Website Tagging Gains Prominence to Handle Critical COVID-19 Information Dissemination
In order to increase the online visibility of important COVID-19 information, Federal Chief Information officers in the U.S. are being directed to incorporate a new set of vocabulary for tagging websites. This is evident since, along with the U.S., countries such as Russia, Brazil, France, and India are under the scanner for a second wave of coronavirus. Thus, companies in the image tagging & annotation services market are capitalizing on this opportunity to collaborate with healthcare, government, and other organizations that are actively involved in increasing awareness about COVID-19 preventive measures.
Information about disease spread statistics and projection visualization is becoming important for government organizations to devise strategies for containing the spread of the infection. Companies in the image tagging & annotation services market are targeting information outlets that create enhanced knowledge graphs to handle critical COVID-19 information.
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Deep Learning Techniques Help Resolve Issues of Limited Concept Representation
The advent of mobile devices and media cloud services has led to the burgeoning growth of the image tagging & annotation services market. While significant progresses have been made in the past decade, issues such as limited concept representation, owing to handcrafted features revolve around image tagging. Hence, companies in the image tagging & annotation services market should acquire proficiency in deep learning techniques to overcome drawbacks of handcrafted features in image tagging.
Deep learning techniques refer to a class of machine learning (ML) techniques where several layers of information processing stages in hierarchical architectures are classified. On the other hand, AI (Artificial Intelligence)-powered image tagging is gaining strong market grounds for business-critical applications.
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AI and ML Technologies Deploy High-quality Visualization for Image Annotation
The proliferation of AI in annotation services is helping to bolster market growth. As such, the image tagging & annotation services market is predicted to advance at an astonishing CAGR of ~17% during the forecast years. ISHIR— an offshore software development outsourcing company based out of India and Dallas, is increasing its portfolio in AI annotation and data labelling services. With the help of high quality data sets, companies in the image tagging & annotation services market are setting their collaboration wheels in motion to partner with AI and ML clients to advance in the annotation service technology.
Software companies are increasing efforts to supply the best quality text annotation worksheets for ML and AI-backed model developments. This enables high-quality visualization for end users. Companies are increasing their R&D capabilities in 2D bounding boxes, cuboid, and semantic segmentation services.
Image Annotation Holds Promising Potentials in Early Detection of Diseases
Investments in the computer vision technology are increasing each year. Computer vision is among the fastest growing application in artificial intelligence. Thus, companies in the image tagging & annotation services market are capitalizing on this trend to tap value-grab opportunities in healthcare, transportation, and agriculture industries. Image annotation is acquiring prominence in various end markets. High quality data sets are being used to train a machine to recognize target features such as a benign polyp in a medical image.
Healthcare AI patent applications are on the rise, indicating high rates of investment in technology. Hence, companies in the image tagging & annotation services market are gaining strong business holds in the healthcare industry where data is plentiful in the deployment of AI technologies.
Image Tagging & Annotation Services Market: Overview
According to the latest research report on the global image tagging & annotation services market published by Transparency Market Research, for the historical period 2018–2019 and the forecast period 2024–2030, increasing adoption of smart machines among end users is expected to boost the global image tagging & annotation services market during the forecast period. Increasing application of AI in healthcare generates demand for healthcare training data for AI applications, which has propelled the demand for image tagging & annotation services across the globe.
In terms of revenue, the global image tagging & annotation services market is estimated to cross value of US$ 1.5 Bn by 2030, expanding at a CAGR of ~17% during the forecast period
Increasing Adoption of Image Tagging & Annotation Services Among End Users: A Key Driver
Globally, the image tagging & annotation services market is primarily driven by increasing adoption of image tagging & annotation services by artificial intelligence and machine learning companies. End users in developing countries are increasingly engaging in digitization efforts within organizations and are rapidly deploying image tagging & annotation tools to accurately label vast volumes of AI training data.
For instance, image tagging & annotation tools enable automotive manufacturers in developing smart applications for connected and autonomous vehicles (CAVs), autonomous vehicles (AVs), full self-driving cars or driverless cars, or robo-cars. Hence, image tagging & annotation service providers are focusing on designing and developing specified techniques to facilitate the automation of 2D and 3D annotation for image data.
In June 2019, Uber Technologies Inc. acquired Mighty AI, a computer vision company to enhance its technology for self-driving cars and autonomous taxis
Thus, rise in investment by end users and increase in government initiatives supporting digitalization are driving the image tagging & annotation services market globally
The image tagging & annotation services market is still in its early phase. Several barriers need to be overcome before AI and machine learning become mainstream among end users. Growth of the image tagging & annotation services market is expected to be affected during the forecast period due to inaccuracy in the quality of images labeled and shortage of skilled professionals.
Image Tagging & Annotation Services Market: Key Developments
Key providers of image tagging & annotation services, such as General Blockchain, Inc., Zen3 Infosolutions Private Limited, Appen Limited, CloudFactory Limited, and ADEC Innovations are focusing on the development of cost-effective image tagging & annotation services to attract more customers
Additionally, players active in providing image tagging & annotation services are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisitions activities with technology partners to improve their offerings and market reach in the image tagging & annotation services market
Some other key developments in the global image tagging & annotation services market are highlighted below:
In March 2024, Adaptive Vision Sp. z o.o. acquired Zillin.io, a dataset annotation platform to enhance its deep learning image processing offering
In April 2019, Appen Limited acquired Figure Eight, a provider of high-quality annotated training data to increase its share in the image tagging & annotation services market
In June 2019, Fritz Labs Incorporated, a mobile-based machine learning platform provider, introduced image labeling tools to identify skin diseases by analyzing the images of patients
In December 2018, Ouster, a leading manufacturer of high-resolution Lidar sensors collaborated with Playment Inc. and Scale. AI, data labelling, and image tagging & annotation service providing companies to implement deep learning models in self-driving vehicles.
In the global image tagging & annotation services market report, we have discussed individual strategies, followed by company profiles of providers of image tagging & annotation services. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global image tagging & annotation services market.
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