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AI is becoming more prevalent in various industrial applications, including manufacturing, IT, BFSI, retail and e-commerce, and healthcare. The growing need for application-specific training data produces new business opportunities and opens doors for new competitors. During the projection period between 2023 and 2031, the global market for AI training datasets is anticipated to grow at a CAGR of 22.5%.
Big data increasingly depends on artificial intelligence (AI) as the technology makes it possible to extract high-level and complicated abstractions through a hierarchical learning process. This necessitates mining and extracting meaningful patterns from enormous amounts of data.
Providing excellent training datasets has become crucial. This ideal dataset enhances the capabilities of artificial intelligence. Also, it speeds up data preparation and increases forecast accuracy. Market vendors are thus concentrating on acquiring businesses that might assist them in enhancing the quality of their data.
According to Research and Markets, the market for artificial intelligence is expected to expand due to the advent of big data, which requires recording, storing, and analyzing massive volumes of data. The necessity to monitor and enhance big data-related computational models is more of a worry for end users. Their usage of artificial intelligence solutions is accelerating due to this emphasis.
It is projected that adopting artificial intelligence would significantly increase demand for AI training datasets because annotated data makes it easier to train machine learning and AI models in critical areas like speech and picture recognition.
AI is strengthened by annotating data with information necessary to generate predictions and make decisions. Domain-specific data, encompassing information from multiple applications like national intelligence, fraud detection, marketing, medical informatics, and cybersecurity, is collected by many public and private organizations. The categorization of unstructured and unsupervised data is made possible by data annotation, which continuously increases the accuracy of each data point.
To hasten the adoption of AI technology in developing industries, North American market suppliers are concentrating on the availability of new datasets. Such advancements drive the market’s adoption of datasets and serve a sizeable portion. For instance, Waymo LLC, a Google LLC subsidiary, published a fresh dataset for autonomous vehicles in September 2020. This dataset includes sensor information gathered from cameras and LiDAR under various driving circumstances, including cyclists, pedestrians, and signage.
The region with the highest share of the global market for AI training datasets is Asia-Pacific, which is expected to grow at a CAGR of 21.5% during the forecast period. Businesses in emerging countries like India are rapidly boosting their adoption of innovative technologies to modernize their business.