Saturday, 27 July 2024
Increasing Adoption of Computer Vision Drives Multimodal AI Market Growth
According to our latest study on "Multimodal AI Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Enterprise Size, Data Type, and End User," the market size was valued at US$ 0.89 billion in 2022 and is expected to reach US$ 105.50 billion by 2030; it is estimated to record a CAGR of 36.2% from 2022 to 2030.
Multimodal artificial intelligence (AI) is considered to be the next stepping stone toward achieving Artificial General Intelligence. The launch of multiple generative AI tools in the last few years is a testament to the breakthroughs achieved in AI technologies in the past decade. In a short period, the adoption of generative AI has increased in an organization’s operational elements.
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Adoption of Data Mining Technologies by SMEs to Offer Lucrative Opportunities for Multimodal AI Market During Forecast Period
The rising awareness of data mining advantages, coupled with the advent of low-cost data mining solutions, fuels the adoption of these solutions by SMEs from verticals such as BFSI, IT & telecommunications, retail & e-commerce, and others. The requirement for a better understanding of market scenarios and increased business competitiveness propel the demand for data mining solutions amongst industry verticals. The continued advancements in AI technology and rising penetration of multimodal AI-enabled data mining solutions are expected to accelerate the multimodal AI market growth in the coming years. Multimodal AI-enabled data mining solutions and services offer great scope for SMEs to grow and realize business goals. Analytics spending among SMEs is predicted to increase significantly, depicting that SMEs are under constant pressure to expand by implementing innovative and enhanced analytic services. Such factors would promote the market during the forecast period.
Multimodal AI Market Regional Overview:
North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM) Europe are the major regions analyzed for deriving the multimodal AI market report scope. The growing demand for analytics solutions and services among SMEs positively impacts the market in Europe. Various enterprises adopt data analytic solutions and services to make effective and quick decisions and attain a competitive advantage by analyzing and acting on timely information, which subsequently contributes to the growth of the European multimodal AI market share.
Strategic InsightsMultimodal AI Market Segmental Overview
The multimodal AI market analysis is carried out by considering the following segments: component, organization size, data type, and end user. Based on component, the market is bifurcated into solution and service. The solution segment held a larger multimodal AI market share in 2022 and is anticipated to register a higher CAGR during the forecast period. The market, by organization size, is divided into SMEs and large enterprises. In terms of data type, the market is segmented into audio & video, image, and text. In terms of end user, the market is segmented into automotive & transportation, BFSI, e-commerce & retail, healthcare, IT & telecom, media & entertainment, and others.
Multimodal AI Market Competitive Landscape and Key Developments
Apart from factors driving the market, the multimodal AI market report emphasizes prominent market players’ developments. Aimesoft Inc, Alphabet Inc, Amazon Web Services Inc, IBM Corporation, Jina AI GmbH, Meta Platforms Inc, Microsoft Corporation, OpenAI LLC, Twelve Labs Inc, and Uniphore Technologies Inc are among the key players profiled during the study. Several other important players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. Various companies are introducing new product offerings to contribute to the multimodal AI market size proliferation. Leading players in the market focus on feature upgrades, diversification, expansion, acquisition, and collaboration strategies that enable them to grab new business opportunities. A few strategic initiatives taken up by players in the market are listed below:
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