Chicago, June 03, 2024 (GLOBE NEWSWIRE) -- The global Data Annotation and Labeling Market size is projected to grow from USD 0.8 billion in 2022 to USD 3.6 billion by 2027, at a CAGR of 33.2% during the forecast period, according to a new report by MarketsandMarkets™. The key elements that are positively affecting market expansion include the rising efficiency of AI assisted automated data annotation and the growing demand to train AI and ML algorithms for enhancing the performance across various business verticals. Browse in-depth TOC on "Data Annotation and Labeling Market" 282 - Tables 58 - Figures 292 - Pages Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=20349022 Data Annotation and Labeling Market Dynamics: Drivers: Increasing need to improve machine learning models and train AI algorithms Growing demand for annotated datasets in autonomous mobility technologies Rising popularity of labeled data in medical imaging Restraints: High costs associated with manual data annotation Issues associated with poor quality of training data Failure regarding data security regulations and compliance Opportunities: Rising efficiency of AI-assisted automated data annotation Rapid adoption of computer vision technologies in novel applications Increasing traction of crowdsourced data annotation for improved RoI List of Top Companies in Data Annotation and Labeling Market: Google (US)) Appen (Australia) TELUS International (Canada) IBM (US) Adobe (US) AWS (US) Alegion (US) Cogito Tech (US) Anolytics (US) AI Data Innovation (US) Clickworker (Germany) CloudFactory (UK) Oracle (US) CapeStart (US) DataPure (US) Get Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=20349022 The amount of data generated daily is increasing dramatically. The effectiveness of automated data annotation and labeling tools and the increasing utilisation of cloud-based computing resources for huge dataset annotation contributes to market expansion. Businesses' usage of data annotation tools can help them to grow in the near future because of their accuracy and ability to label huge amounts of data used for Al training. The Data Annotation and Labeling Market has been segmented by component into solution and services. The market for data annotation and labeling depends heavily on services. Due to the growing number of data sources, more data every day ...