Multimodal AI Market Increasing Demand, Growth Analysis and Future Outlook by 2031
The global multimodal AI market is anticipated to grow at a CAGR of 14.9% during the forecast period (2024-2031). The ability of multimodal Al to solve complex problems and provide a thorough approach to problem-solving through the use of Generative Al techniques is a key factor driving the global market growth. To meet the growing need for product innovation in multimodal AI key players are making new product launches. For instance, in December 2023, Go Links launched two multimodal GenAIsolutions. The GoSearch AI multimodal provides multimodal GenAI-powered enterprise search and Go Profiles offers GenAI-powered employee directory & peer recognition, With Go Search and Go Profiles users can connect organizations to knowledge and people for a more empowered workforce.
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Further, in December 2023, Google launched a new multi-modal Gemini AI Model. The Gemini model offers MMLU (Massive Multitask Language Understanding) to test the performance of language models. Gemini Multimodel combines text and visuals, allows for cross-language visual reasoning, and generates code based on a variety of inputs.
Furthermore, in August 2023, Meta launched SeamlessM4T, a Multimodal AI model for speech and text translations. SeamlessM4Tprovides a multilingual multimodal AI translation and transcription model. It also supports speech-to-speech translation, supporting nearly 100 input languages and 36 (including English) output languages.
Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Component
o By Data Modality
o By Technology
o By End Users
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Google LLC, IBM Corp., Meta Platforms, Inc., Microsoft Corp., and OpenAIOpCo, LLC among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Multimodal AI Market Report Segment
By Component
- Software
- Service
By Data Modality
- Image Data
- Text Data
- Speech & Voice Data
- Video & Audio Data
By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness
- Internet of Things
By End User
- Media & Entertainment
- BFSI
- IT & Telecommunication
- Healthcare
- Automotive & Transportation
- Others (Gaming)
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Company Profiles
- Adobe Inc.
- Affectiva, Inc.
- com, Inc.
- Baidu, Inc.
- Clarifai, Inc.
- Cogniac Corp.
- Deepgram, Inc.
- IBM Corp.
- iMerit Inc.
- Indico Data Solutions, Inc.
- Levity AI GmbH
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
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