Basically there is no major difference between data labeling and data annotation, except style and type of tagging the content or object of interest. Both are used to create machine learning training data sets depending on the type of AI model development and process of training the algorithms for developing such models.

Cogito is one the best data labeling services and image annotation companies providing the world-class data annotation service for machine learning and AI. It is providing the accurate and best quality data sets with highest level of accuracy making sure each AI or ML model can be well-trained and predict the results precisely. Source