Dublin, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The "Multimodal AI Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global multimodal AI market is valued at USD 1.0 billion in 2023 and is estimated to reach USD 4.5 billion by 2028, registering a CAGR of 35.0% during the forecast period.
In today's data-driven world, an abundance of information is generated in unstructured formats such as text, images, and videos. This wealth of data is often rich in insights and valuable content, but its unstructured nature makes it challenging to process, analyze, and extract meaningful information using traditional analytics methods.
Multimodal AI steps in as a transformative solution, allowing organizations to harness the riches concealed within unstructured data sources. With the capability to process and interpret information from videos, images, and text, multimodal AI surpasses the limitations of single-modal AI approaches, which are often confined to analyzing structured data or a single data type. This driver underscores the essential role of multimodal AI in addressing the increasing complexity of data analysis requirements in the digital age.
By solutions, the platform segment is projected to hold the largest market size during the forecast period
Multimodal AI solutions in the form of platforms represent comprehensive systems designed to handle and process diverse types of data simultaneously, including text, images, audio, and video. These platforms typically incorporate a range of advanced technologies such as machine learning, deep learning, and natural language processing to enable a holistic understanding of multimodal information. In practical terms, a multimodal AI platform allows users to develop, deploy, and manage AI models capable of handling multiple data modalities in a unified manner. These platforms empower organizations to build intelligent systems that can interpret and respond to complex, real-world scenarios by integrating insights from different data sources.
By data modality, Video Data segment is registered to grow at the highest CAGR during the forecast period
Video data consists of a sequence of frames, each containing visual content, and is a critical modality in multimodal AI applications. Video data allows AI systems to interpret dynamic scenes, track objects, recognize patterns, and understand temporal relationships, making it valuable in various domains such as surveillance, healthcare, and entertainment. The growing prevalence of video content on the internet, the increasing adoption of surveillance and monitoring systems, and the demand for more sophisticated video analytics in industries like retail and manufacturing drives the utilization of video data in multimodal AI.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 381 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1 Billion |
| Forecasted Market Value (USD) by 2028 | $4.5 Billion |
| Compound Annual Growth Rate | 35.0% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Multimodal AI Market Size and Growth Rate, 2017-2022 (USD Million, Y-O-Y)
- Multimodal AI Market Size and Growth Rate, 2023-2028 (USD Million, Y-O-Y)
- Solutions to Hold Larger Market in 2023
- Platform Segment to Account for Largest Market Share in 2023
- Cloud Deployment to be Larger Market in 2023
- Professional Services to Account for Larger Market in 2023
- Consulting to Account for Largest Share in 2023
- Image Data to Account for Largest Market in 2023
- Generative Multimodal Ai to Account for Largest Share in 2023
- Natural Language Processing to Account for Largest Market in 2023
- Healthcare & Life Sciences to Account for Largest Market Share in 2023
- Asia-Pacific to Grow at Highest CAGR in Multimodal AI Market
Premium Insights
- Attractive Opportunities in Multimodal AI Market -Increasing Need to Comprehend and Process Multiple Data Modalities Drives Market Growth
- Multimodal Ai Market: Solutions - Software Segment to Grow at Highest CAGR in Multimodal AI Market
- Multimodal Ai Market, by Offering & Key Vertical - Solutions and Healthcare & Life Sciences Vertical to Account for Largest Shares in 2023
- Multimodal Ai Market, by Region - North America to Account for Largest Share in 2023
Market Dynamics
Drivers
- Need to Analyze Unstructured Data in Multiple Formats to Drive Multimodal AI Market
- Ability of Multimodal AI to Handle Complex Tasks and Provide Holistic Approach to Problem-Solving to Boost Market
- Generative AI Techniques to Accelerate Multimodal Ecosystem Development
- Availability of Large-Scale Machine Learning Models That Support Multimodality to Propel Market Growth
Restraints
- Susceptibility to Bias in Multimodal Models
- Processing and Training Multimodal AI Models to Demand Extensive Computational Resources
Opportunities
- Rising Demand for Customized and Industry-Specific Solutions
- Enhanced Adaptability to Unseen Data Types to Propel Multimodal AI Forward
- Data Management Services to Empower Multimodal AI Advancements
Challenges
- Teaching AI to Grasp Nuance and Context-Dependent Meanings to Pose Complex Linguistic Challenges
- Optimal Data Fusion to Present Challenges in Multimodal AI Integration
- Limitations in Transferability to Pose Challenges for Multimodal AI Adaptation to Diverse Data Types
Case Study Analysis
- Case Study 1: Associated Press Revolutionized Multimedia Processing with VLDROVR
- Case Study 2: Scenexplain's Innovative Automation and Tagging Solution Revolutionized European E-Commerce Platform
- Case Study 3: Global Banking Group Transformed Its Operations with Uniphore's AI-Driven Compliance and Monitoring Solution
- Case Study 4: Uniphore's U-Assist Solution Transformed Healthcare Services Company's Agent Guidance
- Case Study 5: Telecom Leader Enhanced Efficiency and Customer Experience with Uniphore's AI-Powered Automation
Companies Mentioned
- Microsoft
- OpenAI
- Meta
- AWS
- IBM
- Twelve Labs
- Aimesoft
- Jina AI
- Uniphore
- Habana Labs
- Reka AI
- Runway AI
- Jiva.AI
- Modality.AI
- Openstream.AI
- Vidrovr
- Mobius Labs
- Newsbridge
- Perceiv AI
- Multimodal
- Neuraptic AI
- Inworld AI
- Aiberry
- One AI
- Beewant
- Owlbot.AI
- Hoppr
- Archetype AI
- Stability AI
For more information about this report visit https://www.researchandmarkets.com/r/v40byi
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