New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Data Collection And Labeling Global Market Report 2023" - https://www.reportlinker.com/p06466490/?utm_source=GNW
, Avery Dennison Corporation, Summa Linguae Technologies, SuperAnnotate AI Inc., Keylabs.ai LTD., V7Labs, Datasaur, and Dataloop Ltd.

The global data collection and labeling market is expected to grow from $2.26 billion in 2022 to $2.86 billion in 2023 at a compound annual growth rate (CAGR) of 26.5%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The data collection and labeling market is expected to reach $7.27 billion in 2027 at a CAGR of 26.2%.

The data collection and labeling market includes revenues earned by entities through sensor data labelling and natural language processing (NLP) labeling.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Data collection and labeling are the processes of gathering and organizing relevant data for use in artificial intelligence (AI) and machine learning (ML) models.Data collection involves gathering relevant data from a variety of sources, such as cameras, voice recorders, surveys, and web scraping, to create a comprehensive dataset.

Data labeling is the process of compiling collected data with relevant information or labels to provide context to the dataset.

North America was the largest region in the data collection and labeling market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main data types of data collection and labeling are text, image or video, and audio.Labeling and collecting data is critical in text-related applications because they allow machine learning models to learn from labeled data and make accurate predictions on new text data.

These are used in various applications such as dataset management, security and compliance, data quality control, workforce management, content management, catalog management, sentiment analysis, and others, used by various verticals such as information technology(it), automotive, government, healthcare, banking, financial services and insurance (BFSI), retail and e-commerce, others.

The increasing adoption of autonomous vehicles is expected to propel the growth of the data collection and labeling market going forward.Autonomous vehicles are vehicles that can sense their surroundings and navigate without human intervention or insight.

Data collection and labeling is an important technique for self-driving cars because it allows them to recognize patterns in data and properly categorize them in order to make correct and safe decisions on the road and respond to different objects and scenarios on the road, such as pedestrians, other vehicles, and traffic signs. For instance, in September 2020, according to the National Highway Traffic Safety Administration (NHTSA), a US-based intergovernmental organization, there will be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Therefore, the increasing adoption of autonomous vehicles is driving the growth of the data collection and labeling market.

Technological advancements are a key trend gaining popularity in the data collection and labeling market.Companies operating in the data collection and labeling market are adopting new technologies, such as real-time data monitoring, to sustain their position in the market.

For instance, in May 2022, Sumake North America, a US-based company that produces professional, high-quality industrial tools, launched the EA-SC100 tool management system for data collection and tool setup.The system includes a touch screen for real-time result viewing as well as a remote administration system for tool setup and data gathering.

The EA-SC100 lowers costs, boosts profit, streamlines the assembly process, and assists businesses in maintaining quality.

In July 2022, Renesas Electronics Corporation, a Japan-based provider of advanced semiconductor solutions, acquired Reality AI for an undisclosed amount.This acquisition broadened, diversified, and enriched Renesa’s portfolio, enabling it to increase the scope of its software and AI tool offerings as well as its internal capacity to deliver highly optimised endpoint solutions that integrate hardware and software.

Reality AI is a US-based software development company that operates in data collection and labelling.

The countries covered in the Data Collection And Labeling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The data collection and labeling market research report is one of a series of new reports that provides data collection and labeling market statistics, including data collection and labeling industry global market size, regional shares, competitors with a data collection and labeling market share, detailed data collection and labeling market segments, market trends and opportunities, and any further data you may need to thrive in the data collection and labeling industry. This data collection and labeling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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