US & Canada, Nov. 28, 2024 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, the “Multimodal AI Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Organization Size, Data Type, End Use, and Geography” is observing significant growth owing to the rise of multimodal AI applications in media and entertainment.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Multimodal AI market comprises a vast array of component, organization size, data type, end use, and geography, which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Multimodal AI Market Growth: According to an exhaustive report by The Insight Partners, the Multimodal AI Market is experiencing significant growth, driven by surging application in healthcare sector and continuous efforts made to improve the performance of self-driving cars. The market, valued at $893.5 Million in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 36.2% during 2023–2031.
Application in media and entertainment: The media and entertainment industries are striving to meet the evolved consumer demands for personalized content as well as an unlimited selection of OTT and streaming services. Multimodal AI can create and understand content in multiple formats or modes, including text, graphics, audio, and video. It employs various AI techniques, including Natural Language Processing (NLP), Computer Vision, Speech Recognition, Machine Learning, and Large Language Models (LLMs), to process data in multiple forms and discover new features that emerge from the combination of data obtained from numerous sources. Multimodal AI simplifies different aspects, boosts prediction accuracy, improves resource utilization efficiencies, and delivers enhanced user experience. Media and entertainment organizations can profit greatly from multimodal AI technologies to streamline business processes. In 2024, Google revealed Veo, an AI-powered video generator, for creating videos longer than a minute. According to its claim, Veo can produce 1080p definition videos in a variety of cinematic and visual styles. The company also introduced Imagen 3, an update to its text-to-image generating model. Multimodal AI can record tones and render details in extended prompts, as well as interpret natural language and visual semantics. Thus, the expanding application of multimodal AI in the media and entertainment sector is creating ample opportunities in the multimodal AI market.
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Regional and Country Insight: In healthcare, multimodal AI is revolutionizing diagnostics, treatment, and patient care. Germany, the UK, and France are pioneering the adoption of multimodal AI in healthcare among all European countries. The growth of the multimodal AI market in Europe, specifically in the healthcare sector, is attributed to the need for advanced diagnostic tools, the increasing complexity of medical data, and the rising demand for personalized healthcare solutions. Significant investments in AI infrastructure, supportive government policies, and collaborations between tech companies and healthcare institutions are also contributing to the market in European countries. For instance, in June 2023, the European Commission, along with Member States and 128 partners from industry, research, and public organizations, unveiled an investment worth US$ 238.34 million in 4 sectoral testing and experimentation facilities (TEFs) for AI, including the TEF-Health. TEF-Health focuses on machine learning (ML) in medical imaging, complex brain simulations, and the use of robotics in intervention and rehabilitation, among other aspects. In March 2024, the Science and Technology Facilities Council (STFC) Hartree Centre and the Mersey Care NHS Foundation Trust announced a strategic partnership to advance AI in healthcare across the trust to optimize patient outcomes. Thus, technological progress in the healthcare sector benefits the multimodal AI market in Europe.
Geographical Insights: North America held a substantial market revenue share in 2023, followed by Europe and Asia Pacific.
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Multimodal AI Market Segmentation, Applications, Geographical Insights:
- Based on component, the multimodal AI market is segmented into solution and services. The solution segment dominated the market in 2023.
- In terms of organization size, the multimodal AI market is segmented into SMEs and large enterprises. The large enterprises segment dominated the market in 2023.
- Based on data type, the market is segmented into audio and video, image, and text. The audio and video segment dominated the market in 2023.
- Based on end use, the market is segmented into automotive and transportation, BFSI, e-commerce and retail, healthcare, IT and telecom, media and entertainment, and others. The BFSI segment dominated the market in 2023.
- The multimodal AI market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Multimodal AI Market is characterized by the presence of several major players, including:
- Aimesoft Inc.
- Alphabet Inc.
- Amazon Web Services Inc.
- IBM Corporation
- Jina AI GmbH
- Meta Platforms Inc.
- Microsoft Corporation
- OpenAI LLC
- Twelve Labs Inc.
- Uniphore Technologies Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Multimodal AI Market Recent Developments and Innovations:
- “Openstream.ai, a leading provider of neuro-symbolic, plan-based multimodal conversational AI platform and solutions for visionaries, announced the expansion of its multimodality patent portfolio with the issuance of the patent entitled “System and Method for Automated Digital Twin Behavior Modeling for Multimodal Conversations.”
- “Reka, an AI research and product company, selected Oracle Cloud Infrastructure (OCI) to support its mission to advance science and build generative AI models for the benefit of humanity and enterprises. In collaboration with Oracle, Reka also plans to make its multimodal models, supporting over 20 languages and trained on OCI AI Infrastructure powered by NVIDIA GPUs, available in the Oracle Cloud Marketplace.”
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Conclusion:
With the rapid growth of technology, Artificial Intelligence (AI) has emerged as a game changer. AI offers significant benefits to the workplace. The AI market is exploding, with specific AI trends at the forefront, including multimodal AI models, which are particularly gaining traction. The healthcare sector is one of the most significant benefactors of multimodal AI. Precision diagnoses are now possible owing to conversational AI language and enormous knowledge databases, as well as machine perception models’ picture and pattern recognition abilities. Doctors employ a variety of tools to diagnose illnesses, including typed notes and photographs effectively. By absorbing all of these data sources and combining them with superior machine learning capabilities, multimodal AI has the potential to help with predictive modeling and patient treatment. Google, Amazon, and Meta are leveraging the capabilities of AI models to manipulate large data sets and improve their services. These companies are investing heavily in the development and implementation of complex systems to improve their products and services. Services such as Siri, Alexa, and Google Assistant rely heavily on multimodal artificial intelligence models. The systems evaluate user interactions, including speech and text, to provide exact responses and learn behavioral patterns for subsequent interactions. Thus, such AI model applications signal a new era of digital personal assistants that interact in increasingly humanlike ways.
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With projected growth to $10,550.20 Million by 2031, the Multimodal AI Market represents a significant opportunity for multimodal AI solution and service providers, system integrators, and end-users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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