Multimodal AI Market forecast & opportunities, 2023-2031 discussed in a new market research report

The Multimodal AI Market size is expected to reach US$ 10,550.20 million by 2031 from 893.5 million in 2023, at an estimated CAGR of 36.2% from 2023 to 2031.

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). Asia Pacific held a significant market share in the year 2023. The automotive industry in APAC is undergoing a significant shift from conventional vehicles to autonomous vehicles (AV). China is a key player in the AVs market, leveraging its robust tech ecosystem and supportive government policies.

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Analysis of the Top Market Players:

1. Alphabet Inc.
2. Amazon Web Services Inc.
3. International Business Machine Corp
4. NEC Corp
5. Microsoft Corp
6. Jiva.ai. LTD
7. Aimesoft
8. Jina AI GmbH
9. Reka AI, Inc.
10. Openstream Inc.s

In this report, the market has been segmented on the basis of:

Component

• Solution
• Service

Organization Size
• SMEs
• Large Enterprises

Data Type

• Audio
• Video
• Image
• Text

End Use

• Automotive and Transportation
• BFSI
• E-commerce and Retail
• Healthcare
• IT and Telecom
• Media and Entertainment

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Companies such as Tencent, Baidu, and Alibaba are heavily investing in AV technology. Also, Japan is another significant player in the market for AV, with a large number of patents and innovations. The Japanese government is promoting AV technology as part of its future mobility strategy, with initiatives to enhance infrastructure and regulatory frameworks supporting AV deployment. Various companies in APAC countries are launching new AVs.

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 that build full AVs (AVs) in June 2023. The firm has made significant developments in its operations since the launch of India's first fully AV-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 a multitude of 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 AVs 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 in the region.

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