Data Preparation Industry | Forecast 2030
Data Preparation Industry Data Book – Data Collection and Labelling, Data Labelling Solutions and Services & Data Integration Market
The global data collection and labelling, labelling solutions and services, and integration markets combine to account for USD 20.89 billion in revenue in 2021, which is expected to reach USD 88.33 billion by 2030, growing at a cumulative rate of 17.0% over the forecast period. The combination bundle is designed to provide a holistic view of these highly dynamic market spaces.
Access the Global Data Preparation Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.
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 market is expected to witness a surge in technology adoption owing to benefits such as extracting business insights from socially shared pictures and auto-organizing untagged photo collections. It also contributes to developing enhanced safety features in autonomous vehicles, such as condition monitoring, terrain detection, wear detection, and emergency vehicle detection.
Machine learning has been incorporated into various industries, including facial recognition on social networking websites, automated picture arrangement on visual websites, robotics, and drones. Social media monitoring is one of the most popular data collection applications, as visual listening and visual analytics are essential for digital marketing growth. Also, this technology is highly used in applications related to safety and security, such as data gathering for facial recognition used by law enforcement agencies. The need for a constant flow of data to evaluate is expanding as the importance of data-backed decisions for businesses increases. Analysts derive insights and information from data about their target clientele through data mining.
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Data Labeling Solution And Services Market Insights
The global data labeling solution and services market size was valued at USD 11.83 billion in 2022 and is projected to grow a CAGR of 21.3% from 2023 to 2030. By adding attribute tags, data labeling tools assist users in developing data value. Data labeling is a process for identifying raw data (text, videos images, etc.) and adding one or more significant and revealing labels to offer context. Machine learning has been incorporated in several industries, including facial recognition on social networking websites powered by data collection, automated picture organization of visual websites, and robots & drones. Prominent growth in the automotive business, particularly in self-driving vehicles, significantly fuels data labeling solutions and services. A self-driving vehicle has a multiplicity of sensors and networking devices that let the computer drive the vehicle.
The global data labeling solution and services market is expected to witness a surge in the adoption of the technology owing to assistance such as deriving business insights from socially shared photographs and auto-organizing untagged photo collections. Furthermore, data labeling technology is increasingly being used in autonomous vehicles, which is expected to contribute to significant growth in the automobile industry. With the help of this technology, self-driving cars can detect obstacles and notify the driver about the vicinity of walkways and guardrails. The technology is also capable of reading stoplights and road signs.
Data Integration Market Insights
The global data integration market size was estimated at USD 11.91 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030. Data integration is the process of bringing data together from various sources into a single, comprehensive view. Transformation, cleansing, extract, transform, and load (ETL) mapping are a few processes involved in data integration. Analytics solutions can provide valuable, actionable business intelligence with the help of data integration.Data integration creates a unified, single view of an organization’s data that a business intelligence application can access to deliver actionable insights based on the organization’s data assets, regardless of the source or format. Generally, a data warehouse is created from the pool of information generated by the integration process.
For instance, in June 2022, Salesforce, Inc., a cloud-based software company, launched “Mulesoft,” a unified solution for data integration, application programming interface (APIs), and automation. The solution would support organizations to automate their workflow, create a unified view of data, and easily connect it with any system. The complete suite of technologies is offered by Mulesoft, which would deliver a better experience, save time, and increase productivity. Businesses have realized that the only practical approach to maximizing data’s potential is integrating it. Enterprises can locate and apply the most pertinent and accurate insights inside it when they have all the necessary information in one location. Their ability to strategically integrate these insights into their business operations offers them an advantage over competitors.