Multimodal AI Market Valued at USD 1.2 BILLION IN 2023, Growing at a CAGR of 33.40% - Exclusive Report by MarkNtel Advisors
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 2024-30, the expansion of telecom network is the growth opportunity driving the Multimodal AI Market
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Market Insights & Analysis: Multimodal AI Market (2024-30)
Projected Growth: 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 2024-30.
In-Depth Overview of the Multimodal AI Market
Utilizing both primary and secondary research methodologies, the Multimodal AI Market report offers an in-depth analysis valuable for stakeholders and investors seeking market insights. This report delves into market dynamics, providing a detailed examination of regional trends and developments.
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Global Multimodal AI Market Opportunity: Expansion of Telecom Network to Uplift the Demand for the Multimodal AI Market
With the proliferation of smartphones, tablets, and other connected devices, individuals nowadays require seamless communication channels that help them communicate with consumers in different geographical boundaries. This demand for global connectivity requires a robust telecom infrastructure. As a result, telecom companies are increasingly expanding their networks to enable instant voice calls, video conferences, text messaging, and data sharing, fostering interpersonal connections on a global scale. For instance,
In 2023, Bharti Airtel, a telecom operator, announced its plans to deploy over 30,000 network sites in approximately 60,000 villages in India.
Moreover, these solutions facilitate easy, faster & interactive real-time interactions and data exchanges. Hence, the telecom network expansion would compel the major telecom operators to use multimodal AI solutions to address network issues, minimize downtime, and enhance overall service reliability in the forthcoming years.
Multimodal AI Market Segmentation
By Offerings
-Software
-Service
--Professional Services
--Managed Services
By Deployment
-Cloud-based
-On-Premises
- Cloud held a dominant share in the Global multimodal AI Market since cloud platforms provide scalability, flexibility, and easy accessibility.
By Data Modality
-Image Data
-Text Data
-Speech & Voice Data
-Video & Audio Data
By Technology
-Speech Recognition
-Natural Language Processing (NLP)
-Computer Vision
-Gesture Recognition
-Others
By End User
-Media & Entertainment
-BFSI
-Healthcare
-Automotive & Transportation
-Telecom
-Retail & E-commerce
-Others
By Application
-Virtual Assistants & Chatbots
-Biometric Identification & Authentication
-Medical Imaging Analysis & Patient Monitoring
-Driver Monitoring
-Others
By Enterprise Size
-Small & Medium Enterprises (SME)
-Large Enterprises
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Leading Companies in the Multimodal AI Market
The report features major 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., Others
Regional Analysis
The report covers a comprehensive analysis of the Multimodal AI Market across various regions:
- North America: US, Canada, Mexico
- Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
- Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
The research highlights development opportunities and challenges in these regions, encompassing sales growth, product pricing and analysis, growth potential, and strategic recommendations for addressing market challenges.
Essential Questions Addressed in the Multimodal AI Market Report
- Who are the major players in the Multimodal AI Market?
- Which region presents the most potential for the Multimodal AI Market?
- Which application area of the Multimodal AI Market is anticipated to grow significantly in the coming years?
- What opportunities exist for new market entrants?
- What is the projected market size for the Multimodal AI Market by the end of the forecast period?
- What are the growth prospects for the Multimodal AI Market?
- What is the base year considered in this market report?
- Which region holds the largest market share in the Multimodal AI Market?
- What factors are expected to drive the growth of the Multimodal AI Market?
About MarkNtel Advisors:
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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