New York , United States – The global data annotation tool market was valued at $1,355.10 million in 2020. The global data annotation tool market is forecast to grow at a CAGR of 26.1% during the forecast period from 2021-2027. 

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The data annotation tool is a software solution that can be deployed on-premise, in the cloud, or as a containerized solution designed to interpret machine learning training tools. Data annotation tools can also be used to create and analyze an explicit set of data, such as video, image, text, spreadsheet, and sensor data, within different deployment models such as SaaS (Cloud), on-premises, and container. Additionally, data annotation tools are growing in popularity as organizations globally build their own annotation tools.

Factors Affecting the Global Data Annotation Tool Market

Covid-19 Impact on the Global Data Annotation Tool Market

Covid-19 was a major driver for the growth of the data annotation tools market because of the demand for artificial intelligence and machine learning-based solutions, which boosted the demand for annotation tools. In 2021, the market is projected to grow at a relatively high rate. A shortage of skilled workers during the lockdown really hurt the global market for data annotating tools. Additionally, the market growth during the forecast period will be driven by a surge in the usage of text annotation for document classification.

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Regional Analysis: The Global Data Annotation Tool Market

The data annotation tool market in Asia-Pacific will grow at the highest compound annual growth rate during the forecast period of 2021-2027. Data annotation tools are widely adopted in emerging economies in the Asia Pacific, especially in the healthcare and financial services sectors. Health care in the region is experiencing rapid growth because of advances in technology and innovative programs for access to healthcare.

Key Players in the Global Data Annotation Tool Market

Several competitors in the global data annotation tool market are:

Aim of the Report: The Global Data Annotation Tool Market

The global data annotation tool market is segmented by Annotation Type, Component, End-User, and Region.

Segmentation based on Annotation Type

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What are the key findings of the report?

?This report provides comprehensive information on factors expected to influence the market growth and market share in the future. ?The report offers the current state of the market and future prospects for various geographical regions. ?This report provides both qualitative and quantitative information about the competitive landscape of the market.

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