Can I create more than 60 classes on one dataset and be okay with training that dataset with YOLOV5?
Yes, this is possible:
A word of advice: be sure you clearly define the goal of the project, and the class ontology before diving deep into the effort. Large numbers of classes in a model are possible, but you want to optimize scaling the dataset so that you can quickly get a performant model with the fewest images possible → more details:
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