How Has the Multimodal AI Market Evolved Historically and What is its Current Size?
The multimodal ai market has seen considerable growth due to a variety of factors.
• There has been an exponential increase in the size of the multimodal AI market in recent years. It is projected to rise from $1.66 billion in 2024 to $2.18 billion in 2025, reflecting a compound annual growth rate (CAGR) of 31.1%.
Factors such as the growing use of generative AI techniques to enhance multimodal ecosystem development, the escalating need to examine unstructured data in various formats, and the superior ability of multimodal AI to manage complex tasks and offer a comprehensive approach have contributed to the expansion in the historical period.
What Does Future Hold for The Multimodal AI Market By 2029?
The multimodal ai market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the multimodal AI market is predicted to experience significant growth in the coming years, escalating to a valuation of $6.39 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 30.8%.
This predicted rise during the forecast period is due to factors such as the growing usage of smartphones, increased access to high-quality data and a booming demand for more advanced and realistic interactions between machines and users. Key trends projected for this timeframe include the integration of multimodal AI, progression in the interaction between humans and machines, the emergence of edge AI for multimodal applications, heightened uptake in the healthcare and life sciences sectors, and growth in multimodal AI platforms and solutions.
What Are The Primary Growth Drivers In The Multimodal AI Market?
The growth of the multimodal AI Market is predicted to accelerate due to the increasing usage of smartphones. Smartphones, which can be defined as mobile phones with superior computing features in comparison to traditional mobile phones, greatly benefit from the incorporation of multimodal AI. This integration improves the user interface tremendously, making the devices more adaptable, responsive, and capable of recognizing and adjusting to users' requirements in various circumstances. For example, Uswitch Limited, a UK-based financial conduct authority, reported in February 2023 that starting from 2022, the UK saw an increase of around 2.6 million (or 3.8%) in mobile connections, bringing the total to approximately 71.8 million. Projections further suggest that by 2025, the UK population will grow to 68.3 million with 95% of it (or roughly 65 million people) being smartphone users. Hence, the ever-growing smartphone utilization is a major factor fuelling the expansion of the multimodal AI market.
What Is The Segmentation Of The Global Multimodal AI Market?
The multimodal AI market covered in this report is segmented –
1) By Type: Generative, Translative, Interactive, Explanatory
2) By Offering: Solutions, Services
3) By Data Modality: Text Data, Speech And Voice Data, Image Data, Video Data, Audio Data
4) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Context Awareness, Internet Of Things
5) By Vertical: Banking, Financial Services And Insurance(BFSI), Government And Public Sector, Automotive, Transportation And Logistics, Healthcare And Lifesciences, Media And Entertainment, Manufacturing, Retail And E-Commerce, Telecommunications, Other Verticals
Subsegments:
1) By Generative: Text Generation, Image Generation, Audio Generation, Video Generation
2) By Translative: Language Translation, Speech-To-Text Translation, Text-To-Speech Translation, Multimodal Translation
3) By Interactive: Chatbots, Virtual Assistants, Interactive Storytelling, Educational Tools
4) By Explanatory: Data Visualization, Predictive Analytics, Decision Support Systems, Explainable AI (XAI)
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How Are Emerging Trends Reshaping The Dynamics Of The Multimodal AI Market?
Key players in the multimodal AI market are leveraging advanced multimodal AI practices such as supercharged language models to stimulate market growth. A supercharged language model (SLM) marks the next stage in language model development, building on the remarkable functionalities of existing models like GPT-3 and Jurassic-1 Jumbo through several significant enhancements. For example, in November 2023, US-based Open AI, an artificial intelligence research entity, rolled out GPT-4 Turbo AI, featuring a supercharged language model with multimodal features. It improves its ability to accept images as inputs inside the Chat Completions API, facilitating a range of applications like generating image captions, detailed analysis of real-world images, and processing documents with figures. Further, developers can effortlessly integrate DALL·E 3 into their applications and products, extending the creative possibilities of multimodal AI by specifying dall-e-3 as the model within the Images API.
Who Are the Key Players In The Multimodal AI Market?
Major companies operating in the multimodal ai market report are:
• Amazon.com Inc.
• Apple Inc.
• Alphabet Inc.
• Samsung Group
• Microsoft Corporation
• Meta Platforms Inc.
• Huawei Technologies Co. Ltd.
• Tencent Holdings Ltd.
• IBM corporation
• SAP SE
• Nvidia Corporation
• Baidu AI Cloud
• SenseTime
• SymphonyAI
• C3.ai Inc.
• OpenAI
• Shippeo
• SoundHound AI Inc.
• Charles River Analytics Inc.
• Smart Eye AB
• Sight Machine
• Jina AI GmbH
• Clarifai Inc.
• Sensory Inc.
• Aleph Alpha GmbH
• Aimesoft
• Vokaturi B.V.
• Inworld AI
• Unqork
• Twelve Labs
What Are The Regional Insights Into The Multimodal AI Market?
North America was the largest region in the multimodal AI market in 2024. The regions covered in the multimodal ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
