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Global Multimodal AI Market Size – By Component (Software and Services), By Data Modality (Image Data, Text Data, Speech & Voice Data and Video & Audio Data), By Enterprise Size (Large Enterprise and SMEs), End-use (Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Gaming and Others), & Region – Global Forecasts 2024 - 2034

  • PUBLISHED ON
  • 2024-09-10
  • NO OF PAGES
  • 240
  • CATEGORY
  • Information Communication & Technology

Market Overview

The Multimodal AI market is predicted to develop at a compound annual growth rate (CAGR) of 35.8% from 2024 to 2034, when it is projected to reach USD 8,976.43 Million in 2034, based on an average growth pattern. The market is estimated to reach a value of USD 1,442.69 Million in 2024.


SOURCE: We Market Research

The global multimodal AI market refers to the sector that focuses on developing and deploying artificial intelligence systems capable of processing and integrating multiple forms of data, such as text, speech, images, and video. These systems aim to create more nuanced and context-aware AI applications by combining different types of information.

The multimodal AI market is experiencing rapid growth due to increased investments in AI technologies and advancements in machine learning techniques. As of 2024, the market is expected to continue expanding as businesses and organizations adopt these technologies for enhanced decision-making and customer experiences.

The market is expected to grow significantly as more industries recognize the value of integrating different types of data to improve AI systems. The increasing adoption of cloud computing, advancements in AI hardware, and the rise of smart devices are all contributing factors to this growth.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 1,442.69 Million

Market Forecast in 2034

USD 8,976.43 Million

CAGR % 2024-2034

35.8%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2034

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Component, By Data Modality, By Enterprise Size, By End-use and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Multimodal AI Industry: Dynamics & Restrains



Market opportunity:



We Market Research: Multimodal AI Dashboard

Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.


Multimodal AI Segmentation

Market- By Component Analysis

By Component, the Multimodal AI market is categories into Software and Services. Software segments dominate the market with the largest share, accounting for over 75% of the market in 2023. Software comprises a significant portion of the multimodal AI market. This includes AI models, algorithms, and platforms that facilitate the processing and integration of data from multiple modalities. Google’s TensorFlow and Microsoft’s Azure AI are prominent examples of AI platforms that offer multimodal capabilities, enabling developers to create and deploy AI solutions that integrate multiple types of data.

Further, Services segment is expected to expand at higher CAGR. Services in the multimodal AI market include consulting, integration, maintenance, and support services that help organizations implement and optimize AI solutions.

 

The following segments are part of an in-depth analysis of the global Multimodal AI market:

Market Segments

By Component

·         Software

·         Service

By Data Modality

·         Image Data

·         Text Data

·         Speech & Voice Data

·         Video & Audio Data

By Enterprise Size

·         Large Enterprise

·         SMEs

By End-use

·         Media & Entertainment

·         BFSI

·         IT & Telecommunication

·         Healthcare

·         Automotive & Transportation

·         Gaming

·         Others

Multimodal AI Industry: Regional Analysis

North America Market Forecast

North America dominates the global Multimodal AI market, accounting for around 45% of the market share in 2023. North America, particularly the United States, dominates the global multimodal AI market. The region’s market share is significant due to advanced technological infrastructure, high investments in R&D, and the presence of major technology companies like Google, Microsoft, and IBM.

 

Europe Market Statistics

Europe holds a considerable share in the global market, though it's smaller compared to North America. The UK, Germany, and France are key players. Increasing investments in AI research and development, as well as initiatives by the European Union to promote digital transformation and innovation, are driving growth. The region is also focusing on ethical AI and regulatory frameworks.

Asia Pacific Market Forecasts

Asia Pacific is experiencing rapid growth and is expected to increase its market share significantly. China, Japan, and India are the primary contributors. High technological adoption rates, large-scale investments in AI, and government initiatives such as China’s AI development plan are key drivers. The region is also seeing substantial growth in sectors like manufacturing, healthcare, and finance.

Middle East & Africa Market Statistics

The MEA region has a smaller market share compared to North America and Asia Pacific but is growing steadily. Increasing digital transformation initiatives, investments in smart city projects, and a growing focus on AI in industries like oil & gas and telecommunications are contributing to market growth.

Key Market Players

The Multimodal AI Market is dominated by a few large companies, such as

·         Google (Alphabet Inc.)

·         Microsoft Corporation

·         IBM Corporation

·         Amazon Web Services (AWS)

·         NVIDIA Corporation

·         Meta Platforms Inc.

·         Baidu Inc.

·         Alibaba Group

·         Salesforce.com Inc.

·         Intel Corporation

·         SAP SE

·         Oracle Corporation

·         Tencent Holdings Ltd.

·         Huawei Technologies Co., Ltd.

·         Siemens AG

·         Other 

1.      Global Multimodal AI Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Multimodal AI Market Scope and Market Estimation

1.2.1. Global Multimodal AI Overall Market Size (US$ Bn), Market CAGR (%), Market forecast (2024 - 2034)

1.2.2. Global Multimodal AI Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034

1.3.    Market Segmentation

1.3.1. Component of Global Multimodal AI Market

1.3.2. Data Modality of Global Multimodal AI Market

1.3.3. Enterprise Size of Global Multimodal AI Market

1.3.4. End-use of Global Multimodal AI Market

1.3.5. Region of Global Multimodal AI Market

2.      Executive Summary

2.1.    Demand Side Trends

2.2.    Key Market Trends

2.3.    Market Demand (US$ Bn) Analysis 2019 – 2023 and Forecast, 2024 – 2034

2.4.    Demand and Opportunity Assessment

2.5.    Demand Supply Scenario

2.6.    Market Dynamics

2.6.1. Drivers

2.6.2. Limitations

2.6.3. Opportunities

2.6.4. Impact Analysis of Drivers and Restraints

2.7.    Pricing Trends Analysis

2.8.    Overview of Technology Developments

2.9.    Porter’s Five Forces Analysis

2.9.1. Bargaining Power of Suppliers

2.9.2. Bargaining Power of Buyers

2.9.3. Threat of Substitutes

2.9.4. Threat of New Entrants

2.9.5. Competitive Rivalry

2.10.  PEST Analysis

2.10.1.   Political Factors

2.10.2.   Economic Factors

2.10.3.   Social Factors

2.10.4.   Technology Factors

2.11.  Value Chain / Ecosystem Analysis

2.12.  Key Regulation

3.      Global Multimodal AI Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      Global Multimodal AI Market Estimates & Forecast Trend Analysis, by Component

4.1.    Global Multimodal AI Market Revenue (US$ Bn) Estimates and Forecasts, by Component, 2019 - 2034

4.1.1. Software

4.1.2. Service

5.      Global Multimodal AI Market Estimates & Forecast Trend Analysis, by Data Modality

5.1.    Global Multimodal AI Market Revenue (US$ Bn) Estimates and Forecasts, by Data Modality, 2019 - 2034

5.1.1. Image Data

5.1.2. Text Data

5.1.3. Speech & Voice Data

5.1.4. Video & Audio Data

6.      Global Multimodal AI Market Estimates & Forecast Trend Analysis, by Enterprise Size

6.1.    Global Multimodal AI Market Revenue (US$ Bn) Estimates and Forecasts, by Enterprise Size, 2019 - 2034

6.1.1. Large Enterprise

6.1.2. SMEs

7.      Global Multimodal AI Market Estimates & Forecast Trend Analysis, by End-use

7.1.    Global Multimodal AI Market Revenue (US$ Bn) Estimates and Forecasts, by End-use, 2019 - 2034

7.1.1. Media & Entertainment

7.1.2. BFSI

7.1.3. IT & Telecommunication

7.1.4. Healthcare

7.1.5. Automotive & Transportation

7.1.6. Gaming

7.1.7. Others

8.      Global Multimodal AI Market Estimates & Forecast Trend Analysis, by Region

8.1.    Global Multimodal AI Market Revenue (US$ Bn) Estimates and Forecasts, by Region, 2019 - 2034

8.1.1. North America

8.1.2. Eastern Europe

8.1.3. Western Europe

8.1.4. Asia Pacific

8.1.5. Middle East & Africa

8.1.6. Latin America

9.      North America Multimodal AI Market: Estimates & Forecast Trend Analysis

9.1.    North America Multimodal AI Market Assessments & Key Findings

9.1.1. North America Multimodal AI Market Introduction

9.1.2. North America Multimodal AI Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

9.1.2.1.   By Component

9.1.2.2.   By Data Modality

9.1.2.3.   By Enterprise Size

9.1.2.4.   By End-use

9.1.2.5.   By Country

9.1.2.5.1.     The U.S.

9.1.2.5.2.     Canada

9.1.2.5.3.     Mexico

10.  Western Europe Multimodal AI Market: Estimates & Forecast Trend Analysis

10.1.  Western Europe Multimodal AI Market Assessments & Key Findings

10.1.1.   Western Europe Multimodal AI Market Introduction

10.1.2.   Western Europe Multimodal AI Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

10.1.2.1.    By Component

10.1.2.2.    By Data Modality

10.1.2.3.    By Enterprise Size

10.1.2.4.    By End-use

10.1.2.5.    By Country

10.1.2.5.1.  Germany

10.1.2.5.2.  Italy

10.1.2.5.3.  U.K.

10.1.2.5.4.  France

10.1.2.5.5.  Spain

10.1.2.5.6.  Benelux

10.1.2.5.7.  Nordics

10.1.2.5.8. Rest of W. Europe

11.  Eastern Europe Multimodal AI Market: Estimates & Forecast Trend Analysis

11.1.  Eastern Europe Multimodal AI Market Assessments & Key Findings

11.1.1.   Eastern Europe Multimodal AI Market Introduction

11.1.2.   Eastern Europe Multimodal AI Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

11.1.2.1.    By Component

11.1.2.2.    By Data Modality

11.1.2.3.    By Enterprise Size

11.1.2.4.    By End-use

11.1.2.5.    By Country

11.1.2.5.1.  Russia

11.1.2.5.2.  Hungary

11.1.2.5.3.  Poland

11.1.2.5.4.  Balkan & Baltics

11.1.2.5.5. Rest of E. Europe

12.  Asia Pacific Multimodal AI Market: Estimates & Forecast Trend Analysis

12.1.  Asia Pacific Market Assessments & Key Findings

12.1.1.   Asia Pacific Multimodal AI Market Introduction

12.1.2.   Asia Pacific Multimodal AI Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

12.1.2.1.    By Component

12.1.2.2.    By Data Modality

12.1.2.3.    By Enterprise Size

12.1.2.4.    By End-use

12.1.2.5.    By Country

12.1.2.5.1. China

12.1.2.5.2. Japan

12.1.2.5.3. India

12.1.2.5.4. Australia & New Zealand

12.1.2.5.5. South Korea

12.1.2.5.6. ASEAN

12.1.2.5.7. Rest of Asia Pacific

13.  Middle East & Africa Multimodal AI Market: Estimates & Forecast Trend Analysis

13.1.  Middle East & Africa Market Assessments & Key Findings

13.1.1.   Middle East & Africa Multimodal AI Market Introduction

13.1.2.   Middle East & Africa Multimodal AI Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

13.1.2.1.    By Component

13.1.2.2.    By Data Modality

13.1.2.3.    By Enterprise Size

13.1.2.4.    By End-use

13.1.2.5.    By Country

13.1.2.5.1. UAE

13.1.2.5.2. Saudi Arabia

13.1.2.5.3. Turkey

13.1.2.5.4. South Africa

13.1.2.5.5. Rest of MEA

14.  Latin America Multimodal AI Market: Estimates & Forecast Trend Analysis

14.1.  Latin America Market Assessments & Key Findings

14.1.1.   Latin America Multimodal AI Market Introduction

14.1.2.   Latin America Multimodal AI Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

14.1.2.1.    By Component

14.1.2.2.    By Data Modality

14.1.2.3.    By Enterprise Size

14.1.2.4.    By End-use

14.1.2.5.    By Country

14.1.2.5.1. Brazil

14.1.2.5.2. Argentina

14.1.2.5.3. Colombia

14.1.2.5.4. Rest of LATAM

15.  Country Wise Market: Introduction

16.  Competition Landscape

16.1.  Global Multimodal AI Market Product Mapping

16.2.  Global Multimodal AI Market Concentration Analysis, by Leading Players / Innovators / Emerging Players / New Entrants

16.3.  Global Multimodal AI Market Tier Structure Analysis

16.4.  Global Multimodal AI Market Concentration & Company Market Shares (%) Analysis, 2023

17.  Company Profiles

17.1.                     Google (Alphabet Inc.)

17.1.1.   Company Overview & Key Stats

17.1.2.   Financial Performance & KPIs

17.1.3.   Product Portfolio

17.1.4.   SWOT Analysis

17.1.5.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

17.2.      Microsoft Corporation

17.3.      IBM Corporation

17.4.      Amazon Web Services (AWS)

17.5.      NVIDIA Corporation

17.6.      Meta Platforms Inc.

17.7.      Baidu Inc.

17.8.      Alibaba Group

17.9.      Salesforce.com Inc.

17.10.  Intel Corporation

17.11.  SAP SE

17.12.  Oracle Corporation

17.13.  Tencent Holdings Ltd.

17.14.  Huawei Technologies Co., Ltd.

17.15.  Siemens AG

17.16.  Others

18.  Research Methodology

18.1.  External Transportations / Databases

18.2.  Internal Proprietary Database

18.3.  Primary Research

18.4.  Secondary Research

18.5.  Assumptions

18.6.  Limitations

18.7.  Report FAQs

19.  Research Findings & Conclusion

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
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  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
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  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Multimodal AI Market in 2024?

Multimodal AI Market was valued at USD 1,442.69 Million in 2024.

What is the growth rate for the Multimodal AI Market?

Multimodal AI Market size will increase at approximate CAGR of 35.8% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the market are Google (Alphabet Inc.), Microsoft Corporation, IBM Corporation, Amazon Web Services (AWS), NVIDIA Corporation, Meta Platforms Inc., Baidu Inc., Alibaba Group, Salesforce.com Inc., Intel Corporation, SAP SE, Oracle Corporation, Tencent Holdings Ltd., Huawei Technologies Co., Ltd., Siemens AG and others.

Which region dominates the Multimodal AI Market?

North America dominates the market with an active share of 45%.

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