AI Training Datasets Market Expands Amid Rising Demand for Advanced Data

CIOTechOutlook Team | Thursday, 28 November 2024, 02:18 IST

  • No Image

The growth of the AI training datasets market is being fueled by the need for a variety of sophisticated data to support AI and machine learning models. The growth of AI across various industries has increased the demand for detailed and organized data, driving the growth of the dataset industry.

It is expected that the AI Training Dataset Market will grow at a Compound Annual Growth Rate (CAGR) of 27.7% in the future. According to a new report by MarketsandMarkets, the market had grown to around USD 2.82 billion by 2024 and is expected to hit USD 9.58 billion by 2029.

Enterprises are employing datasets to improve the precision and effectiveness of models across different uses like natural language processing and computer vision. The rising need is being fueled by AI technology focusing on data and prioritizing dataset quality over model complexity. Industries like healthcare, finance, and autonomous vehicles need certain datasets that adhere to stringent regulatory standards such as GDPR and HIPAA, which help boost market growth.

Progress in technology like Synthetic data manufacturing is fueling the expansion of the AI training dataset industry. The use of AI algorithms for generating synthetic data is growing in popularity to enhance real-world datasets, particularly when labeled data is expensive or constrained.

🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...