Newark, Aug. 26, 2024 (GLOBE NEWSWIRE) — According to a report from The Brainy Insights, the AI Training Dataset Market The transaction volume in India is expected to grow from USD 1.64 billion in 2023 to USD 14.42 billion in 2033, at a compound annual growth rate (CAGR) of 24.25% during the forecast period from 2023 to 203. The North America region is expected to witness the highest CAGR of 31.63% during the forecast period, driven by the increasing adoption of new technologies as Indian companies upgrade their operations. Several key industry players are also expanding their presence in Asia Pacific, boosting the usage of data sets in the region and contributing to significant growth.
“With AI becoming an integral part of many industries, the need for high-quality training data is more crucial than ever. Datasets allow AI models to learn and improve, which is vital for applications such as speech recognition, image identification, fraud detection and personalized marketing,” said a spokesperson for The Brainy Insights.
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Market dynamics
Engine: Rapid expansion of machine learning and AI
The rapid rise of machine learning and artificial intelligence (AI) is largely due to the advent of big data, which involves recording, storing, and processing vast amounts of information. As AI applications continue to grow, the demand for training datasets is expected to increase significantly. Annotated data is essential for developing machine learning and AI models in key areas such as speech recognition and image identification. Public and private organizations use a variety of applications, including national intelligence, fraud detection, marketing, medical informatics, and cybersecurity, to collect domain-specific data. Datasets play a critical role in improving the accuracy of knowledge extraction from unstructured and unsupervised data, thereby improving the overall effectiveness of AI technologies.
Opportunity: Expanding the uses of training datasets to various industries
The proliferation of apps, websites, social media, and other digital channels has made it easier to collect and share vast amounts of visual and digital data. Many companies are leveraging this annotated data from freely available web content to develop innovative, high-quality products for their customers. In the healthcare industry, for example, unstructured text data from electronic medical records (EMR) systems is a critical resource for clinical research. With the increasing use of training datasets across many industries, the market has significant potential for expansion during the forecast period.
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Report Measures Details
| Report indicators | Details |
| Market size available for years | 2024–2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Market size in 2023 | $1.64 billion |
| Projected market value in 2033 | $14.42 billion |
| TCCA | 24.25% from 2024 to 2033 |
| Segments covered | Type, vertical, regions |
| Geographies covered | North America, Asia Pacific, Europe, Middle East and Africa and Latin America |
| Companies covered | Appen Limited, Lionbridge Technologies, Inc., Microsoft Corporation, Samasource Inc., Deep Vision Data, Google LLC (Kaggle), Amazon Web Services, Inc., Alegion, Cogito Tech LLC and Scale AI Inc. |
Market segmentation
The AI training dataset market is segmented by type, vertical, and region.
Segment type: This includes image/video, text, and audio datasets. In 2022, the text segment led the market with a share of around 35.02%. Text datasets are commonly used in the information technology industry for various automation tasks, such as speech recognition, text classification, and caption generation.
Vertical segment: This includes sectors like automotive, healthcare, retail and e-commerce, IT, banking, financial services and insurance (BFSI), government and others. The IT segment dominates with a market share of around 16.53% in 2022. The sector is extensively using machine learning technologies to enhance user experience and develop innovative products, relying heavily on high-quality training data to fine-tune machine learning algorithms.
Key industry players
The major companies in the AI Training Datasets Market include Appen Limited, Lionbridge Technologies, Inc., Microsoft Corporation, Samasource Inc., Deep Vision Data, Google LLC (Kaggle), Amazon Web Services, Inc., Alegion, Cogito Tech LLC, and Scale AI Inc. These companies are focusing on developing new products and securing venture capital investments to increase their market share.
Industry Information
Artificial intelligence is becoming increasingly crucial in many industries, including manufacturing, IT, financial services, retail and e-commerce, and healthcare. The demand for application-specific training data is increasing, providing new opportunities for new entrants in the field. AI’s ability to extract complex data representations through hierarchical learning makes it an essential tool for big data analytics, requiring the exploration and extraction of meaningful patterns from large volumes of data.
For more information on the analysis of this report, contact the research analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13562
About the report:
The market is analyzed based on value (USD Billion). All segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report analyzes the drivers, opportunities, restraints, and challenges to gain a critical overview of the market. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Product Analysis, Supply and Demand Analysis, Competitor Positioning Grid Analysis, Distribution, and Marketing Channel Analysis.
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