Multimodal AI Market
Multimodal AI Market Size, Share & Trends Analysis Report by Component (Software and Service), by Data Modality (Image Data, Text Data, Speech & Voice Data and Video & Audio Data), by Technology (Machine Learning, Natural Language Processing, Computer Vision, Context Awareness and Internet of Things), and by End User (Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation and Others), Forecast Period (2024-2031)
Multimodal AI market is anticipated to grow at a significant CAGR of 14.9% during the forecast period (2024-2031). The growing adoption of multimodal generative AI models with the improving producing data across diverse modalities like texts, images, and audio is a key factor supporting the growth of the market globally. The increasing focus of market players on introducing generative multimodal AI solutions is further aiding to the market growth. For instance, in March 2023, AWS and NVIDIA collaborated on next-generation Infrastructure for training large machine-learning models and building generative AI applications. The collaboration focused on developing the most scalable, on-demand artificial intelligence (AI) infrastructure that was designed to support the development of generative AI applications and the training of ever-more-complex large language models (LLMs). The increasing investment in AI technology is expected to offer lucrative opportunity to the market growth.
Private Investment in AI by Geographic Area, 2022
Source:Artificial Intelligence Index Report 2023
Segmental Outlook
The global multimodal AI market is segmented on the component, data modality, technology and end user. Basedon the component, the market is sub-segmented into software and service. Based on the data modality, the market is sub-segmented into image data, text data, speech & voice data and video & audio data. Based on the technology, the market is sub-segmented into machine learning, natural language processing, computer vision, context awareness and internet of things. Further, on the basis of end user, the market is sub-segmented into media & entertainment, BFSI, IT & telecommunication, healthcare, automotive & transportation and others (gaming). Among the end users, the BFSI sub-segment is anticipated to hold a considerable share of the market owing to the increasing adoption of multimodel AI in fraud detection and customer service automation by analyzing textual, vocal, and transactional data.
The Machine Learning Sub-Segment is Anticipated to Hold a Considerable Share of the Global Multimodal AI Market
Among the technology, the machine learning sub-segment is expected to hold a considerable share of the global multimodal AI market. The segmental growth is attributed to the increasing adoption of machine learning-based development systems to train multimodal AI, which includes natural language processing (NLP) and computer vision. Adopting AI infrastructure for supporting AI model development and training at scale, requires a multi-step procedure that includes setting up, buying, and maintaining a highly parallel software ecosystem. In April 2022, Hewlett Packard Enterprise introduced a new HPE machine learning development system. The new system is an end-to-end solution designed specifically for multimodal AI that combines networking, accelerators, computation, and a machine learning software platform to create and train more accurate AI models more quickly and at scale. Such product launches are further aiding to the growth of the market segment.
Regional Outlook
The global multimodal AI market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to exhibit highest CAGR during the forecast period. The growing adoption of multimodal AI in applications such as e-commerce, healthcare, and finance drives the growth of the regional market.
Global Multimodal AI Market Growth, by Region 2024-2031
North America Hols Considerable Share in the Global Multimodal AI Market
Among all regions, the North America holds considerable share in the global market. Regional market share is attributed to the high rate of development and implementation of multimodal AI solutions. The growing demand of multimodal AI to provide step-by-step assistance to build high-converting digital storefronts and automate complex tasks like managing multi-product catalog data across the region is further contributing to the regional market share. In September 2023, Salesforce launched Einstein Copilota new generative AI-powered conversational assistant. Using natural language prompts, Einstein Copilot completely offers multiple languages, personalized product promotions, and SEO metadata generation that drive conversions and customize and design storefront components with natural language prompts. Such product innovations are further contributing to the regional market growth.
Market Players Outlook
The major companies serving the multimodal AI market include Google LLC, IBM Corp., Meta Platforms, Inc., Microsoft Corp., OpenAIOpCo, LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, Appen Ltd. and Reka AI partnered to build customized multi-modal LLM Applications. For enterprises, Appen and Reka have developed a complete and functional generative AI solution.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global multimodal AImarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Google LLC
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Meta Platforms, Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Microsoft Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Multimodal AI Market by Component
4.1.1. Software
4.1.2. Service
4.2. Global Multimodal AI Market by Data Modality
4.2.1. Image Data
4.2.2. Text Data
4.2.3. Speech & Voice Data
4.2.4. Video & Audio Data
4.3. Global Multimodal AI Market by Technology
4.3.1. Machine Learning
4.3.2. Natural Language Processing
4.3.3. Computer Vision
4.3.4. Context Awareness
4.3.5. Internet of Things
4.4. Global Multimodal AI Market by End-UserEnd-Users
4.4.1. Media & Entertainment
4.4.2. BFSI
4.4.3. IT & Telecommunication
4.4.4. Healthcare
4.4.5. Automotive & Transportation
4.4.6. Others (Gaming)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Adobe Inc.
6.2. Affectiva, Inc.
6.3. Amazon.com, Inc.
6.4. Baidu, Inc.
6.5. Clarifai, Inc.
6.6. Cogniac Corp.
6.7. Deepgram, Inc.
6.8. IBM Corp.
6.9. iMerit Inc.
6.10. Indico Data Solutions, Inc.
6.11. Levity AI GmbH
6.12. Modzy, Inc.
6.13. NeuraFlash
6.14. Nvidia Corp.
6.15. OpenAIOpCo, LLC
6.16. Salesforce, Inc.
6.17. Shanghai SenseTime Intelligent Technology Co., Ltd.
6.18. Turing AI
6.19. UBIAI LLC
1. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
2. GLOBAL MULTIMODAL AI SOFTWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL MULTIMODAL AI SERVICEMARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY DATA MODALITY, 2023-2031 ($ MILLION)
5. GLOBAL MULTIMODAL AI IMAGE DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL MULTIMODAL AI TEXT DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL MULTIMODAL AI SPEECH & VOICE DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL MULTIMODAL AI VIDEO & AUDIO DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2023-2031 ($ MILLION)
10. GLOBAL MULTIMODAL AI BASED ON MACHINE LEARNING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL MULTIMODAL AI BASED ON NATURAL LANGUAGE PROCESSING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL MULTIMODAL AI BASED ON COMPUTER VISION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL MULTIMODAL AI BASED ON CONTEXT AWARENESS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL MULTIMODAL AI BASED ON INTERNET OF THINGS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY END-USERS, 2023-2031 ($ MILLION)
16. GLOBAL MULTIMODAL AI FOR MEDIA & ENTERTAINMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
17. GLOBAL MULTIMODAL AI FOR BFSI MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
18. GLOBAL MULTIMODAL AI FOR IT & TELECOMMUNICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
19. GLOBAL MULTIMODAL AI FOR HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
20. GLOBAL MULTIMODAL AI FOR AUTOMOTIVE & TRANSPORTATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
21. GLOBAL MULTIMODAL AI FOR OTHERS END-USEREND-USERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
22. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
23. NORTH AMERICAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
24. NORTH AMERICAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
25. NORTH AMERICAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY DATA MODALITY, 2023-2031 ($ MILLION)
26. NORTH AMERICAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2023-2031 ($ MILLION)
27. NORTH AMERICAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
28. EUROPEAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
29. EUROPEAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
30. EUROPEAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY DATA MODALITY, 2023-2031 ($ MILLION)
31. EUROPEAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2023-2031 ($ MILLION)
32. EUROPEAN MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
33. ASIA- PACIFIC MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
34. ASIA- PACIFIC MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
35. ASIA- PACIFIC MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY DATA MODALITY, 2023-2031 ($ MILLION)
36. ASIA- PACIFIC MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2023-2031 ($ MILLION)
37. ASIA- PACIFIC MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
38. REST OF THE WORLD MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
39. REST OF THE WORLD MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
40. REST OF THE WORLD MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY DATA MODALITY, 2023-2031 ($ MILLION)
41. REST OF THE WORLD MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2023-2031 ($ MILLION)
42. REST OF THE WORLD MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
1. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023 VS 2031 (%)
2. GLOBAL MULTIMODAL AI SOFTWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
3. GLOBAL MULTIMODAL AI SERVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
4. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY DATA MODALITY, 2023 VS 2031 (%)
5. GLOBAL MULTIMODAL AI IMAGE DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
6. GLOBAL MULTIMODAL AI TEXT DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
7. GLOBAL MULTIMODAL AI SPEECH & VOICE DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
8. GLOBAL MULTIMODAL AI VIDEO & AUDIO DATA MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
9. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2023 VS 2031 (%)
10. GLOBAL MULTIMODAL AI BASED ON MACHINE LEARNING MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
11. GLOBAL MULTIMODAL AI BASED ON NATURAL LANGUAGE PROCESSING MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
12. GLOBAL MULTIMODAL AI BASED ON COMPUTER VISION MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
13. GLOBAL MULTIMODAL AI BASED ON CONTEXT AWARENESS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
14. GLOBAL MULTIMODAL AI BASED ON INTERNET OF THINGS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
15. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2023 VS 2031 (%)
16. GLOBAL MULTIMODAL AI FOR MEDIA & ENTERTAINMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
17. GLOBAL MULTIMODAL AI FOR BFSI MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
18. GLOBAL MULTIMODAL AI FOR IT & TELECOMMUNICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
19. GLOBAL MULTIMODAL AI FOR HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
20. GLOBAL MULTIMODAL AI FOR AUTOMOTIVE & TRANSPORTATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
21. GLOBAL MULTIMODAL AI FOR OTHERS END-USEREND-USERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
22. GLOBAL MULTIMODAL AI MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
23. US MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
24. CANADA MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
25. UK MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
26. FRANCE MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
27. GERMANY MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
28. ITALY MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
29. SPAIN MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
30. REST OF EUROPE MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
31. INDIA MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
32. CHINA MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
33. JAPAN MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
34. SOUTH KOREA MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
35. REST OF ASIA-PACIFIC MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
36. REST OF THE WORLD MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
37. LATIN AMERICA MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
38. MIDDLE EAST & AFRICA MULTIMODAL AI MARKET SIZE, 2023-2031 ($ MILLION)
