Data Collection And Labeling Market Size, Share & Trends Analysis Report By Data Type (Audio, Image/ Video, Text), By Vertical (IT, Automotive, Government, Healthcare, BFSI), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the data collection and labeling market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for data collection and labeling market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of data collection and labeling market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Data Collection And Labeling Market Categorization:

The data collection and labeling market was categorized into three segments, namely data type (Text, Image/ Video, Audio), vertical (IT, Automotive, Government, Healthcare, BFSI, Retail & E-commerce), and region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).

Segment Market Methodology:

The data collection and labeling market was segmented into data type, vertical, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The data collection and labeling market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; China; Japan; India; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Data collection and labeling market companies & financials:

The data collection and labeling market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Alegion Inc - The company is a developer of fully managed data labeling services for all types of data labeling applications for machine learning. The company provides platform access and managed labeling services, allowing businesses to accelerate time to value and efficiently develop accurate machine learning models.

• Appen Limited - The company provides data solutions and services for artificial intelligence and machine learning. The company's solutions include platform overview, search technology, audio classification and transcription, enterprise capabilities, annotation capabilities, workflow, training data, and data collection and database solutions. The company also provides data services, including relevance, speech, and image data.

• Scale AI, Inc.- Scale AI, Inc. is a software company that focuses on accelerating the development of artificial intelligence applications by helping computer vision teams generate improved data quality. The company specializes in computer vision, data annotation, sensor fusion, machine learning, autonomous driving, self-driving, APIs, training data, robotics, drones, and deep learning. The company offers high quality training data for self-driving cars, drones, robotics, augmented reality, retail, and security solutions.

• Labelbox, Inc. - Labelbox, Inc offers a framework for AI training data labeling. The platform serves as an interface for human specialists through which training data is annotated with different AI apps. The company's products include Labelbox, a complete training data platform for artificial intelligence. This platform is deployed across various automotive, geospatial, industrial, and insurance applications.

• Playment Inc. (Telus International) - Playment Inc. provides a proprietary AI training data labeling platform that generates training data for computer vision models. The company offers high-precision annotation services to businesses in areas such as mapping, drones, and autonomous vehicles. The company’s platform is powered by a trained workforce of over 300,000 users. Furthermore, it is adopted by various research institutions and businesses such as the University of Illinois Urbana-Champaign (UIUC), Cyngn Inc., Starsky Robotics, and Drive AI. The company’s platform supports multiple annotation types, including segmentation, point annotations, polylines, polygons, cuboids, and bounding boxes for video and image data types. In July 2021, Telus International acquired Playment Inc.

• Trilldata Technologies Pvt Ltd - Trilldata Technologies Pvt Ltd offers Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP). Data Turks is an online platform for developers to annotate and collaborate data for machine learning projects. The platform provides a user interface that assists in creating datasets for computer vision, natural language processing, and sentiment analysis. Data Turks platform supports multiple annotation types, including image bounding boxes, Named Entity Recognition (NER) tagging in documents, and image segmentation. In February 2019, Walmart Labs acquired the company to leverage its deep domain expertise in machine learning and extensive application development experience.

• Reality AI - Reality AI is a technology company specializing in providing advanced machine learning and signal processing solutions for industrial IoT (Internet of Things) and edge computing applications. The company caters to several industries including automotive, aerospace, manufacturing, and energy. In July 2022, Renesas Electronics Corporation, a semiconductor manufacturer, acquired Reality AI.

• Globalme Localization Inc. - Globalme Localization Inc. is a language and technology company that provides a range of localization and data collection services to businesses worldwide. The company's data collection and labeling services are designed to help businesses improve their AI and machine learning models. The company offers various services, including audio and image annotation, text classification, sentiment analysis, and more. It specializes in working with various industries, including healthcare, technology, e-commerce, and gaming. In May 2019, Summa Linguae Technologies acquired Globalme Localization Inc.

• Globose Technology Solutions Pvt Ltd - Globose Technology Solutions Pvt Ltd is an AI-based data collection and annotation company that provides high-quality training data for machine learning and AI applications. The company specializes in providing high-quality data collection and labeling services, including image annotation, text classification, sentiment analysis, and data entry. The company serves various industries, including healthcare, education, finance, and manufacturing.

• Dobility, Inc. - Dobility, Inc. offers data collection and analysis tools to individuals and organizations around the world. The company's services are used by various organizations, including non-profits, academic researchers, government agencies, and private sector companies. They specialize in working with organizations that operate in low-resource settings, such as rural areas or developing countries.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Data Collection And Labeling Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Data Collection And Labeling Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.