The global market for AI and machine-learning relevant data preparation solutions is expected to reach $1.2 billion by the end of 2023, from about $500 million in 2018, as per a report by research firm Cognilytica.
“Algorithms today have the ability to absorb more data and, hence, be more accurate. As long as the data is good and clean, feeding another million datasets to an algorithm will inch up its accuracy. This has caused an unending hunger for well-annotated and labelled data for A.I. algorithms and applications. Today, data preparation and engineering tasks account for more than 80% of the time involved in most A.I. and machine-learning projects, according to the Cognilytica report. “If you talk about autonomous driving, one hour of video data can lead up to 800 man-hours of work,” says Siddharth Mall, chief executive of Bengaluru- and San Francisco-based Playment, which works mostly in the autonomous vehicles space.”