Smartphone Proliferation Fuels Multimodal AI Market Surge Driver: Leading Transformation in the Multimodal AI Market in 2025

What combination of drivers is leading to accelerated growth in the multimodal ai market?
An upward trend in smartphone usage is predicted to push the expansion of the multimodal AI market in the future. With capabilities and functionalities exceeding ordinary mobile phones, smartphones are equipped to carry advanced computing tasks. Incorporating multimodal AI heightens the users' interaction with the devices, thereby making them more adaptive, reactive, and comprehend user's specific needs in various scenarios. As cited by Uswitch Limited, a financial conduct authority based in the UK, as of February 2023, there were about 71.8 million mobile connections in the UK, witnessing an increase of 3.8% (or roughly 2.6 million) from 2022. Moreover, the UK demographic is projected to increase to 68.3 million by 2025, out of which, nearly 65 million individuals, accounting for 95% of the population, would have a smartphone. Consequently, the surging adoption rate of smartphones is propelling the multimodal AI market's growth.

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What is the projected compound annual growth rate (CAGR) of the multimodal ai market from 2025 to 2034, and what factors influence it?
In the last few years, the market size of multimodal AI has experienced a rapid escalation. Its size will expand from $1.66 billion in 2024 to $2.18 billion in 2025 with a compound annual growth rate (CAGR) of 31.1%. The historical growth can be credited to the expansion of generative AI methods that enhance the development of the multimodal ecosystem, an escalated need for analysing unstructured data in various formats, and the enhanced capacity of multimodal AI to manage complex tasks while offering a comprehensive approach.

Expectations point towards a significant surge in the size of the multimodal AI market in the forthcoming years. Forecasts predict that it will expand to $6.39 billion by 2029, growing at a compound annual growth rate (CAGR) of 30.8%. The anticipated growth within the forecast period can be credited to the escalating usage of smartphones, improved accessibility to high-grade data, and a heightened demand for advanced, anthropomorphic interactions between users and machines. Noteworthy trends projected within this period encompass the integration of multimodal AI, advancements in man-machine interaction, the emergence of edge AI for multimodal uses, increased implementation in healthcare and life sciences sectors, as well as growth in multimodal AI platforms and solutions.

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How are the latest trends influencing the growth of the multimodal ai market?
Leading enterprises in the multimodal AI market are capitalizing on improved multimodal AI methods, like supercharged language models, to increase market profits. A supercharged language model (SLM) is an enhanced language model that draws from the robust capacities of current models, such as GPT-3 and Jurassic-1 Jumbo, and enhances them with significant advancements, thus offering more versatility and power. For instance, Open AI, a US-based AI research firm, unveiled GPT-4 Turbo AI, a superpowered language model with multimodal capabilities, in November 2023. This broadens the model's ability to take images as inputs within the Chat Completions API and opens up a variety of applications, including generating image descriptions, performing in-depth image analysis, and handling documents with images. Also, by identifying dall-e-3 as the model when using the Images API, developers have the ability to effortlessly incorporate DALL·E 3 into their products and services, thereby expanding the innovative reach of multimodal AI.

What are the major segments of the multimodal ai market and their role in driving growth?
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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Which regions are key players in the growth of 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.

Who are the key firms paving the way for growth 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

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What Is Covered In The Multimodal AI Global Market Report?

•Market Size Forecast: Examine the multimodal ai market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the multimodal ai market for a structured understanding.
•Key Players Overview: Analyze major players in the multimodal ai market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the multimodal ai market.
•Segment Contributions: Evaluate how different segments drive overall growth in the multimodal ai market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the multimodal ai market.
•Industry Challenges: Identify potential risks and obstacles affecting the multimodal ai market.
•Competitive Landscape: Review strategic developments in the multimodal ai market, including expansions, agreements, and new product launches.

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