Product Code: GVR-4-68040-187-5
Multimodal AI Market Trends & Growth
The global multimodal AI market size is estimated to reach USD 10.89 billion by 2030 growing at a CAGR of 35.8% during the forecast period, according to a new report by Grand View Research, Inc. The increasing digitization of various data types, including images, text, audio, and video, has produced a demand for advanced technologies capable of processing and extracting meaningful insights from these varied sources. Multimodal artificial intelligence (AI) AI, with its ability to understand and analyze multiple modalities simultaneously, handles this need, boosting its adoption across numerous industries. In addition, the rising prevalence of data-rich applications, such as autonomous vehicles, virtual assistants, and augmented reality, have created new prospects for multimodal AI solutions as these applications require a complete understanding of complex data inputs, which is a notable strength of multimodal AI.
Multimodal AI applications in healthcare deliver transformative advantages through the enhancement of medical imaging analysis, disease diagnosis, and the development of personalized treatment plans. Integrating medical images with patient records and genetic data enables healthcare providers to attain a more accurate comprehension of individual patient health, facilitating the creation of customized treatment plans. This, in turn, results in improved patient outcomes and enhances operational efficiency within the healthcare sector. In November 2023, Tempus Labs, Inc. announced a strategic and multi-year research partnership with Bristol-Myers Squibb Company. This collaboration aims to accelerate the identification and validation of novel targets in specific cancer disease areas by leveraging multimodal datasets, computational methods, and patient-derived disease models, ensuring a faster and more confident validation process.
Multimodal AI harnesses the capabilities of diverse data types and computational resources accessible within cloud infrastructures. In cloud deployment, multimodal AI systems leverage computing resources and remote servers to process and analyze data from various sources concurrently. This approach seamlessly integrates different data modalities, including images, text, audio, and video, within a centralized cloud environment. The cloud-based deployment of multimodal AI offers scalability advantages, enabling organizations to adjust their computational resources according to demand effortlessly. In addition, cloud platforms operate on a pay-as-you-go model, reducing the upfront costs associated with deploying and maintaining multimodal AI infrastructure. This cost-efficiency appeals to companies of all sizes, as they can leverage advanced AI capabilities without substantial initial investments.
Multimodal AI Market Report Highlights:
- The software segment led the market and accounted for 65.2% of the global revenue in 2023. Multimodal AI software provides businesses with the flexibility to customize solutions based on their specific needs and integrate them seamlessly into existing workflows
- The text data segment accounted for the largest market revenue share in 2023, owing to its versatile applicability across various industries and applications
- Media & entertainment segment accounted for the largest market revenue share in 2023. In the media and entertainment sector, multimodal AI can optimize advertising efforts by analyzing user reactions, sentiments, and engagement across different modalities
- The large enterprise segment accounted for the largest market revenue share in 2023. The scalability of multimodal AI systems enables large enterprises to handle the vast amounts of data generated
- North America dominated the market and accounted for a 48.9% share in 2023. The large and diverse consumer base in the region provides a significant market for multimodal AI applications. These technologies find applications in various sectors, including healthcare, finance, entertainment, and e-commerce, catering to the diverse needs of the North American population
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Multimodal AI Market Variables, Trends, & Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Market Size and Growth Prospects (USD Billion)
- 3.3. Industry Value Chain Analysis
- 3.4. Market Dynamics
- 3.4.1. Market Drivers Analysis
- 3.4.1.1. The increasing need for more immersive and context-aware user experiences in applications such as virtual assistants, customer service, and content recommendation
- 3.4.1.2. Growing integration of multimodal AI in industry-specific applications, such as healthcare diagnostics, autonomous vehicles, and security surveillance
- 3.4.2. Market Restraints Analysis
- 3.4.2.1. Data Privacy Concerns
- 3.4.3. Industry Opportunities
- 3.4.4. Industry Challenges
- 3.5. Multimodal AI Market Analysis Tools
- 3.5.1. Porter's Analysis
- 3.5.1.1. Bargaining power of the suppliers
- 3.5.1.2. Bargaining power of the buyers
- 3.5.1.3. Threats of substitution
- 3.5.1.4. Threats from new entrants
- 3.5.1.5. Competitive rivalry
- 3.5.2. PESTEL Analysis
- 3.5.2.1. Political landscape
- 3.5.2.2. Economic and Social landscape
- 3.5.2.3. Technological landscape
- 3.5.2.4. Environmental landscape
- 3.5.2.5. Legal landscape
Chapter 4. Multimodal AI Market: Component Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Multimodal AI Market: Component Movement Analysis, USD Million, 2023 & 2030
- 4.3. Software
- 4.3.1. Software Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 4.4. Service
- 4.4.1. Service Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 5. Multimodal AI Market: Data Modality Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Multimodal AI Market: Data Modality Movement Analysis, USD Million, 2023 & 2030
- 5.3. Image Data
- 5.3.1. Image Data Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 5.4. Text Data
- 5.4.1. Text Data Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 5.5. Speech & Voice Data
- 5.5.1. Speech & Voice Data Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 5.6. Video & Audio Data
- 5.6.1. Video & Audio Data Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 6. Multimodal AI Market: End-Use Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Multimodal AI Market: End-Use Movement Analysis, USD Million, 2023 & 2030
- 6.3. Media & Entertainment
- 6.3.1. Image Data Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.4. BFSI
- 6.4.1. Text Data Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.5. IT & Telecommunication
- 6.5.1. IT & Telecommunication Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.6. Healthcare
- 6.6.1. Healthcare Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.7. Automotive & Transportation
- 6.7.1. Automotive & Transportation Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.8. Gaming
- 6.8.1. Gaming Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.9. Others
- 6.9.1. Others Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 7. Multimodal AI Market: Enterprise Size Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Multimodal AI Market: Enterprise Size Movement Analysis, USD Million, 2023 & 2030
- 7.3. Large Enterprise
- 7.3.1. Large Enterprise Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 7.4. SMEs
- 7.4.1. SMEs Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 8. Multimodal AI Market: Regional Estimates & Trend Analysis
- 8.1. Multimodal AI Market Share, By Region, 2023 & 2030, USD Million
- 8.2. North America
- 8.2.1. North America Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.2.2. U.S.
- 8.2.2.1. U.S. Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.2.3. Canada
- 8.2.3.1. Canada Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Europe Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3.2. UK
- 8.3.2.1. UK Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3.3. Germany
- 8.3.3.1. Germany Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3.4. France
- 8.3.4.1. France Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.2. China
- 8.4.2.1. China Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.3. Japan
- 8.4.3.1. Japan Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.4. India
- 8.4.4.1. India Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.5. South Korea
- 8.4.5.1. South Korea Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.6. Australia
- 8.4.6.1. Australia Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Latin America Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Brazil Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.5.3. Mexico
- 8.5.3.1. Mexico Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6. Middle East and Africa
- 8.6.1. Middle East and Africa Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6.2. Kingdom of Saudi Arabia
- 8.6.2.1. Kingdom of Saudi Arabia Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6.3. UAE
- 8.6.3.1. UAE Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6.4. South Africa
- 8.6.4.1. South Africa Multimodal AI Market Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Recent Developments & Impact Analysis by Key Market Participants
- 9.2. Company Categorization
- 9.3. Company Market Positioning
- 9.4. Company Market Share Analysis
- 9.5. Company Heat Map Analysis
- 9.6. Strategy Mapping
- 9.6.1. Expansion
- 9.6.2. Mergers & Acquisition
- 9.6.3. Partnerships & Collaborations
- 9.6.4. New Product Launches
- 9.6.5. Research And Development
- 9.7. Company Profiles
- 9.7.1. Aimesoft
- 9.7.1.1. Participant's Overview
- 9.7.1.2. Financial Performance
- 9.7.1.3. Product Benchmarking
- 9.7.1.4. Recent Developments
- 9.7.2. Amazon Web Services, Inc.
- 9.7.2.1. Participant's Overview
- 9.7.2.2. Financial Performance
- 9.7.2.3. Product Benchmarking
- 9.7.2.4. Recent Developments
- 9.7.3. Google LLC
- 9.7.3.1. Participant's Overview
- 9.7.3.2. Financial Performance
- 9.7.3.3. Product Benchmarking
- 9.7.3.4. Recent Developments
- 9.7.4. IBM Corporation
- 9.7.4.1. Participant's Overview
- 9.7.4.2. Financial Performance
- 9.7.4.3. Product Benchmarking
- 9.7.4.4. Recent Developments
- 9.7.5. Jina AI GmbH
- 9.7.5.1. Participant's Overview
- 9.7.5.2. Financial Performance
- 9.7.5.3. Product Benchmarking
- 9.7.5.4. Recent Developments
- 9.7.6. Meta.
- 9.7.6.1. Participant's Overview
- 9.7.6.2. Financial Performance
- 9.7.6.3. Product Benchmarking
- 9.7.6.4. Recent Developments
- 9.7.7. Microsoft
- 9.7.7.1. Participant's Overview
- 9.7.7.2. Financial Performance
- 9.7.7.3. Product Benchmarking
- 9.7.7.4. Recent Developments
- 9.7.8. OpenAI, L.L.C.
- 9.7.8.1. Participant's Overview
- 9.7.8.2. Financial Performance
- 9.7.8.3. Product Benchmarking
- 9.7.8.4. Recent Developments
- 9.7.9. Twelve Labs Inc.
- 9.7.9.1. Participant's Overview
- 9.7.9.2. Financial Performance
- 9.7.9.3. Product Benchmarking
- 9.7.9.4. Recent Developments
- 9.7.10. Uniphore Technologies Inc.
- 9.7.10.1. Participant's Overview
- 9.7.10.2. Financial Performance
- 9.7.10.3. Product Benchmarking
- 9.7.10.4. Recent Developments