DUBLIN--(BUSINESS WIRE)--The "Global AI Training Dataset Market By Type (Image/Video, Text and Audio), By End User (IT & Telecom, Retail & E-commerce, Government, Healthcare, Automotive, and Others), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global AI Training Dataset Market size is expected to reach $3.1 billion by 2027, rising at a market growth of 17.4% CAGR during the forecast period.
Artificial Intelligence (AI) is considered as the broad branch of computer science that is associated with developing smart machines that can carry out tasks without the help of human intelligence.
AI has gained a vital place in several industrial applications like IT, retail & e-commerce, healthcare, BFSI, and manufacturing. In addition, the rising demand for application-specific training data is offering lucrative opportunities for the new players.
Artificial Intelligence has become important to big data because it enables to obtain the complex and high-level abstractions utilizing a hierarchical learning process and helps in obtaining meaningful patterns from large volume data through extraction and mining processes.
AI allows machines to perform tasks like a human by learning from experience and adjusting to the new inputs. Artificial Intelligence trains machines to process a huge volume of data and control patterns to complete the task given to them. Specific datasets are needed for the training of these machines. Thus, there is a huge demand for AI training datasets to fulfill this need in the market.
These machines perform tasks according to the dataset provided to them. Hence, it is necessary to offer superior-quality datasets to machines for better training.
The superior-quality dataset helps in improving the performance level of artificial intelligence, resulting in decreasing the time taken to prepare data, and also helps in improving predictions precision. Therefore, the market players across the globe are aiming to acquire companies, which assist in improving the data quality.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has encouraged developments in applications and technologies that are used in various sectors. Also, the pandemic has increased the adoption rate of AI in sectors like healthcare. The crisis has created a situation where all industries are facing challenges in running their business.
To respond to this situation, AI-based tools and solutions have found their great deployment in all sectors. The key players in the market are focusing on shifting their business towards digitalization, due to which, there is a huge demand for AI solutions in the market.
Hence, these factors are accountable to have a positive effect on the AI training dataset market during the COVID-19 pandemic. In addition, to facilitate smooth operations of businesses during the pandemic, businessmen were compelled to deploy advanced analytics and other AI-based technologies.
Moreover, businesses have become dependent on advanced technologies, which are anticipated to surge the growth of the market in the coming years. Further, several industries like healthcare, IT & automotive, and e-commerce are projected to fuel the deployment rate of the AI training dataset. Therefore, it can be estimated that the growth of the AI training dataset market will accelerate during the forecast period.
Market Growth Factors:
Several enhancements in the field of AI training dataset
A training dataset is a collection of information that is used to develop a machine learning model, through which the model creates and refines its rules. The quality of the training dataset has intense implications for the model's successive development, setting an ideal example for all future applications that may utilize the same training dataset.
Generation of large volume data and improvements in technology
The huge volume of data produced from several technologies like machine learning, big data, and artificial intelligence has increased the demand for AI training datasets. A large volume of unstructured and irrelevant data is produced by these technologies, thus, it is essential to train a machine learning model through precise and appropriate data.
Market Restraining Factors:
Lack of expertise
AI is a complicated system and for its adoption and management, companies need a workforce with special skill sets. For example, a workforce that is operating AI systems should have working experience with technologies like machine learning, machine intelligence, deep learning, image recognition, and cognitive computing. The incorporation of AI solutions with the present systems is a complex task that needs large data processing to replicate the human brain behavior.
Cardinal Matrix - AI Training Dataset Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Google, Inc. and Microsoft Corporation are the forerunners in the AI Training Dataset Market. Companies such as Amazon Web Services, Inc., Telus International, Scale AI Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market.
Key companies profiled in the report include:
- Google, LLC (Kaggle)
- Appen Limited
- Cogito Tech LLC
- Telus International (Telus Corporation)
- Amazon Web Services, Inc.
- Microsoft Corporation
- Scale AI Inc.
- Sama Inc.
- Kinetic Vision, Inc. (Deep Vision Data)
For more information about this report visit https://www.researchandmarkets.com/r/av1aq5