NEW YORK, NY / ACCESSWIRE / December 14, 2020 / The global data annotation market was valued at US$ 695.5 million in 2019 and is projected to reach US$ 6.45 billion by 2027, according to ResearchAndMarkets's report. Expected to grow at a CAGR of 32.54% from 2020 to 2027, the booming data annotation market is witnessing tremendous growth in the forthcoming future.
This is not a surprising trend. The rapid growth of data labeling industry can boil down to the rising integration of machine learning into various industries.
(Source: statista)
Unlabeled raw data exits around us everywhere, for example, emails, document, photos, presentation videos and speech recordings. The majority of machine learning algorithms today need data labeled so as to learn and train themselves. Data labeling is the process in which annotators manually tag various types of data such as text, video, images, audio through computers or smartphones. Once finished, the manually labeled dataset is to be packaged and fed into a machine learning algorithm to train an AI model.
However, data annotation itself is a laborious and time-consuming process. There are two choices to do data labeling projects. One way is to do it in-house, which means the company builds or buys labeling tools and hires an in-house labeling team. The other is to outsource the work to renowned data labeling companies like Appen and LionBridge, who can handle product scale and guarantee quality.
The booming of data annotation market has also stimulated multiple novel players to secure a niche position in the competition. For example, Playment, a data labeling platform for AI, has teamed up with Ouster, a leading LiDAR sensors provider, for annotation and calibration of 3D imagery captured by its sensors in 2018.
ByteBridge.io, a data labeling platform, has innovated the industry through its robust tools for real-time workflow management. On ByteBridge's platform, developers can define and start the data labeling projects and get the results back instantly. It not only improves the efficiency dramatically but also allows clients to customize their task based on their needs. As a fully-managed platform, it enables developers to manage and monitor the overall data labeling process and provides API for data transfer. The platform also allows users to audit the data quality.
"High-quality data is the fuel that keeps the AI engine running smoothly and the machine learning community can't get enough of it. The better the annotation, the more accurate the algorithm's results become. Properly annotating data paves the way for efficient machine learning," said Brian Cheong, founder and CEO of ByteBridge.io.
Designed to empower AI and ML industry, ByteBridge.io promises to usher in a new era for data labeling and accelerates the advent of the smart AI future.
CONTACT:
Contact: support@bytebridge.io
Website: bytebridge.io
Company: ByteBridge
Phone: 010 - 53673971
SOURCE: TTC Foundation
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