Are you aware of a report suggesting that the market for data labeling tools was worth around USD 700 million in 2019? Furthermore, studies predict that by 2026, this industry will have grown to USD 5.5 billion. Can you imagine how quickly the data labeling industry is expanding these days?
All of this is taking place because data annotation projects bring significant value to businesses and increase their return on investment. It’s for this reason that you should use top AI data labeling businesses to receive labeled datasets for your machine learning model’s training.
However, as soon as you consider taking the initial step, you may have a fundamental question in mind: how much does a data labeling service cost on average, right?
As a result, we’ve gathered some vital information for you that will give you an idea of how much data labeling services cost. But, before we go any further, it’s important to understand data labeling and the most frequent categories.
What is Data Labelling?
Data Labelling, in layman’s terms, is a commonly used data science activity in which annotators add relevant remarks to text, photos, and other visuals to create labeled datasets, which are then used to train machine learning models.
It is critical to maintaining accuracy while labeling unlabeled audio and video data. What is the explanation for this? It will keep your machine-learning model from making inaccurate predictions and producing incorrect results in the future.
Five common types of Data Labelling?
Assume you wish to train an image classification model based on machine learning to recognize whether or not some images contain dogs. Then, using a series of photos labeled “Has dogs” and “No dogs,” you’ll have to teach it. The reason for this is that when you train machine learning models to perform appropriately, they rely on the labeled data.
In some cases, you may want to create your machine learning model using audio files. For example, you might wish to design a one-of-a-kind software that allows animal observers to recognize different canine species based on their barking sounds. Then you’ll need a large training set of a dog barking audio recordings, each of which should be labeled with the dog to whom it actually belongs.
We’ll use an online video service provider as an example for this data labeling type. Assume they want to offer adverts for dog food every time someone watches a movie with dogs on it. They’ll have to train their scientific model with films labeled “Contains Dogs” and “No Dogs” to do this.
4 Labeling Structured Data
In this section, we’ll look at an insurance company. Assume they wish to create a classification model to categorize the likelihood of a claim being paid or not. In such a situation, they’ll need to get a training dataset with all of the essential claim data and then train their machine learning model with the “Paid” and “Not Paid” labels.
5.Unstructured Data labeling
We’ll use a media agency as an example for the final data labeling type. Assume they have a news feed and want to categorize third-party news pieces into categories like technology, entertainment, and business. When they need to train their machine learning model for this, they’ll require training datasets with a large number of articles labeled with the genre of each piece of material.
So far, you’ve learned the definition of data labeling and the many types of data labeling. Let’s look at what factors influence the price of data labeling services.
How do service providers determine the costs for Data Labeling and Annotation?
If you want a quick answer to this issue, we may reply that data labeling and annotation prices are determined by the complexity and amount of the datasets.
You should also think about the type of data annotation services you want, such as text, image, or video, as well as the annotation techniques you want labeling professionals to use to annotate your data.
All of these costs are part of your data annotation project, and you must account for them all when planning your ML model training and development budget.
For example, an annotator who uses the Bounding Box Annotation method to label a dataset will spend less time and effort on it than if they use Semantic Segmentation.
What is the explanation for this? The latter method necessitates greater skill and more caution when it comes to image annotation. It’s because when they have to annotate the outline of a certain object in an image, they must avoid making any mistakes in order for the image to be recognized by computers using computer vision.
We hope you now understand what data labeling is, how it works, and how much it costs. So, if you want to use accuracy-focused data labeling services right now, don’t wait to contact market-disruptive data labeling firms.