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Data Annotation Tools Market Size Growing at 27% CAGR Set to Reach USD 8808.6 Million by 2032; The Brainy Insights

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Newark, Aug. 14, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 807.0 million data annotation tools market will reach USD 8808.6 million by 2032. Annotation creates high-quality data that may be used to train AI/ML models in the healthcare sector to speed up the search for significant biological and chemical interactions in drug development. Analysing massive amounts of data from patient records, clinical trials, patents, and academic publications can help to speed up medication development. Furthermore, data annotation can infer billions of associations between possible medications, species, tissues, symptoms, diseases, and genes. Furthermore, specialised annotation teams classify essential structures in millions of frames of surgical recordings to do computer vision-driven autonomous robotic surgery, which allows for safer and better treatments. As a result, the expanding applications of these tools and the growing acceptance of AI/ML technologies in the healthcare sector are fueling the market.

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North America to account for the largest market size during the forecast period.

North America is expected to have the essential data annotation tools market share. This is attributed to rising healthcare expenditure and improved healthcare skills in growing the region. Furthermore, the increased use of new technologies such as AI/ML to reduce medical expenses and optimise hospital workflow is one of the region’s primary drivers of healthcare data annotation tools. In addition, several government efforts and supportive programmes are boosting the region’s use of these software solutions.

The image/video segment dominated the market with the most significant revenue of USD 347 million.

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The image/video segment dominated the market with the most significant revenue of USD 347 million. This is due to the widespread adoption of image/video data annotation tools in the medical field and the growing demand for efficient and cost-effective solutions for medical diagnosis. These instruments are used to create visualisations of specific organs to diagnose unique problems in the human body that are not visible to the naked eye. Picture annotation is used in cancer to train AI algorithms to predict cancer using labelled cancer picture data. This reduces the chance of human error and aids in diagnosing several types of cancer early. Furthermore, tagged X-ray picture data is utilised in dental imaging to visualise tooth structure and detect tooth cavities, gum disease, decay, and other anomalies.

The healthcare segment dominated the market with the most significant revenue of USD 306 million.

The healthcare segment dominated the market with the most significant revenue of USD 306 million. In the healthcare sector, data annotation technologies are changing diagnosis, treatment, and patient monitoring by considerably boosting healthcare research and outcomes by creating precise diagnoses and enabling enhanced personalised treatments. These tools assist healthcare workers in promptly identifying illness signs by analysing large amounts of clinical records. These tools possible applications include scanning radiological images for early disease identification and predicting results from electronic health information.

Get a Complete TOC of Global Data Annotation Tools Market Report 2023-2032 at: https://www.thebrainyinsights.com/report/data-annotation-tools-market-13630

Market Dynamics:

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Drivers: Adoption of Artificial Intelligence

Significant factors influencing the global data annotation tools market growth include increased adoption of artificial intelligence and machine learning solutions and increased investment in the development of autonomous driving technology. On the contrary, increased usage of data annotation for medical imaging data will likely provide the market with potential growth opportunities throughout the forecast period.

Restraint: High Cost

The high cost and shortage of qualified labour associated with manual annotation of complex data is a significant hurdle to early adoption, hampering the growth of the data annotation tools market.

Opportunity: Rising Health Benefits

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The benefits of eHealth and telemedicine services, such as more accessible access to health care, cost savings, and advancements in diagnostic and treatment services, are expected to increase investments in digital health and other health-related services. For example, Aidoc raised USD 20 million in a Series B funding round headed by Square Peg Capital in September 2020 to aid in developing AI-based digital imaging and radiology products. Furthermore, an increase in initiatives supporting eHealth and digital health will likely propel the market throughout the forecast period. For example, the European Health Data Space Programme was launched in May 2022 to assist the use of health data for improvements in research, innovative healthcare delivery, and legislation.

Challenge: Inaccuracy

The fundamental obstacle the market faces is inaccuracy in the quality of labelled data. In some circumstances, manually labelled data may contain errors, and the time required to uncover such errors may vary, increasing the overall cost of the annotation process.

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Some of the major players operating in the data annotation tools market are:

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● Annotate.com
● Appen Limited
● CloudApp
● Cogito Tech LLC
● Deep Systems
● Labelbox, Inc
● LightTag
● Lotus Quality Assurance
● Playment Inc
● Tagtog Sp. z o.o
● CloudFactory Limited
● ClickWorker GmbH
● Alegion
● Figure Eight Inc.
● Amazon Mechanical Turk, Inc
● Explosion AI GMbH
● Mighty AI, Inc.
● Trilldata Technologies Pvt Ltd
● Scale AI, Inc.
● Google LLC
● Lionbridge Technologies, Inc
● SuperAnnotate LLC

Key Segments cover in the market:

By Type:

● Text
● Image/Video
● Audio

By Application:

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● IT & Telecommunication
● Retail & E-commerce
● BFSI
● Healthcare
● Government
● Automotive
● Others

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About the report:

The global data annotation tools market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.’

About The Brainy Insights:

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The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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Avinash D
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Phone: +1-315-215-1633
Email: [email protected] 
Web: http://www.thebrainyinsights.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.
Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.
Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”
In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.
“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”
By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.
About G42
G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today. To know more visit www.g42.ai.
Media contactsMedia and PR Team, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html

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Artificial Intelligence

GEEKOM releases a perfect mini PCs with dual 2.5Gbps Ethernet ports – GEEKOM GT1 MEGA

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TAIPEI, Sept. 20, 2024 /PRNewswire/ — GEEKOM, a Taiwanese tech company also known as the Green Mini PC Global Leader, recently released a strong lineup of flagship mini PCs with Intel Core Ultra processors and dual Ethernet ports, making it possible for users to enjoy impeccable performance and superb networking functionalities at the same time.

One of these mini PCs is the GEEKOM GT1 Mega, which employs a beautiful aluminum chassis with plenty of I/O, including two full-function 40Gbps USB4 Type-C, six USB Type-A, 2 HDMI2.0, a 3.5mm audio jack, an SD card reader and dual Ethernet ports. The two Ethernet jacks are both of 2.5Gbps standard, which not only delivers high-speed and reliable internet connection for people’s daily computing chores, but also enables the mini PC to serve more sophisticated networking functionalities as a soft router, a virtual machines, a hardware firewall, or even a home server. Besides, dual Ethernet ports can separate internal and external network connections, providing logical and physical separation of trusted and untrusted network traffic and keeping data safe from potential cyber-attacks.
The GT1 Mega is powered by Intel’s latest and smartest Core™ Ultra processor (up to CoreTM U9-185H) and dual-channel DDR5-5600MHz RAM. Thanks to the new CPU, GPU, and NPU three tier multi-processing architecture, the mini PC is ready to harness the superpowers of Artificial Intelligence. It is compatible with more than 500 AI models across 20+ categories and supports high-performance low-power processing in a wide range of computing scenarios, which include enhancing facial features and blurring the background during video calls, removing the vocals from songs to create karaoke tracks, and generating large-scale images based on texts or voice commands. Basically, the GT1 Mega allows users to finish tasks that used to take hours or even days through only a few keystrokes!
The GEEKOM GT1 Mega,is now available on GEEKOM’s official website.
Photo – https://mma.prnewswire.com/media/2508472/image_5019393_24175809.jpg 

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Artificial Intelligence

Lucinity Partners with Sift for Unified Fraud and AML Case Management

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SAN FRANCISCO, Sept. 19, 2024 /PRNewswire/ — Lucinity and Sift have announced a partnership, unifying fraud and Anti-Money Laundering (AML) into Lucinity’s integrated FinCrime compliance platform for case management, agent-enabled workflow automation, and Generative AI.

Sift is an AI-powered fraud platform securing digital trust for leading global businesses. Its Global Data Network analyzes more than 1 trillion events and identity signals per year to prevent fraud across the entire consumer journey. Lucinity and Sift formed this new partnership to address the challenges of fragmented fraud and AML systems, aiming to centralize and enhance financial crime investigations.
Sift’s AI-powered solution will now be integrated into Lucinity’s platform. This collaboration enhances Lucinity’s ability to provide a seamless and efficient compliance solution. It allows teams to review and manage fraud alerts more effectively through Lucinity’s unified Case Management system, thanks to the native integration between the systems. Key benefits to Lucinity’s users include:
Real-Time Fraud Screening: Payments are screened for potential fraud in real time, utilizing Sift’s fraud detection capabilities.Automatic Payment Holds: Payments suspected of fraud are temporarily held, ensuring verification before processing.Streamlined Reviews: Compliance teams can conduct thorough reviews of flagged payments within Lucinity’s Case Management solution.Risk Level Adjustments: Fraud detection parameters can be customized to adjust sensitivity levels, adapting to emerging fraud trends and risk appetites.This partnership also enables users to leverage Lucinity’s Generative AI capabilities through the Luci copilot to investigate fraud cases more efficiently.
Udi Nessimyan, President and Chief Revenue Officer of Lucinity, comments, “One of the greatest challenges in fighting financial crime is fragmented systems and data. Our partnership with Sift helps address this challenge by providing a centralized platform for various case types, including AML, fraud, sanctions, and ad hoc cases. Our collaboration significantly enhances the productivity of investigation teams, reducing the time spent on cases from hours to minutes.”
Sift’s Chief Marketing Officer, Armen Najarian, emphasizes the collaborative effort to enhance financial crime prevention, stating, “Cybercriminals are increasingly leveraging AI to bypass traditional anti-money laundering and fraud controls, creating sophisticated and dynamic threats. To combat these evolving risks, companies must adopt a ‘fight fire with fire’ approach by leveraging AI-powered solutions. Through Sift’s partnership with Lucinity, businesses can stay ahead of fraudsters, ensuring robust protection against abuse and enabling fearless growth.”
About Sift: https://sift.com About Lucinity: https://lucinity.com
Media contact:Celina [email protected] +354 792 4321

View original content:https://www.prnewswire.co.uk/news-releases/lucinity-partners-with-sift-for-unified-fraud-and-aml-case-management-302253487.html

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