The multimodal AI market is expected to grow from USD 1.0 billion in 2023 to USD 4.5 billion in 2028, at a CAGR of 35.0% during the forecast period. The multimodal AI market is driven by various factors, such as the need to analyze unstructured data in multiple formats drives the multimodal AI market, the ability of multimodal AI to handle complex tasks and provide a holistic approach to problem-solving, Generative AI techniques to accelerate multimodal ecosystem development and the availability of large-scale machine learning models that support multimodality.
Key players operating in the multimodal AI market across the globe are Alphabet Inc. (Google), Microsoft Corporation (Microsoft), OpenAI, Inc. (OpenAI), Meta Platforms, Inc. (Meta), Amazon Web Services, Inc. (AWS), IBM Corporation (IBM), Twelve Labs Inc. (Twelve Labs), Aimesoft (Aimesoft), (Jina AI GmBH) Jina AI, Uniphore Technologies Inc. (Uniphore), Reka AI, Inc. (Reka AI), Runway AI, Inc. (Runway), Jiva.ai Ltd (Jiva.ai), Vidrovr (Vidrovr), Mobius Labs GmbH (Mobius Labs), Newsbridge (Newsbridge), Openstream Inc. (OpenStream.ai), Habana Labs, Ltd. (Habana Labs), Modality.AI, Inc (Modality.AI), Perceiv Research Inc. (Perceiv AI), Multimodal, Inc. (Multimodal), Neuraptic AI (Neuraptic AI), Theai, Inc. (Inworld AI), Aiberry (Aiberry), One AI Inc. (One AI), Beewant (Beewant), Owlbot (Owlbot.AI), IntellixAI Inc. (Hoppr), Archetype AI (Archetype AI), Stability AI Ltd. (Stability AI). These companies employ various approaches, both organic and inorganic, including introducing new products, forming strategic partnerships and collaborations, and engaging in mergers and acquisitions, to broaden their presence and offerings within the multimodal AI market.
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Google has been a driving force in AI research for almost two decades, making many important breakthroughs in artificial intelligence, including the development of AI transformers and the BERT language model. Google has also made significant contributions to reinforcement learning, a methodology that enhances AI by utilizing human feedback to improve model performance. Google Cloud has launched Vertex AI Multimodal Embeddings as General Availability, which uses the VLM called Contrastive Captioner (CoCa) developed by the Google Research team. It is a vision model augmented with LLM intelligence that can look at either images or text and understand their meaning. Google has also launched a range of products that infuse generative AI into its offerings, empowering developers to responsibly build with enterprise-level safety, security, and privacy. Google's next-generation foundation model, Gemini, is still in training. Gemini was created from the ground up to be multimodal, highly efficient at tool and API integrations, and built to enable future innovations, like memory and planning. Gato is a deep neural network created by researchers of DeepMind, a subsidiary of Google. It is a transformer-based model that exhibits multimodality and can perform a range of complex tasks such as engaging in a dialogue, playing video games, controlling a robot arm to stack blocks, and more.
Open AI is a company dedicated to researching and deploying AI systems that are beneficial to humanity. They recognize the immense power of AI and prioritize developing systems that are safe, aligned with human values, and more important than profits. OpenAI is a leading force in the multimodal AI market, offering a range of innovative products and solutions including models such as GPT-4, DALL·E 2, and CLIP. GPT-4 is a powerful language model capable of processing both text and images, enabling versatile applications in text generation and image understanding. DALL·E 2 is an innovative AI system that creates images from textual descriptions, allowing for creative visual synthesis. CLIP efficiently learns visual concepts from natural language guidance, enabling various visual recognition tasks. These solutions collectively demonstrate OpenAI's expertise in integrating different modalities, offering advanced capabilities in understanding and generating content across text, images, and more.
Twelve Labs is a renowned company in the field of multimodal AI, specializing in video understanding and data management. The company's core expertise lies in extracting a wealth of insights from videos, spanning aspects like motion analysis, object and human recognition, audio comprehension, text recognition from screens, and speech transcription. These remarkable functionalities are built on top of the platform’s state-of-the-art multimodal foundation model designed specifically for video content. Twelve Labs helps add rich, contextual video understanding to the applications by offering developer-friendly APIs. Some of its notable offerings include the Video-to-Text API suite, the AI Playground, and their advanced video-language foundation model, Pegasus-1. Their latest advancements include launching cloud-native APIs for lightning-fast video search and introducing a first-of-its-kind video-language foundation model. These innovations position Twelve Labs as a significant player in the rapidly evolving multimodal AI landscape.
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
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