Press release
Multimodal AI Market Size, Trends, Share Analysis And Report 2024-2033
Multimodal AI Market
The Business Research Company presents an extensive market research report on the Multimodal AI Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The multimodal ai market size has grown exponentially in recent years. It will grow from $1.27 billion in 2023 to $1.66 billion in 2024 at a compound annual growth rate (CAGR) of 31.2%. The growth in the historic period can be attributed to increased generative ai techniques to accelerate multimodal ecosystem development, increased need to analyze unstructured data in multiple formats, increased ability of multimodal ai to handle complex tasks and provide holistic approach.
The multimodal ai market size is expected to see exponential growth in the next few years. It will grow to $4.88 billion in 2028 at a compound annual growth rate (CAGR) of 30.9%. The growth in the forecast period can be attributed to rising adoption of smartphones, increasing availability of high-quality data, surge in demand for more sophisticated and human-like interactions between machines and users, . Major trends in the forecast period include integration of multimodal ai, advancements in human-machine interaction, rise of edge ai for multimodal applications, increased adoption in healthcare and life sciences , growth in multimodal ai platforms and solutions.
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Key Market Players:
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
Market Drivers:
The rising adoption of smartphones is expected to propel the growth of the multimodal AI Market going forward. A smartphone is a mobile phone with advanced computing capabilities and features beyond those of a traditional mobile phone. The integration of multimodal AI in smartphones enhances the overall user experience, making devices more intuitive, responsive, and capable of understanding and adapting to user needs in diverse situations. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Further, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) are expected to own a smartphone. Therefore, the rising adoption of smartphones is driving the growth of the multimodal AI market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/multimodal-ai-global-market-report
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
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