February 18, 2020

Image Tagging & Annotation Services Market To 2027 Latest Trends And Key Drivers Supporting Growth

Global Image Tagging & Annotation Services Market – Introduction

  • Image annotation is also known as image tagging. It is the labeling of images to be utilized as Artificial Intelligence (AI) training data. Image tagging & annotation services provide users with annotated images with their requested labels. These labels are programmed by AI professionals and are selected to provide the computer vision model information regarding what is displayed in the image or a picture.
  • Nowadays, image annotation & tagging services are becoming an essential part of companies across various industries such as retail, e-commerce, automobile, fashion, and healthcare. Organizing images or pictures through easy catalogs, easy management of image categorization, and matching images as per client requirements are some of the noteworthy advantages of image tagging & annotation services.

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Increasing deployment of image tagging & annotation services across industries: Prominent driving factor of the market

  • Image tagging & annotation has various usages in different situations based on the mode of operation and business nature. It can easily create a catalog from scratch, update catalog sheet objects, syndicate various datasets, and also help in training dataset formation. For instance, image tagging & annotation is widely used in the automotive industry through semantic segmentation for object detection & recognition. Object detection & recognition plays a vital role in the autonomous vehicle and ADAS system. Therefore, the semantic segmentation technique is helpful in training modules to develop a better understanding of what the data holds.
  • In logistics, warehouse applications such as package delivery, handling, and transportation are tiresome tasks when handled manually. Image tagging & annotation automates these activities while using annotated techniques, producing precise datasets for training smart detection and tracking modules.
  • Thus, the increasing deployment of image tagging & annotation services across industries is augmenting the growth of the market worldwide.

Lack of awareness expected to significantly hamper the image tagging & annotation services market

  • In India, Taiwan, etc., organizations still follow the traditional approach rather than the advanced approach with the help of artificial intelligence/machine learning that helps in object identification and detection. Thus, lack of awareness about novel technologies (image tagging & annotation), specifically in developing nations is hampering the market.
  • Lack of awareness is expected to significantly hamper the image tagging & annotation services market globally.

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Global Image Tagging & Annotation Services Market – Competitive Landscape

  • In August 2019, Alegion decided to raise around US$ 12 million in series A funding for data annotation. The investment would help the company to enhance its product portfolio to gain market share worldwide.
  • In November 2019, CloudFactory raised approximately US$ 65 million for its image annotation services across various applications such as facial recognition and autonomous vehicles. The strategy would help the company to enhance its market position to compete with other players worldwide.

Key Players Operating in the Global Image Tagging & Annotation Services Market

  • Lionbridge Technologies, Inc.
  • Vee Technologies
  • Sparx BPO
  • Webtunix
  • clickworker GmbH
  • Cogito Technology LLC
  • Alegion
  • CloudFactory

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