast period. Data collection and labeling are increasingly important in healthcare as healthcare providers and researchers seek to leverage the power of AI and machine learning to improve patient outcomes and accelerate medical discoveries.
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Data Collection and Labelling Market Report Highlights
- The global data collection and labelling market is projected to witness a CAGR of 26.8% from 2023 to 2030, reaching a value of $14.86 billion. Growing adoption of AI and machine learning, increasing use of natural language processing (NLP), and rising need for data collection and labelling in autonomous driving are some of the major drivers of data collection and labelling market.
- Besides the healthcare sector, data collection and labelling is being increasingly adopted across multiple industries and application areas. Data collection and labeling are essential in the banking, financial services, and insurance (BFSI) industry as these sectors increasingly rely on AI and machine learning to make better-informed decisions, automate processes, and detect fraud.
- Data collection and labeling are also essential in supply chain management in the retail industry. Machine learning models can analyze vast amounts of data on supplier performance, transportation routes, and inventory levels to optimize supply chain operations and improve efficiency. However, this requires extensive data labeling to ensure the accuracy and completeness of the data.
- One of the primary areas where data collection and labeling are being used in manufacturing is quality control. Computer vision technologies can analyze images of products and identify defects, allowing manufacturers to take corrective action quickly. However, these technologies require labeled data to train their models to identify specific defects accurately.
- Based on region, the North American and Asia-Pacific markets together captured over 66% of the total market value in 2023. The data collection and labeling market in North America is expected to continue to grow in the coming years, driven by the increasing demand for high-quality labeled data for various applications such as machine learning, artificial intelligence, and data analysis. The market is expected to see a significant increase in the use of automated tools and crowd-sourcing platforms to speed up the data labeling process and reduce costs. Furthermore, the rising demand for specialized data labeling services, such as healthcare and finance, is expected to create new opportunities for companies in this market.
- The key players in the Data Collection and Labelling market include Appen Ltd, CloudFactory Limited, IBM, Labelbox, Inc. Oracle, Scale AI, Summa Linguae Technologies, SuperAnnotate, TELUS International among others.
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Data Collection and Labelling Market Scope
GlobalData Plc has segmented the Data Collection and Labelling market report by Type, Vertical, and Region:
Data Collection and Labelling Type Outlook (Revenue, USD Million, 2020-2030)
Data Collection and Labelling Vertical Outlook (Revenue, USD Million, 2020-2030)
- Manufacturing (Automotive)
Data Collection and Labelling Regional Outlook (Revenue, USD Million, 2020-2030)
- North America
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- South & Central America
- Rest of South & Central America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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