The global AI training dataset market size was valued at USD 1.15 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.5% from 2021 to 2028. Artificial Intelligence (AI) is gaining significant importance in various industrial applications such as manufacturing, IT, BFSI, retail and e-commerce, and healthcare.
Machine Learning algorithms learn from data. They find relationships, develop understanding, make decisions, and evaluate their confidence from the training data they’re given. And the better the training data is, the better the model performs.
In fact, the quality and quantity of your machine learning training data has as much to do with the success of your data project as the algorithms themselves.
The working of machines entirely depends on the dataset provided. Thus, it becomes essential to provide high-quality datasets for training. 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.
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Various technology companies in the market are using machine learning technology to deliver an enhanced user experience and develop innovative products. To be efficient, machine learning technology requires high-quality training data to make sure that ML algorithms are continuously optimized. Apart from this, high-quality datasets help IT companies to enhance various solutions such as computer vision, crowdsourcing, data analytics, virtual assistants, and others. Such factors are contributing to the high usage of training datasets in the sector.
Key Player Mentioned:
Google, LLC (Kaggle)
Appen Limited
Cogito Tech LLC
Lionbridge Technologies, Inc.
Amazon Web Services, Inc.
Microsoft Corporation
Scale AI Inc.
Product Segment Analysis:
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Application Segment Analysis:
IT
Automotive
Government
Healthcare
BFSI
Retail & E-commerce
Others
Segmentation by Region :
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
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COVID-19 Impact:
The outbreak of the COVID-19 pandemic has significantly increased the demand for antiviral medicines globally. The treatment of novel coronavirus has increased the demand for broad-spectrum AI Training Dataset to manage the disease. Remdesivir, favipiravir, oseltamivir, and other combination medicines are highly prescribed for the treatment of COVID-19. Moreover, governments are increasing funding to pharmaceutical companies to develop novel therapeutics against COVID-19. For instance, in June 2021, the U.S. government has announced an investment of more than USD 3 billion to fasten the discovery, development, and manufacturing of antiviral medicines for COVID-19 treatment. The rising incidence of disease coupled with increasing R&D will increase the demand for AI Training Dataset in the next 2 to 3 years.
The global AI Training Dataset market is illustrated by key results:
- The AI Training Dataset market research report comprises products developed, industries they cater to, and the strategies they adopt.
- Data related to the organizations such as the sales amassed by the manufacturers has also been mentioned. The report offers data related to the firm’s price models along with gross margins.
- The AI Training Dataset market research report presents data regarding products and market share of the product segments.
- The report entails sales that are accounted for by the products and the revenues earned by these product segments.
KEY aspects covered in the report include:
- The market size and industry growth rate of the global and regional market across various segments
- The region or the sub-segment that is expected to drive the AI Training Dataset market in the forecast period 2021-2028
- Key companies operating in the global AI Training Dataset market and their market share
- The Factors that are estimated to drive the AI Training Dataset Market growth
- Key opportunities in the AI Training Dataset market
- Key technological advancements and market trends that shape the market
About Grand View Research
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