AI Training Dataset Market Worth $4.8 Billion By 2027 | CAGR: 22.5% | Grand View Research, Inc.

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AI Training Dataset Market Worth $4.8 Billion By 2027 | CAGR: 22.5% | Grand View Research, Inc.

July 10
14:08 2020
AI Training Dataset Market Worth $4.8 Billion By 2027 | CAGR: 22.5% | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global AI training dataset market size was valued at USD 956.5 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 22.5% from 2020 to 2027. The artificial intelligence (AI) is gaining significant prominence due to rising adoption across various data-driven applications such as image recognition and voice recognition

The global AI training dataset market size is expected to reach USD 4.8 billion by 2027, expanding at a CAGR of 22.5%, according to a new report by Grand View Research, Inc. The artificial intelligence technology is proliferating. As organizations are transitioning towards automation, the demand for technology is rising. The technology has provided unprecedented advances across various industry verticals, including marketing, healthcare, logistics, transportation, and many others. The benefits of integrating the technology across various operations of the organizations have outweighed its costs, thereby driving adoption.

Due to the rapid adoption of artificial intelligence technology, the need for training sets is rising exponentially. To make the technology more versatile and accurate with its predictions, a wide number of companies are entering the market space by releasing various datasets operating across various use cases to train the machine learning algorithm. Such factors are substantially contributing to market growth.

Factors such as cultivation of new high-quality datasets to speed up the development of AI technology and deliver accurate results are driving the market. For instance, in January 2019, IBM Corporation, a technology company, announced the release of a new dataset that comprises of 1.0 million images of faces. This dataset was released with an aim to help developers to train their face recognition systems supported by artificial intelligence technology with diverse dataset. In addition, it will help developers to increase the accuracy of face identification.

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AI Training Dataset Market Report Highlights

  • Increasing creation of synthetic training data for unsupervised and supervised training of machine learning algorithm is driving the adoption of datasets by organizations thereby catalyzing market growth
  • The image/video segment is expected to portray high growth rate of more than 25.0% over the projected period
  • In Asia Pacific, the market is expected to have significant growth over the forecast period, owing to the substantial adoption of AI technology
  • The key players in the market areGoogle, LLC (Kaggle); Appen Limited; Cogito Tech LLC; Lionbridge Technologies, Inc.; Amazon Web Services, Inc.; Microsoft Corporation; Scale AI; Inc.; Samasource Inc.; Alegion; and Deep Vision Data.

The global AI training dataset market size was valued at USD 956.5 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 22.5% from 2020 to 2027. The artificial intelligence (AI) is gaining significant prominence due to rising adoption across various data-driven applications such as image recognition and voice recognition. The amount of data generated across various end-use organizations has driven the adoption of AI. Apart from this, the rising need for machine and human interaction is offering new growth avenues for vendors in the market to provide solutions with enhanced capabilities. 

The AI enables machines to learn from experience, perform human-like tasks, and adjust to new inputs. These machines are trained to process massive data and determine patterns to accomplish a specific task. In order to train these machines, certain datasets are required. To cater to this requirement, the demand for AI training datasets is increasing.

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The working of machines entirely depends on the dataset provided. Thus, it becomes essential to provide high-quality datasets for training AI. This high-quality dataset enhances the performance of AI. It also helps in reducing the time required to prepare data and increases the accuracy of predictions. Thus, vendors in the market are also focusing on acquiring companies that can help them to enhance the quality of data.

For instance, in March 2019, Appen Limited, a specialized dataset provider, announced the acquisition of Figure Eight Inc., a provider of the machine learning platform. The latter company creates high-quality data by transforming unlabeled data with the help of automated tools. This acquisition will help the former company to increase the creation speed of a high-quality dataset for training AI. It will also help in enhancing the quality of data.

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The image/video type segment is expected to cater to the highest CAGR during the forecast period. This is due to the rising focus of key players to launch new training sets with a rising number of applications. For instance, in May 2019, Google LLC, a multinational technology company, announced the launch of a new AI training dataset named Google-Landmarks-v2 that contains millions of images and thousands of landmarks. The company also launched two challenges on Kaggle, landmark retrieval 2019 and namely landmark recognition 2019. These training sets were launched for image retrieval and instance recognition and to train better and robust systems.

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Grand View Research has segmented the global AI training dataset market based on type, vertical,:

AI Training Dataset Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Text
  • Image/Video
  • Audio

AI Training Dataset Vertical Outlook (Revenue, USD Million, 2016 – 2027)

  • IT
  • Automotive
  • Government
  • Healthcare
  • BFSI
  • Retail & E-commerce
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

 

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