Multimodal AI Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Multimodal AI Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $4.88 billion In 2028 At A CAGR Of 30.9% :

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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Multimodal AI Market Major Segments
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

Key Driver - Smartphone Proliferation Fuels Multimodal AI Market Surge

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.

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Prominent Trend - Multimodal AI Revolution Companies Embrace Integration for Enhanced Predictions and Efficiency

Major companies operating in the multimodal AI market are enhancing multimodal AI techniques, such as supercharged language models, to drive revenues in the market. A supercharged language model (SLM) is a next-generation language model that builds upon the impressive capabilities of existing models like GPT-3 and Jurassic-1 Jumbo by incorporating several key advancements, making them even more powerful and versatile. For instance, in November 2023, Open AI, a US-based artificial intelligence research company, launched GPT-4 Turbo AI, a supercharged language model with multimodal magic. This enhances the capability to accept images as inputs within the Chat Completions API and opens various use cases, including generating image captions, conducting detailed analysis of real-world images, and processing documents that contain figures. Additionally, developers can seamlessly integrate DALL·E 3 into their applications and products by specifying dall-e-3 as the model when using the Images API, extending the creative potential of multimodal AI.

Multimodal AI 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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the multimodal AI market in 2023. The regions covered in the multimodal ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Multimodal AI Market Report Structure
3. Multimodal AI Market Trends And Strategies
4. Multimodal AI Market - Macro Economic Scenario
5. Multimodal AI Market Size And Growth
…..
27. Multimodal AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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