Multimodal AI Market Growth Opportunities, Size, Share Analysis, Recent Developments And Forecast To 2033

The new report published by The Business Research Company, titled "Multimodal AI Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the multimodal ai market size has grown exponentially in recent years. It will grow from $1.27 billion in 2023 to $1.66 billion in 2024 at a compound annual growth rate (CAGR) of 31.2%. The multimodal ai market size is expected to see exponential growth in the next few years. It will grow to $4.88 billion in 2028 at a compound annual growth rate (CAGR) of 30.9%.

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Smartphone Proliferation Fuels Multimodal AI Market Surge
The rising adoption of smartphones is expected to propel the growth of the multimodal AI Market going forward. A smartphone is a mobile phone with advanced computing capabilities and features beyond those of a traditional mobile phone. The integration of multimodal AI in smartphones enhances the overall user experience, making devices more intuitive, responsive, and capable of understanding and adapting to user needs in diverse situations. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Further, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) are expected to own a smartphone. Therefore, the rising adoption of smartphones is driving the growth of the multimodal AI market.

Multimodal AI Revolution Companies Embrace Integration for Enhanced Predictions and Efficiency
Major companies operating in the multimodal AI market are enhancing multimodal AI techniques, such as supercharged language models, to drive revenues in the market. A supercharged language model (SLM) is a next-generation language model that builds upon the impressive capabilities of existing models like GPT-3 and Jurassic-1 Jumbo by incorporating several key advancements, making them even more powerful and versatile. For instance, in November 2023, Open AI, a US-based artificial intelligence research company, launched GPT-4 Turbo AI, a supercharged language model with multimodal magic. This enhances the capability to accept images as inputs within the Chat Completions API and opens various use cases, including generating image captions, conducting detailed analysis of real-world images, and processing documents that contain figures. Additionally, developers can seamlessly integrate DALL·E 3 into their applications and products by specifying dall-e-3 as the model when using the Images API, extending the creative potential of multimodal AI.

The multimodal ai market covered in this report is segmented -

1) By Type: Generative, Translative, Interactive, Explanatory
2) By Offering: Solutions, Services
3) By Data Modality: Text Data, Speech and Voice Data, Image Data, Video Data, Audio Data
4) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Context Awareness, Internet Of Things
5) By Vertical: Banking, Financial Services And Insurance(BFSI), Government And Public Sector, Automotive, Transportation And Logistics, Healthcare And Lifesciences, Media And Entertainment, Manufacturing, Retail And E-Commerce, Telecommunications, Other Verticals

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Major companies operating in the multimodal ai market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Group, Microsoft Corporation, Meta Platforms Inc., Huawei Technologies Co. Ltd., Tencent Holdings Ltd., IBM corporation, SAP SE, Nvidia Corporation, Baidu AI Cloud, SenseTime, SymphonyAI, C3.ai Inc., OpenAI, Shippeo, SoundHound AI Inc., Charles River Analytics Inc., Smart Eye AB, Sight Machine, Jina AI GmbH, Clarifai Inc., Sensory Inc., Aleph Alpha GmbH, Aimesoft, Vokaturi B.V. , Inworld AI, Unqork, Twelve Labs

Contents of the report:
1. Executive Summary
2. Multimodal AI Market Report Structure
3. Multimodal AI Market Trends And Strategies
4. Multimodal AI Market - Macro Economic Scenario
5. Multimodal AI Market Size And Growth
…..
27. Multimodal AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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