Global data collection and labeling market size is expected to reach USD 6.5 billion by 2027

August 13, 2020 - The global data collection and labeling market size is expected to reach USD 6.5 billion by 2027, expanding at a CAGR of 26.0% from 2020 to 2027. Data collection and labeling refer to the process of collecting datasets from online sources and other sources and labeling them based on their nature, data type, and feature. 

 

 

Data collection and its annotation, combined with AI technology, have created valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the image processing technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.  

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The advent of digital capturing devices, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital information is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this available online content to deliver smarter and better services to their customers, with the use of content labeling. For instance, Scale AI, Inc., the U.S.-based tech start-up, has provided valuable data labeling services to its autonomous driving customers, including Waymo LLC; Lyft, Inc.; Zoox; and Toyota Research Institute.

However, data cleaning remains a significant challenge involved in data labeling. Also, considering the time, complexity, and cost associated with the development of machine learning models, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business in the field of artificial intelligence-based information collection. For instance, in March 2019, Appen Limited completed the acquisition of Figure Eight Inc., a U.S. based AI-focused company. This acquisition was anticipated to bring data collection and labeling expertise in the company.

Further key findings from the study suggest:

• Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of information collection that has improved the users’ experience and drawn the customers’ attraction towards this technology

• Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at significant public spaces or events

• The advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the implementation of information annotation with multiple functions such as facial recognition, object recognition, and landmark detection

• The growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling market growth

• The key players in the data collection and labeling market areReality AI; Globalme Localization Inc.; Global Technology Solutions; Alegion; Labelbox, Inc; Dobility, Inc.; Scale AI, Inc.; Trilldata Technologies Pvt Ltd; Appen Limited; and Playment Inc.

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E-commerce Market Overview, Share, Scope, Value, Trends in India | 2023

June 09,2020 - E-commerce is a crucial segment of the current retail market in India. It is estimated that between 2018 and 2023, the value of the Indian e-commerce market will increase at a compound annual growth rate (CAGR) of ~41%, from INR 2,375.43 Bn in 2017. The growing number of Internet users and continuously increasing purchasing power are the primary driving forces for the growth of the e-commerce market in India. As of 2017, the Indian e-commerce market was dominated by the online travel segment (~49.59%), followed by that of retail, financial services, and online classifieds market, among others.

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Online travel segment insights:

The online travel segment is expected to expand at a CAGR of ~21% during the 2018-2023 period, and will reach a value of INR 3,563.66 Bn by the end of 2023. In India, the increasing use of smartphones is one of the major factors leading to the higher number of hotel and ticket bookings through online portals and applications. Among the different online travel portals, MakeMyTrip is the most significant player, with a market share of ~31%, primarily due to its high penetration rate, large number of partnerships with global hotel chains, and attractive discount offers. The other major players of the segment are Goibibo, IRCTC, Clear Trip, and Yatra.

Online retail segment insights:

The increased penetration of Internet-enabled devices, focus on advertising, ease of online shopping, innovative payment options, cashbacks and discount offers, and rapidly changing customer needs are the major growth drivers of the online retail market in India. As of 2018, the electronics sector had the largest share (~48%) within the online retail market, owing to the facility of being able to compare the features of products manufactured by different companies, on a single platform. Apart from electronics, the apparels sector has a considerable share in the online retail market of the country.

Online financial services segment insights:

The online financial services segment is expected to expand at a CAGR of ~59% during the 2018- 2023 period, and will reach a value of INR 1,057.37 Bn by the end of 2023. Advancements in the banking, financial services and insurance (BFSI) sector in India have propelled the use of digital financial services in the country. Oxigen and Paytm are two notable online financial services companies that are currently operating in India.

Online classifieds segment insights:

The online classifieds segment is expected to expand at a CAGR of ~39% during the 2018-2023 period, and will reach a value of INR 141.58 Bn by the end of 2023. Consumers who are Internet savvy are increasingly using online classifieds, since they are more convenient in terms of search functionalities and find the desired results with regard to jobs, real estate, etc. Quikr, Sulekha, Just Dial, OLX, and Click India are some of the leading digital classifieds websites in India. 

Key growth drivers of the market:

•    The affordability of hardware such as laptops, netbooks, desktop PCs and 'Smart' handheld devices, coupled with rising Internet adoption, especially in Tier-I and Tier-II cities, are aiding the growth of the Indian e-commerce market. Also, the rapid growth of smartphone usage is giving improved access to virtual shopping and e-tailing websites to the tech-savvy generation, thus driving business for the e-commerce market in India.

•    India's per capita income is expected to reach INR 91.92 Mn in 2018-2019, expanding at a rate of ~6.1% from its 2017-2018 value of INR 86.66 Mn. This rise in income has brought about changes in the buying and spending patterns of customers. Changes in demand, along with the popularity of online markets will lead to the growth of the e-commerce market in India.

Key deterrents to the growth of the market:

•    Despite having a host of genuine buyers, false or spam orders are a prominent logistical hindrance for e-commerce businesses. Out of the total losses incurred by e-commerce companies in India, false orders account for ~4% on an average. The trend has been observed mainly in Tier II or Tier III cities, where people exhibit a desire to make purchases when they see something online, but eventually cancel the order owing to miscellaneous reasons. Eventually, the sales volume of the e-commerce market diminishes. 

•    In the Indian market, different types of discounts and price wars put e-commerce companies under severe pressure in competitive situations. Often, companies fail to provide the discounts that customers want, which creates an unfavorable impression for buyers. In response, customers switch to other e-commerce platforms or even offline stores that have similar products at more affordable prices. This, in turn, hampers the growth of the market and the players operating in it.

Market trends:

•    A retailer always gets the attention of its target segment through its private label. Both offline retail stores and e-commerce players have started introducing their in-house brands to build strong customer bases.

•    Though the electronics sector has the largest share of the e-retail market segment in India, Indian customers are also showing interest in buying other products from online platforms. As a result, it has become a trend among market players to engage in product augmentation, so that customers' additional demands can be met.

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The smart bike lock market is anticipated to achieve significant revenue share by 2023

April 21, 2020 - The smart bike lock market is anticipated to achieve significant revenue share by 2023. These intelligent lock uses low-power Bluetooth technology to replace the physical key. Intelligent device can lock and unlock the bike easily and can be operated using smartphones.

Growing awareness regarding the safety of bikes and a rising number of riders are anticipated to escalate overall business outlook in the forecast period. Besides, increasing interest of populace for biometric bike locks can be ascribed to the perceptible growth of cyclocross bikes as well as track bikes that need advanced locks on account of their premium prices. Because of this, the industry growth is envisioned to remain constant in the forecast period.

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Factors such as the high cost of intelligent bike lock and lack of awareness regarding the benefits of product will show a negative impact on overall industry growth. Its tamper and weather resistant property with hardened steel reinforcement will create new opportunities for product development across the globe.

The smart bike lock industry is categorized based on product type, applications, and region. Based on product type, the industry is categorized into phone unlock, key unlock, and Bluetooth unlock. Bluetooth unlock segment is anticipated to account for the largest industry revenue and continue its dominance over the forecast period. Rising demand for Bluetooth connectivity locks for remote control i.e. unlocking and sharing theft-attempt to a connected smartphone will escalate product demand in the forecast period.

Based on applications, the smart bike lock market is categorized into a bicycle. Rising demand for multi-modal transportation in smart cities will show a positive impact on overall segment growth. These bicycles are mainly used as a personal vehicle as well as on-demand transit mode.

Geographically, the smart bike lock industry is categorized into Middle East & Africa, North America, South America, Europe, and Asia Pacific. Globally, North America is anticipated to remain dominant over the forecast period. The high growth is attributable to continuous R&D activities to develop smart locks for bikes. In addition, rise in expenditure power of patrons in the region will propel product demand in the coming years. North America was followed by Europe and Asia Pacific.

Europe is expected to remain the second largest region with profitable industry revenue over the projected period. The region is anticipated to gain momentum owing to rising government initiatives concerning to the security and safety of automobile. Besides, Asia Pacific is projected to witness the fastest growth over the forecast period on account of rising number of individuals spending on buying smart bikes. Also, rapid urbanization in smart cities is promoting the need for smart bicycles, thus, it will boost product demand in the region.

Major players of the smart bike lock market are ilockit, Mobike, Mobilock, ofo, Ulock, Yunba, Mobiloc, Omni, Looplock, Longsing, Bitlock, Misheng, Lattis Ellipse, LINKA, and Noke. These players are continuously retaining their positions by entering strategic acquisitions and mergers and introducing new product folio. Further, it will help key manufacturers to maintain significant position over the projected period.

For instance, Lattis a secure, cost-efficient, and intelligent micro-mobility solution launched its Ellipse Smart Bike Locks in 2017. The Ellipse Locks comprise IoT features such as a solar-powered frame that automatically charges the battery, Bluetooth connectivity for pushing theft-attempt alerts and for remote unlocking and comprise accelerometer to monitor for sudden stops.

Smart bike lock can use of low-power Bluetooth technology to replace the physical key, can be based on the phone from the location of the bike to lock and unlock the bike. In the context of China-US trade war and global economic volatility and uncertainty, it will have a big influence on this market. Smart Bike Lock Report by Material, Application, and Geography - Global Forecast to 2023 is a professional and comprehensive research report on the world's major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China).

In this report, the global Smart Bike Lock market is valued at USD XX million in 2019 and is projected to reach USD XX million by the end of 2023, growing at a CAGR of XX% during the period 2019 to 2023.

The report firstly introduced the Smart Bike Lock basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analyzed the world's main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.

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