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Redding, California, March 02, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, “AI Training Datasets Market by Type (Text, Audio, Image & Video), End-use Industry, and Geography – Global Forecast to 2029”, the global AI dataset market is expected to grow at a CAGR of 24.7% during the forecast period to reach $9.35 billion by 2029.
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The fast growth of this market is attributed to the rapid growth of AI and machine learning and growing applications of training datasets across diversified industry verticals. However, the lack of technological adoption in developing regions is expected to restrain the growth of this market. In addition, the need for human-machine interaction is expected to create significant growth opportunities for the players in this market. The high installation cost of AI technologies poses challenges to the growth of this market.
Impact of COVID-19 on the AI Training Dataset Market
The outbreak of the COVID-19 pandemic negatively impacted several economies and businesses across the globe. Lockdowns imposed to contain the pandemic resulted in severe losses across several industries, including manufacturing, oil & gas, construction, automotive & transportation. At the same time, some industries, such as Healthcare, Retail & E-commerce, recorded high growth during the COVID-19 pandemic.
In the healthcare industry, AI tools and techniques help policymakers, and the medical community understand the COVID-19 virus and accelerate research on treatments by rapidly analyzing large volumes of research data. AI text and data mining tools can uncover the virus’s history, transmission, diagnostics, management measures, and lessons from previous epidemics. AI tools can help identify virus transmission chains and monitor broader economic impacts. AI technologies have demonstrated their potential to infer epidemiological data more rapidly than traditional health data reporting. Institutions such as Johns Hopkins University, a private research university in Baltimore, Maryland and the OECD (France) (Organization for Economic Co-operation and Development) have also made available interactive dashboards that track the virus’ spread through live news and real-time data on confirmed coronavirus cases, recoveries, and deaths. Additionally, several leading cybersecurity players are eying this crisis as a new opportunity for restructuring and revisiting their existing strategies along with advanced product portfolios. For instance, in 2020, Cybels Analytics, a French company, developed an AI-based cybersecurity platform to detect complex cyber-attacks with advanced artificial intelligence and big data analytics technologies to provide faster, sharper, more exhaustive detection of attacks in real time.
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The oil & gas, construction, automotive & transportation industries have been severely impacted due to shortages in raw materials & workforce, supply chain disruption, and restrictions on operating capacities. The survey report conducted by the National Association of Manufacturers (NAM) stated that around 78.0% of manufacturers anticipated a financial impact, and 35.5% faced supply chain disruptions due to COVID-19. These factors led manufacturing companies to deprioritize their digital transformation strategies, including the equipment of their production units with AI. Hence, several AI and automation experts have suggested increasing investments in advanced technologies, such as AI, to create remote operating capabilities, such as process automation, industrial robots, predictive maintenance & machinery inspection, and autonomous material movement to decrease worker density. Therefore, the pandemic proved to be a positive and negative turning point for the various industries that used AI for their operating functions and applications.
The global AI training datasets market is segmented by type (text, image, and audio & video) and end-use industry (automotive, transport & logistics, information technology, healthcare, banking, financial services and insurance (BFSI), retail & e-commerce, and other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the global AI training datasets market is segmented into text, image, and audio & video. In 2022, the text segment is expected to account for the largest share of the global AI training datasets market. The large market share of this segment is attributed to the increasing interest of key market players toward the introduction of the latest text datasets associated with the growing number of applications.
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Based on end-use industry, the global AI training datasets market is segmented into automotive, transport & logistics, information technology, healthcare, banking, financial services and insurance (BFSI), retail & e-commerce, and other end-use industries. In 2022, the information technology segment is expected to account for the largest share of the global AI training datasets market. The large market share of this segment is attributed to the various initiatives by several technology companies that utilize machine learning solutions to offer a better user experience and introduce modern products.
Based on geography, the Asia-Pacific (APAC) region is expected to account for the largest share of the global AI training datasets market in 2022. The rapid deployment rate of the latest technologies by companies in emerging nations improves their businesses. Additionally, several key players are concentrating on increasing their presence.
Some of the major players operating in this market are Appen Limited (Australia), Google LLC (U.S.), Cogito Tech LLC (U.S.), Lionbridge Technologies, Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Scale AI, Inc. (U.S.), Alegion plc (Ireland), Kinetic Vision, Inc. (U.S.) Samasource Impact Sourcing, Inc. (U.S.), and Superb AI, Inc. (U.S.).
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Scope of the Report:
AI Training Dataset Market, by Type
- Image & Video
AI Training Dataset Market, by End-use Industry
- Driverless Automobiles
- AI Cloud Services
- AI Automotive Insurance
- Driver Monitoring Systems
- Transport & Logistics
- Product Localization and Identification
- Shipment Load Monitoring
- Warehouse Automation and Management
- Defect Inspection and Quality Control
- Information Technology
- Data Security
- Process Automation
- Building Better Information Systems
- Treatment of Rare Diseases
- Virtual Health Assistants
- Management of Medical Records
- Robot-assisted Surgery
- Banking, Financial Services and Insurance (BFSI)
- Cybersecurity and Fraud Detection
- Online Chatbots
- Tracking Market Trends
- Data Collection and Analysis
- Retail & E-commerce
- Inventory Management and Sales Forecasting
- Automated Customer Service & Chatbots
- AI-powered Customer Relationship Management (CRM) Systems
- Visual Search
- Other End-use Industries
AI Training Dataset Market, by Geography
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Latin America
- Middle East & Africa
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