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Data Preparation Industry Data Book Covers Data Collection and Labelling, Data Labelling Solutions and Services Data Integration Markets.
The global data preparation industry size was estimated at USD 20.89 billion in 2021. The market is expected to expand at a CAGR of 17.0% CAGR (2022-2030).
Data Collection And Labeling Market Growth Trends
The global data collection and labeling market size is expected to reach USD 17.10 billion by 2030, expanding at 28.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Data collection and labeling refers to the collection of datasets from various sources and labeling them based on their nature. This includes categorizing them by data type, and features. Data gathering and its annotation, combined with AI technology, have created valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce.
For instance, Twitter and Facebook, two major platforms of social networking, have benefited from image-processing technology in audience engagement. Companies use data labeling platforms to identify raw data for the machine learning model. Text, movies, audio, and other items are raw data. For instance, in May 2022, Heartex, Inc., an annotation tool and data labeling platform provider announced a USD 25 million Series A fundraising round. The funds will go toward its AI-driven open-source data labeling platform. The platform aims to assist in labeling workflows for various AI use cases, and it includes capabilities for reporting, data quality control, and analytics.
The advent of digital capturing devices, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. Much visual and digital information is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver more innovative and better customer services using data annotation. For instance, Scale AI, Inc., a U.S.-based tech start-up provides valuable data labeling services to its autonomous driving customers, including Waymo LLC; Lyft, Inc.; Zoox; and Toyota Research Institute.
However, data cleaning remains a significant challenge involved in data labeling. Also, considering the time, complexity, and cost associated with developing machine learning models, many companies may need more resources to produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business in artificial intelligence-based data gathering. For instance, in July 2020, Microsoft acquired Orions Digital Systems, Inc., a U.S.-based data management solutions provider, to boost its Dynamics 365 Connected Store capabilities. This acquisition is anticipated to increase the use of computer vision and IoT sensors to help retailers better understand customer behavior and manage their physical spaces.
Access the Global Data Preparation Industry Data Book, 2022 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory technological framework studies
Data Labeling Solution And Services Market Growth Trends
The global data labeling solution and services market size is expected to reach USD 38.11 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 23.5% from 2021 to 2028. The rising popularity of data labeling solutions and services in the automotive industry, combined with autonomous vehicles that contain numerous sensors and networking systems that assist the computer driving the car, is propelling the growth of the market.
The market is driven by increased public awareness about digitalization, healthcare treatments, and technological advancements. The demand for data labeling is growing due to technology improvements in large enterprises from the industries such as automotive and healthcare. For example, Waymo LLC, Lyft, Inc., Zoox, and Toyota Research Institute have all used data labeling services provided by Scale AI, Inc., a digital start-up based in the United States.
Producers are increasingly using data labeling on products and services to provide customers with ingredient lists. This is projected to fuel the growth of the global market for data labeling solutions and services. For instance, the image processing technology has benefited Twitter and Facebook-two popular social networking platforms-in terms of audience engagement, since it has encouraged users to upload images and tag their connections, resulting in a more connected experience.
Machine Learning (ML) applications are widely used for categorizing data items such as news articles or tweets. This, in turn, calls for an accurate annotated training dataset, which helps in forming algorithms that automatically classify future data items. However, the process of manually constructing such a dataset is a complex task and requires coders to expend a substantial amount of time.
With the increasing execution of Electronic Health Record (EHR) systems-the collection of clinical data, particularly unstructured text documents-has become a valuable resource for clinical research. Statistical Natural Language Processing (NLP) standards have been designed to unlock data embedded in clinical text. With developments in sentiment analysis, text labeling is also widely utilized in social media monitoring to build recommendation systems.
In December 2019, Enlitic, Inc. announced a partnership with MLPCare, a Turkey-based private healthcare provider, to integrate clinical artificial intelligence into the healthcare systems of Turkey and adjacent countries in Central Asia and Eastern Europe. Under the agreement, Enlitic, Inc. is developing, training, and validating its deep learning models for patients in Turkey. Hence, the increased application of data labeling solutions and services is expected to propel the growth of the market.
Data Integration Market Growth Trends
The global data integration market size is expected to reach USD 29.21 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a lucrative CAGR of 11.9% from 2022 to 2030. Data integration solutions and tools are a collection of organizational and technical procedures created to combine data from many sources into understandable and valuable data sets. Data integration solutions are provided through tools like ETL (extract, transform and load), data replication, and data virtualization. These tools enable the extraction of vast volumes of data from source systems and loading those data into a cloud source or an enterprise data warehouse.
The end location must be adaptable enough to handle various data types at high volumes. For instance, in February 2022, NAVEX Global, Inc., a compliance management software provider, launched the NAVEX Integration Cloud platform. The new data integration platform would automate risk management workflows and integrate a wide variety of business data in a single comprehensive view in the cloud. With a thorough understanding of automated risk management and streamlined procedures, NAVEX Integration Cloud fulfills the company's goal to offer the world's smartest integrated platform. As a result, enterprises are better able to foresee and mitigate risk.
As data production remains high data integration has become more crucial. Data integration aims to ensure that data is stored and preserved as planned. Moreover, the data set obtained from a data search is desired and anticipated. Data integrity can be aided by maintaining a centralized view of all the data in a single location, such as a data warehouse. In fact, over time, data integration aids in enhancing the accuracy and reliability of data. The quality and integrity of the data can be improved when it is transferred to the central location by data transformation operations, which can also detect data quality problems.
Further, data integration enables manufacturers to fully utilize the value of the data generated from their facilities by smoothly integrating information technology with operational technology. For instance, in May 2022, Google Cloud launched manufacturing connect and manufacturing data engine integration platforms for manufacturers. The integration platforms would enable manufacturers to process and standardize data in a single location and provide their staff with simplified analytics and artificial intelligence (AI) solutions based on cloud infrastructure.
Without significant changes to current applications or data structures, well-implemented data integration can lower IT costs, free up resources, enhance data quality, and promote creativity. Although IT firms have always needed to integrate, the benefits may not have previously been as high as they are now due to data integration. Companies with advanced data integration skills have a substantial competitive advantage, including more significant value and insight development with a holistic viewpoint of facts that is easier to examine; operational efficiency was increased by eliminating the need to manually alter and integrate data sources.
Integrating data can assist a company in using information that would otherwise require development. By doing this, companies can boost productivity by enhancing departmental communication, delivering better customer service, streamlining processes, and improving decision-making.
Order your copy of the Free Sample of “Data Preparation Industry Data Book - Data Collection and Labelling, Data Labelling Solutions and Services Data Integration Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Competitive Landscape
Key players operating in the data preparation industry are –
- Alegion
- Amazon Mechanical Turk, Inc.
- Appen Limited
- Clickworker GmbH
- CloudFactory Limited
- Cogito Tech LLC
- Crowdworks, Inc.
- Deep Systems, LLC
- Denodo Technologies
- Explosion AI GmbH
Grand View Research’s data preparation industry data book is a collection of market sizing information forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Go through the table of content of Data Preparation Industry Data Book to get a better understanding of the Coverage Scope of the study
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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