Press Release Description

Global Multimodal AI Market to Record a Tremendous CAGR of Around 33.40% During 2024-2030

The Global Multimodal AI Market size was valued at around USD 1.2 billion in 2023 and is estimated to grow at a CAGR of around 33.40% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The factors that positively influence the demand for multimodal AI solutions are the digitalization initiatives laid by governing bodies, the rapid rise in online fraudulent activities, and the proliferation of digital technologies across various industry verticals. Governments are making drastic investments to upgrade their digital framework & provide consumers with better digital services. This in turn is resulting in the countries experiencing a surge in internet penetration. This higher internet penetration is resulting in small & large enterprises opting for digital solutions which include multimodal AI solutions, thus propelling market growth even further.

In addition, internet penetration rates in various countries across Asia-Pacific, the Middle East, and Europe are increasing. This surge in internet accessibility & increased smartphone usage is creating a favorable environment for digital services. Hence, various industry verticals are transitioning their operations to online platforms to gain an edge over other market players, fueling the demand for solutions like multimodal AI across the globe.

Moreover, governments of major nations, like India, Indonesia, etc., are increasingly laying digital action plans & programs to streamline administrative processes and enhance governance efficiency while maintaining transparency. Therefore, countries with administrative inefficiencies are increasingly adopting digital technologies, contributing to the growth of the Global Multimodal AI Market. Furthermore, both the public & private sectors are increasingly deploying 5G networks to bolster connectivity for seamless data exchange among end-users. These network upgrades would further drive the demand for multimodal AI solutions within various industry verticals, “Global Multimodal AI Market Analysis, 2024.”

Global Multimodal AI Market

Global Multimodal AI Market Segmentation Analysis

Retail & E-commerce Holds Noteworthy Market Share in Global Multimodal AI Market

Based on the end users segment, the market is further bifurcated into, Media & Entertainment, BFSI, Healthcare, Automotive & Transportation, Telecom, Retail & E-commerce, and Others. Of them, Retail & E-commerce have emerged as dominant end-users in the Global Multimodal AI Market. The e-commerce platforms offer convenience & flexibility to the consumers due to which they easily browse and compare products online. Moreover, these online platforms provide quick home deliveries which makes it more appealing to both working professionals and older individuals. Further, to gain the attention of consumers and provide them with tailored solutions, these e-commerce platforms are incorporating multimodal AI solutions, enhancing the market share of E-commerce & Retail in the Global Multimodal AI market.

Asia-Pacific Leads the Global Multimodal AI Market

Geographically, the Asia-Pacific region dominates the Global Multimodal AI Market owing to the population growth & rapid digitalization across various industries. Industries in the region are undergoing the Industrial 4.0 revolution, as a result, they are automating their production process by incorporating technologies & digital solutions. This increasing adoption of digital solutions, comprising multimodal AI solutions to ease their manufacturing operations is driving the market growth & enhancing the market size.

Thus, end-users are increasingly looking out for multimodal AI solutions since they help organizations to handle & analyze diverse data streams. Moreover, governing authorities in regional countries are increasingly laying digitalization initiatives & programs that are further driving the adoption and deployment of multimodal AI solutions across sectors. This would fuel the Asia-Pacific Multimodal AI Market growth in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Microsoft Corporation, Google LLC, Amazon Web Services (AWS), IBM Corporation, NVIDIA Corporation, META, Aimesoft, Jina AI GmbH, OpenAI, LLC, Twelve Labs Inc., Uniphore Technologies Inc., NEC Corporation, Sensory Inc., SoundHound Inc., and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Multimodal AI Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & service adoption?
  5. How has the competition been shaping across various region?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-2030?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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