United States and Canada, Nov. 28, 2024 (GLOBE NEWSWIRE) — According to a comprehensive new report from The Insight Partners, “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” observes significant growth due to the rise of multimodal AI applications in media and entertainment.
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The report deeply analyzes market trends, key players, and future opportunities. In general, the multimodal AI market includes a wide range of components, organization sizes, data types, end uses and geographies, which is expected to strengthen in the coming years.
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Market Overview and Growth Trajectory:
Multimodal AI Market Growth: According to a comprehensive report from The Insight Partners, the multimodal AI market is experiencing significant growth, driven by increasing applications in the healthcare sector and continued efforts 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 growing consumer demands for personalized content as well as unlimited content selection. OTT and streaming services. Multimodal AI can create and understand content in multiple formats or modes, including text, graphics, audio, and video. It uses various AI techniques, including Natural Language Processing (NLP)Computer vision, speech recognition, machine learning and extended language models (LLM), to process data in multiple forms and discover new features that emerge from the combination of data obtained from many sources. Multimodal AI simplifies different aspects, improves prediction accuracy, improves resource utilization efficiency, and provides enhanced user experience. Media and entertainment organizations can greatly benefit from multimodal AI technologies to streamline their business processes. In 2024, Google unveiled Veo, an AI-powered video generator for creating videos longer than a minute. According to its claims, 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 generation model. Multimodal AI can record tones and render details in extended prompts, as well as interpret natural language and visual semantics. Thus, the increasing application of multimodal AI in the media and entertainment sector creates numerous opportunities in the multimodal AI market.
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Regional and national overview: In healthcare, multimodal AI is revolutionizing diagnosis, treatment and patient care. Germany, the United Kingdom and France are the pioneers in the adoption of multimodal AI in healthcare among all European countries. The growth of the multimodal AI market in Europe, particularly in the healthcare sector, is attributed to the need for advanced diagnostic tools, the increasing complexity of medical data, and the growing demand for personalized healthcare solutions. Significant investments in AI infrastructure, favorable government policies, and collaborations between technology companies and healthcare establishments are also contributing to the market in European countries. For example, in June 2023, the European Commission, alongside Member States and 128 partners from industry, research and public bodies, unveiled an investment worth US$238.34 million in 4 sectoral test and experimentation facilities (TEF) for AI, including TEF-Santé. 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’s (STFC) Hartree Center and Mersey Care NHS Foundation Trust announced a strategic partnership to advance AI in healthcare across the trust to optimize outcomes for the patients. Thus, technological advancements in the healthcare sector benefit the multimodal AI market in Europe.
Geographic information: North America held a substantial share of the market revenue in 2023, followed by Europe and Asia-Pacific.
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Multimodal AI Market Segmentation, Applications, Geographic Information:
- Based on components, the multimodal AI market is segmented into solutions and services. The solutions segment dominated the market in 2023.
- In terms of organization size, the multimodal AI market is segmented into SMEs and large enterprises. The large enterprise 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 & transportation, BFSI, e-commerce & retail, healthcare, IT & telecom, media and entertainmentand 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 & Africa, and South & 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 Company
- Jina AI GmbH
- Meta Platforms Inc.
- Microsoft Company
- OpenAI LLC
- Douze Laboratoires Inc.
- Uniphore Technologies Inc.
These companies adopt strategies such as new product launches, joint ventures, and geographic expansion to maintain their competitive edge in the market.
Multimodal AI Market Recent Developments and Innovations:
- “Openstream.ai, a leading provider of blueprint-based neuro-symbolic multimodal conversational AI platforms and solutions for visionaries, announced the expansion of its multimodal patent portfolio with the issuance of the patent titled “ System and method for automated modeling of digital twin behavior. for multimodal conversations.
- “Reka, an AI research and product company, has chosen Oracle Cloud Infrastructure (OCI) to support its mission to advance science and create generative AI models for the benefit of humanity and business. 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 on Oracle Cloud Marketplace.
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Conclusion:
With the rapid growth of technology, artificial intelligence (AI) has become a revolution. AI offers significant benefits in the workplace. The AI market is exploding, with specific AI trends at the forefront, including multi-modal AI models, which are particularly gaining traction. The healthcare sector is one of the main beneficiaries of multimodal AI. Accurate diagnostics are now possible thanks to the language of conversational AI and massive knowledge databases, as well as the image and pattern recognition capabilities of machine perception models. Doctors use a variety of tools to effectively diagnose illnesses, including typed notes and photographs. By absorbing all of these data sources and combining them with superior machine learning capabilities, multimodal AI has the potential to contribute to 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 invest heavily in the development and implementation of complex systems to improve their products and services. Services like Siri, Alexa, and Google Assistant rely heavily on multi-modal AI models. The systems evaluate user interactions, including speech and text, to provide accurate responses and learn behavior patterns for subsequent interactions. Thus, such applications of AI models herald a new era of digital personal assistants that interact in increasingly human-like ways.
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Expected to grow 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 tuned to market trends, embracing innovation and focusing on quality and performance, businesses 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 delivering actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and consulting services. We specialize in industries such as semiconductor & electronics, aerospace & defense, automotive & transportation, biotechnology, health IT, manufacturing & construction, medical devices, technology, media and telecommunications, chemicals and materials.
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Contact person: Ankit Mathur
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