Europe Data Annotation Tools Market Size & Outlook
Europe data annotation tools market, 2018-2030 (US$M)
Related Markets
Europe data annotation tools market highlights
- The Europe data annotation tools market generated a revenue of USD 280.8 million in 2023.
- The market is expected to grow at a CAGR of 27.8% from 2024 to 2030.
- In terms of segment, image/video was the largest revenue generating type in 2023.
- Audio is the most lucrative type segment registering the fastest growth during the forecast period.
- Country-wise, Germany is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 280.8 million |
| Market revenue in 2030 | USD 1,565.7 million |
| Growth rate | 27.8% (CAGR from 2023 to 2030) |
| Largest segment | Image/video |
| Fastest growing segment | Audio |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Text, Image/Video, Audio |
| Key market players worldwide | Appen Ltd, Cogito Tech, TELUS International (Cda) Inc Ordinary Shares (Sub Voting), Amazon.com Inc, Alphabet Inc Class A |
Other key industry trends
- In terms of revenue, Europe region accounted for 27.3% of the global data annotation tools market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 1,738.3 million by 2030.
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Data Annotation Tools Market Scope
Data Annotation Tools Market Companies
| Name | Profile | # Employees | HQ | Website |
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Europe data annotation tools market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to data annotation tools market will help companies and investors design strategic landscapes.
Image/video was the largest segment with a revenue share of 37.43% in 2023. Horizon Databook has segmented the Europe data annotation tools market based on text, image/video, audio covering the revenue growth of each sub-segment from 2018 to 2030.
Europe is projected to expand with prominent growth during the forecast period. The increasing developments in automotive obstacle detection technologies are expected to fuel the market's growth in the European region's automobile sector over the forecast period.
Implementation of intelligent assistants in business scales for automation of responses to support claims improves customer experience and reduces business expenses. For instance, Vodafone Limited (U.K.) witnessed nearly 68% improved customer experience after introducing its chatbot, named TOBi, for customer queries.
The increasing use of biometry in the region is catering to a whole new implementation area to the image-based data annotation market. For instance, in January 2020, Germany's Interior Minister announced a plan about using biometric applications at 14 airports and 134 railway stations to expand security applications in Germany.
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Our clientele includes a mix of data annotation tools market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Europe data annotation tools market , including forecasts for subscribers. This continent databook contains high-level insights into Europe data annotation tools market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe data annotation tools market size, by country, 2018-2030 (US$M)
Europe Data Annotation Tools Market Outlook Share, 2023 & 2030 (US$M)
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