AI's fuel: Why the world is teaming up for datasets

Data fed into an AI algorithm determines its efficiency. The right dataset prevents inbuilt biases and errors. Studies estimate the market for training datasets is worth over $8 bn

In any plan for a digital revolution, reskilling people is cited as an important requirement. Similarly, in a technology-driven world, the right data is needed for building artificial intelligence (AI) algorithms. As a well-skilled professional creates efficient output, strong training data can build an effective AI algorithm. 

Training data is the fuel for AI. Data fed into an AI algorithm is a key determinant of its efficiency and quality of output. “Data training refers to providing a machine learning algorithm with labelled or categorised examples to assist it in recognising patterns. These examples can range from images and text documents to