Multimodal AI Market is expected to reach US$ 10,550.20 Million by 2031

Surging Application in Healthcare Sector Boosts Multimodal AI Market Growth

According to our latest study titled “Multimodal AI Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Organization Size, Data Type, and End Use,” the market was valued at US$ 893.5 million in 2023 and is projected to reach US$ 10,550.20 million by 2031; it is estimated to register a CAGR of 36.2% from 2023 to 2031. The report includes growth prospects in light of current multimodal AI market trends and driving factors influencing the market growth.

The integration of many data sources increases the understanding of complex medical conditions as well as provides the framework for more refined and tailored medical treatments. Thus, multimodal AI has a huge potential to alter several aspects of the healthcare sector. In clinical trials, digitalization provides transformative solutions to long-standing issues. Moreover, various AI technologies, including wearable devices and smartphone-enabled self-reported questionnaires, help researchers overcome hurdles associated with time, cost, and participant diversity. Integrating data from several modalities improves information granularity while also allowing for automatic phenotyping and subgrouping. Adaptive trial designs enabled by multimodal AI improve efficiency and responsiveness in overall trials. In May 2022, Bristol Meyers Squibb entered into a strategic collaboration with Owkin. The acquired business employed AI to improve the design and execution of Bristol Meyers Squibb’s trials, helping it optimize endpoint definitions, patient subgroups, and treatment impact estimation, including covariate adjustment and external control arms. Owkin uses multimodal patient data in collaboration with major academic centers across the US and Europe. This high-quality patient data, which reflects a greater standard of care, powers their AI. They also work together through initiatives such as MOSAIC to include spatial omics and other new modalities into their data offering. Further, Owkin is focused on expanding its worldwide data network while maintaining data security and academic partner trust in research collaborations by utilizing privacy-enhancing technologies such as federated learning.

Multimodal AI Market – By Region, 2023 and 2031

Source: The Insight Partners Analysis

Multimodal AI also improves remote monitoring and care. The integration of data from wearables, electronic health records (EHRs), and ambient wireless sensors improves remote monitoring customizations. For example, when integrated with wearables, environmental sensors improve fall detection and gait analysis performance, ensuring reliability while reducing false alarms. Thus, the expansion of AI applications in healthcare is contributing to the growing multimodal AI market size.

The multimodal AI market analysis has been carried out by considering the following segments: component, organization size, data type, and end use. Based on component, the market is segmented into solution and services. In terms of organization size, the market is divided into SMEs and large enterprises. Based on data type, the market is segmented into audio and video, image, and text. Based on end use, the market is segmented into automotive and transportation, BFSI, e-commerce and retail, healthcare, IT and telecom, media and entertainment, and others. The BFSI segment held the largest multimodal AI market share in 2023.

The scope of the Multimodal AI market report is primarily divided into North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America held the largest multimodal AI market share in 2023, while Asia Pacific is expected to record the fastest CAGR during 2023–2031. The automotive industry in APAC is undergoing a significant shift from conventional vehicles to autonomous vehicles. China is a key player in the market for autonomous vehicles, leveraging its robust technology ecosystem and supportive government policies. Companies such as Tencent, Baidu, and Alibaba are heavily investing in autonomous vehicle technology. Also, Japan is another significant contributor to the market for autonomous vehicle, with a large number of patents and innovations. The Japanese government is promoting autonomous vehicle technology as part of its future mobility strategy, simultaneously taking initiatives to enhance infrastructure and establish regulatory frameworks supporting autonomous vehicle deployment. Various companies in APAC countries are launching new autonomous vehicles. For instance, in February 2024, Toyota Motor Corp. announced the commencement of a self-driving transportation service in Odaiba, Tokyo, using the Level 4 autonomous driving systems under certain conditions to start a driverless robotaxi business in the future. Minus Zero became India’s first startup to build fully autonomous vehicles in June 2023. The firm has made significant developments in its operations since the launch of its first fully autonomous vehicle—iPod. In May 2024, Japan set an aim to acquire a 30% share of the global market for software-defined vehicles designed to improve performance by upgrading software. Japan is also likely to consider establishing a company to both operate self-driving trucks and start testing driverless taxis. Autonomous vehicles are equipped with multiple sensors, including cameras, LIDAR, RADAR, and ultrasonic sensors. Multimodal AI processes data obtained from these sensors to create a comprehensive understanding of the vehicle's surroundings. Thus, the growing complexity and volume of data handled by autonomous vehicles underline the need for advancements and investments in multimodal AI technologies. According to Salesforce Inc., 12 countries in APAC deployed AI technology in their business in September 2023 to streamline operations. Countries such as Singapore, Japan, China, and South Korea have already deployed AI technology for managing large volumes of high-quality data, which further benefits the multimodal AI market growth in the region.

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 in the multimodal AI market report. 

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