Industry Background:
A company has data generally referred to as raw data or information buried in the text, figures, tables that the organization acquires in various business operations. This data is stored and at times it is unused to derive insights and for decision making in the business. Organizations nowadays are releasing that there are various risks associated with losing a competitive edge in the business and regulatory issues with not analyzing and processing it. Preparing data is more difficult and is time-consuming and expensive for an organization. In recent times, the amount of time spent in a typical machine learning AI project is on identifying, aggregating, cleaning, shaping, and labeling data to be used in machine learning models. In order to evaluate the requirements for that, data preparation solutions aim to clean, augment, and otherwise enhance data for machine learning purposes, data engineering solutions aim to give organizations a way to move and handle large volumes of data, and data labeling solutions that aim to augment data with the required annotations that are necessarily used in machine learning training models.This growth is primarily driven by Proliferation in Data Generation
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Data Storage and Management sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as CloudFactory (United Kingdom), Figure Eight (United States), iMerit (India), Melissa Data (United States), Paxata (United States) and Trifacta (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In September 2022International law firm Osborne Clarke has advised CloudFactory, a global leader in human-in-the-loop artificial intelligence (AI), on its acquisition of Hasty, a data-centric machine learning (ML) platform that allows companies to build and deploy vision AI applications faster and more reliably.
In January 2023 N.C CloudFactory, a global leader in human-in-the-loop AI, has launched Accelerated Annotation, a Vision AI product that combines CloudFactory’s best-in-class workforce with industry-leading AI-assisted labeling technology that generates high-quality labeled data 5x faster than manual labeling.Data preparation and engineering tasks represent over 80% of the time consumed in most AI and Machine Learning projects. AI projects relating to object/image recognition, autonomous vehicles, and text and image annotation are the most common workloads for data labeling efforts. For every 1x dollar spent on Third-Party Data Labeling solutions, 2x dollars are spent on internal data efforts to support or enhance those labeling efforts. Within the next two years, all competitive data preparation tools will have machine learning augmented intelligence as a core part of the offering.
Influencing Trend:
Rising Adoption of Data Engineering, Preparation, and Labelling For AI in Large Enterprises
Market Growth Drivers:
Proliferation in Data Generation, Enterprise Need for Ensuring Market Competitiveness and Growing Adoption of Big Data and Other Related Technologies
Challenges:
Ownership and Privacy of the Collected Data.
Restraints:
Address data biases and ensure fairness in models.
Opportunities:
Growing Demand for Intelligent Business Processes, Rising Awareness Accelerating the Development of Better Analytics Tools and Increasing Adoption in Modern Applications
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Data Engineering, Preparation, and Labeling for AI Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Data Engineering, Preparation, and Labeling for AI Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Data Engineering, Preparation, and Labeling for AI players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Data Engineering, Preparation, and Labeling for AI Study Sheds Light on
The Data Engineering, Preparation, and Labeling for AI Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Data Engineering, Preparation, and Labeling for AI industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Data Engineering, Preparation, and Labeling for AI industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.