Generative Al Techniques to Pave the Way for Multimodal AI

The global multimodal AI market is anticipated to grow at a CAGR of 14.9% during the forecast period (2024-2031). The ability of multimodal Al to solve complex problems and provide a thorough approach to problem-solving through the use of Generative Al techniques is a key factor driving the global market growth. To meet the growing need for product innovation in multimodal AI key players are making new product launches. .For instance, in December 2023, Go Links launched two multimodal GenAIsolutions. The GoSearch AI multimodal provides multimodal GenAI-powered enterprise search and Go Profiles offers GenAI-powered employee directory & peer recognition, With Go Search and Go Profiles users can connect organizations to knowledge and people for a more empowered workforce.

Browse the full report description of “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)” at https://www.omrglobal.com/industry-reports/multimodal-ai-market

Further, in December 2023, Google launched a new multi-modal Gemini AI Model. The Gemini model offers MMLU (Massive Multitask Language Understanding) to test the performance of language models. Gemini Multimodel combines text and visuals, allows for cross-language visual reasoning, and generates code based on a variety of inputs.

Furthermore, in August 2023, Meta launched SeamlessM4T, a Multimodal AI model for speech and text translations. SeamlessM4Tprovides a multilingual multimodal AI translation and transcription model. It also supports speech-to-speech translation, supporting nearly 100 input languages and 36 (including English) output languages. 

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Component

o By Data Modality

o By Technology

o By End Users

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- Google LLC, IBM Corp., Meta Platforms, Inc., Microsoft Corp., and OpenAIOpCo, LLC among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Multimodal AI Market Report Segment

By Component

• Software
• Service

By Data Modality

• Image Data
• Text Data
• Speech & Voice Data
• Video & Audio Data

By Technology

• Machine Learning
• Natural Language Processing
• Computer Vision
• Context Awareness
• Internet of Things

By End User

• Media & Entertainment
• BFSI
• IT & Telecommunication
• Healthcare
• Automotive & Transportation
• Others (Gaming)

Global Multimodal AI Market Report Segment by Region

North America

• United States

• Canada

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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