Data Preparation Industry Data Book Covers Data Collection and Labelling, Data Labelling Solutions and Services & Data Integration Markets
The global Data Preparation Industry size was estimated at USD 20.89 billion in 2021. The market is expected to expand at a CAGR of 17.0% CAGR (2022-2030).
Grand View Research’s data preparation industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Data Collection And Labeling Market Insights
The global data collection and labeling market size was valued at USD 2.22 billion in 2022 and it is expected to expand at a compound annual growth rate (CAGR) of 28.9% from 2023 to 2030.
The image/ video segment led the market in 2022, accounting for over 36% of the global revenue share. The large percentage is likely due to the rising use of computer vision in various industries, including automotive, healthcare, media, and entertainment. For instance, in May 2022, Researchers at the Massachusetts Institute of Technology (MIT), a private land-grant research university, created a machine learning model that learns to describe data in a manner that incorporates concepts shared by video and aural modalities.
The IT segment led the market in 2022, accounting for over 30% share of the global revenue. The high share can be attributed to the wide adoption of AI applications. Besides, the healthcare industry is expected to increase over the forecast period.
Besides the IT & Healthcare sector, the retail & e-commerce segments secured significant market shares in 2022. With the help of image labeling, online shoppers can search for clothing or accessories by taking a picture of the texture, print, or color of their choice.
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Data Labeling Solution And Services Market Insights
The global data labeling solution and services market size was valued at USD 6.65 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.5% from 2021 to 2028.
The outsourced segment led the sourcing type segment of the data labeling solution and services market. In 2020, the segment held the largest revenue share of 83.7%. The outsourced segment is expected to account for the largest revenue share and provide solid growth opportunities. The segment is expected to witness the fastest CAGR over the forecast period. Short-term commitments and cost-effectiveness are priorities for outsourcing organizations.
The text segment led the market and accounted for the largest revenue share of over 37.0% in 2020. However, the image/ video segment will dominate the market over the forecast period. The high revenue share of the segment can be ascribed to the growing use of computer vision in various industries, including healthcare, automotive, media, and entertainment. For instance, medical imaging is one of the significant image labeling applications.
In 2020, the IT segment dominated the market with a 33.7 % revenue share, due to the widespread use of AI applications in the sector. The healthcare business is expected to increase significantly during the projection period. Artificial intelligence is widely employed in the healthcare industry for various applications, including diagnostic automation, gene sequencing, treatment prediction, medication discovery, deep learning, and machine learning methods to train datasets.
Data Integration Market Insights
The global data integration market size was valued at USD 10,534.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2022 to 2030.
The tools segment led the data integration market in 2021, accounting for over 70% share of the global revenue. The high share can be attributed due to software tools, as they aid in deploying solutions in various industries to extract, transform, and load data in a significant amount of time. Tools provide a central location for processing and storing multiple data sets in one database from different sources.
The on-premises segment held the largest revenue share of over 66% in 2021. The high share can be attributed to on-premises data integration software capabilities to combine data regardless of its structure, type, and volume from numerous on-premises sources that handle integrations using in-house software.
The marketing segment led the market in 2021, accounting for over 25% of global revenue. The segment’s rise can be attributable to various factors, including studying consumer behavior, comprehending consumer wants and preferences, and personalizing customer interactions. Marketers utilize data integration to segment their target market based on age, gender, and product likes and dislikes.
The IT & telecom segment dominated in 2021 and accounted for a revenue share of over 20%. With the help of Data integration, IT & telecom sectors could quickly bring together data from internal databases, customer records, and third-party systems. This would help evaluate data quality and recommendations for resolving issues that are driving the growth of the segment.
The large enterprise segment accounted for the largest revenue share of over 68% in 2021, attributed to large enterprises’ high adoption rate of data integration software to meet new demands, scale their infrastructure, and maintain support for their products and services.
The small & medium enterprises segment is anticipated to register the fastest CAGR from 2022-2030 due to increased demand for cloud-based software spending. Further, the spending would help in improving efficiency and reducing infrastructure costs. Small & medium enterprises can consolidate data from several sources in an organized way using the data integration process.
Data Preparation Market – Global Industry Segmentation
Data Collection and Labelling Market, By Data Type
- Image/ Video
Data Collection and Labelling Market, By Vertical
- Retail & E-Commerce
Data Labelling Solutions and Services Market, By Sourcing Type
Data Labelling Solutions and Services Market, By Type
Data Labelling Solutions and Services Market, By Labelling Type
Data Labelling Solutions and Services Market, By Vertical
- Financial Services
Data Integration Market, By Component
Data Integration Market, By Deployment
Data Integration Market, By Organization Size
- Large Enterprises
- Small & Medium Enterprises
Data Integration Market, By Application
- Operations & Supply Chain
Data Integration Market, By Application
- IT & Telecom
- Retail & E-commerce
- Government & Defense
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Data Preparation Industry Data Book Regional Outlook
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
- United Arab Emirates
- Saudi Arabia
Data Preparation Industry Data Book Competitive Landscape
The market participants are implementing several organic and inorganic growth strategies, including new product launches, product modernizations, collaborations, corporate expansions, and acquisitions and mergers.
Key players operating in the data preparation industry are –
- Amazon Mechanical Turk, Inc.
- Appen Limited
- Clickworker GmbH
- CloudFactory Limited
- Cogito Tech LLC
- Crowdworks, Inc.
- Deep Systems, LLC
- Denodo Technologies
- Explosion AI GmbH
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