Multimodal AI Global Market Report 2024

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 observed in the historical period can be attributed to the heightened adoption of generative AI techniques, facilitating the rapid development of multimodal ecosystems. Additionally, there has been an increased demand for analyzing unstructured data in various formats, further driving the growth. The enhanced capability of multimodal AI to tackle intricate tasks and offer a comprehensive approach has also played a significant role in the overall expansion during this period.

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 anticipated growth in the forecast period can be ascribed to the escalating adoption of smartphones, a growing abundance of high-quality data, and a surge in demand for more refined, human-such as interactions between machines and users. Key trends expected in this period involve the integration of multimodal AI, advancements in human-machine interaction, the emergence of edge AI for multimodal applications, increased adoption in healthcare and life sciences, and a notable expansion in multimodal AI platforms and solutions.

The proliferation of smartphones is anticipated to fuel the expansion of the multimodal AI market in the foreseeable future. Defined as mobile phones with advanced computational capabilities, smartphones surpass traditional counterparts by offering enhanced features. The incorporation of multimodal AI into smartphones elevates the overall user experience, rendering devices more intuitive, responsive, and adaptable to diverse user needs. A report by Uswitch Limited in February 2023 highlighted a 3.8% increase in mobile connections in the UK in 2022, reaching 71.8 million, with an expected 95% smartphone ownership among the projected 65 million individuals in the UK population of 68.3 million by 2025. The escalating adoption of smartphones serves as a catalyst for the growth of the multimodal AI market.

Major players in the multimodal AI market are strategically advancing multimodal AI techniques, such as supercharged language models, to drive market revenues. Supercharged language models (SLMs), such as OpenAI's GPT-4 Turbo AI launched in November 2023, build upon existing models such as GPT-3, incorporating advancements that enhance their power and versatility. This enables the acceptance of images as inputs within the Chat Completions API, expanding use cases such as generating image captions, analyzing real-world images, and processing documents with figures. Open AI's innovation extends creative potential by seamlessly integrating DALL·E 3 into applications and products through the Images API, showcasing the evolution of multimodal AI capabilities.

Stability AI Ltd., a UK-based software company, completed the acquisition of Init ML in March 2023 for an undisclosed amount. This acquisition bolsters Stability AI's product portfolio with advanced multimodal generative AI models, aligning with the company's commitment to providing innovative AI solutions. Init ML, a France-based software company specializing in multimodal AI, is expected to contribute to Stability AI's mission of driving creativity and innovation in the AI landscape through this strategic acquisition.

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.

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 countries covered in the multimodal AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The multimodal AI market consists of revenues earned by entities by providing multimodal search, multimodal health monitoring, and multimodal social media analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The multimodal AI market also includes sales of central processing units (CPUs), graphics processing units (GPUs), and application-specific integrated circuits (ASICs) that are used in providing AI services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Multimodal AI in a business context involves leveraging artificial intelligence technology that integrates diverse sensory inputs, including visual, auditory, and linguistic information, to enhance predictive capabilities, decision-making processes, and insights generation. Such systems are designed to seamlessly analyze and synthesize information from various modalities, enabling a more holistic understanding of a given situation, task, or context within the business landscape.

The primary categories of multimodal AI encompass generative, translative, interactive, and explanatory models. Translative multimodal AI involves systems capable of interpreting, translating, and generating outputs across diverse communication modes. Offerings within this domain include both solutions and services. Modalities of data encompass text, speech, voice, image, video, and audio data. Technologies utilized include machine learning, natural language processing, computer vision, context awareness, and Internet of Things. These technologies find applications across various sectors, including banking, financial services, insurance (BFSI), government and public sector, automotive, transportation, logistics, healthcare, life sciences, media and entertainment, manufacturing, retail, e-commerce, telecommunications, and other industries.

The multimodal AI market research report is one of a series of new reports that provides multimodal AI market statistics, including multimodal AI industry global market size, regional shares, competitors with a multimodal AI market share, detailed multimodal AI market segments, market trends and opportunities, and any further data you may need to thrive in the multimodal AI industry. This multimodal AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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