According to a research report "Multimodal Al Market by Offering (Solutions & Services), Data Modality (Image, Audio), Technology (ML, NLP, Computer Vision, Context Awareness, IoT), Type (Generative, Translative, Explanatory, Interactive), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the market for multimodal AI is estimated to grow from USD 1.0 billion in 2023 to USD 4.5 billion by 2028, at a CAGR of 35.0% during the forecast period. Multimodal AI refers to artificial intelligence that leverages a variety of data types, such as video, audio, speech, images, text, and conventional numerical datasets, to enhance its ability to make more precise predictions, draw insightful conclusions, and provide accurate solutions to real-world challenges. This approach involves training AI systems to synthesize and process diverse data sources concurrently, enabling them to better understand content and context, a significant improvement compared to earlier AI models.
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Services segment to account for higher CAGR during the forecast period
Multimodal AI services encompass a comprehensive range of offerings that caters diverse needs in the professional and managed services domains. Professional services include expert consulting, offering strategic guidance on implementing multimodal AI solutions, as well as specialized training and workshops to equip teams with the necessary skills. Multimodal data integration services facilitate the seamless combination of various data types, optimizing information utilization. Custom multimodal AI development ensures tailored solutions to meet specific business requirements, while multimodal data annotation enhances model accuracy through meticulous labeling. Ongoing support and maintenance services guarantee the sustained performance and evolution of multimodal AI applications. In the managed services, comprehensive solutions are provided, handling the end-to-end management of multimodal AI systems. This includes infrastructure management, continuous improvement, and ensuring optimal performance, allowing organizations to leverage the benefits of multimodal AI without the complexities of day-to-day management, fostering efficiency and innovation.
Cloud segment is expected to hold the largest market size for the year 2023
Multimodal AI in the cloud deployment mode harnesses the power of diverse data types and computational resources available in cloud environments. In a cloud deployment mode, multimodal AI systems utilize remote servers and computing resources to process and analyze data from various sources simultaneously. This allows for the seamless integration of different data modalities, such as text, images, audio, and video, in a centralized cloud environment. Cloud-based multimodal AI provides the advantage of scalability, enabling organizations to easily scale their computational resources based on demand. This deployment mode facilitates accessibility and collaboration, allowing users to access and interact with multimodal AI systems from different locations. It also promotes efficient resource utilization as the processing power required for complex multimodal tasks can be dynamically allocated in the cloud.
The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period
Multimodal AI in the Healthcare and Life Sciences vertical offers transformative benefits by enhancing medical imaging analysis, disease diagnosis, and personalized treatment planning. By merging medical images with patient records and genetic data, healthcare providers can achieve a more precise understanding of individual patient health, allowing for tailored treatment plans and ultimately leading to improved patient outcomes and operational efficiency in healthcare. This technology holds significant promise for diagnostics, leveraging diverse data types such as medical images, electronic health records, lab results, and voice data. The integration of image data from CT scans or X-rays with textual information from patient records enables more accurate diagnoses, detecting patterns that may elude human analysis or unimodal AI systems. Additionally, multimodal AI supports remote patient monitoring by analyzing data from various sensors and wearables, tracking vital signs, physical activity, and even speech patterns to predict potential health issues, marking a notable advancement in healthcare capabilities.
The major multimodal AI and service providers include Google (US), Microsoft (US), OpenAI (US), Meta (US), AWS (US), IBM (US), Twelve Labs (US), Aimesoft (US), Jina AI (Germany), Uniphore (US), Reka AI (US), Runway (US), Jiva.ai (UK), Vidrovr (US), Mobius Labs (US), Newsbridge (France), OpenStream.ai (US), Habana Labs (US), Modality.AI (US), Perceiv AI (Canada), Multimodal (US), Neuraptic AI (Spain), Inworld AI (US), Aiberry (US), One AI (US), Beewant (France), Owlbot.AI (US), Hoppr (US), Archetype AI (US), Stability AI (England). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the multimodal AI market.
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