The North America Multimodal AI Market would witness market growth of 31.4% CAGR during the forecast period (2023-2030).
Multimodal AI integrates various data sources and types to enable machines to process, analyze, and comprehend information like human perception. Unlike traditional unimodal AI systems, which specialize in a single data type, multimodal AI harnesses the power of multiple modalities to enhance the depth and accuracy of machine understanding. This comprehensive approach allows AI models to glean insights from diverse inputs, making it particularly effective in tasks that require a nuanced comprehension of real-world scenarios. As a fusion of multiple data modalities, including text, images, audio, and video, multimodal AI transcends the limitations of unimodal systems, offering a more holistic understanding of the complex information present in the diverse and dynamic surroundings.
The digital era has shown itself to be an age of unprecedented data generation. Multimodal AI thrives on this data abundance, leveraging diverse datasets encompassing images, text, audio, and video. The richness and variety of these datasets contribute to the robustness of multimodal models, enabling them to handle complex tasks with a higher degree of accuracy. Deep learning, a subset of machine learning, has played a crucial role in the success of multimodal AI. The advent of sophisticated neural network architectures, such as convolutional neural networks (CNNs) for images and recurrent neural networks (RNNs) for sequential data, has significantly improved the ability of AI models to process and extract features from multimodal inputs.
According to the National Institute of Standards and Technology, in 2021, manufacturing contributed $2.3 trillion to the US GDP, amounting to 12.0 % of the total US GDP. Including direct and indirect (i.e., purchases from other industries) value-added, manufacturing contributed an estimated 24 % of GDP. Multimodal AI, combining visual (image and video) data with other modalities, can enhance manufacturing quality control and inspection processes. The technology can identify defects, anomalies, and deviations more accurately, improving product quality. Multimodal AI can enhance workplace safety by monitoring and analyzing data from sensors and cameras to identify potential hazards or unsafe practices. This is critical in maintaining a safe working environment. These aspects will boost the market growth in the coming years.
The US market dominated the North America Multimodal AI Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,196.1 million by 2030. The Canada market is capturing a CAGR of 34.4% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 33.2% during (2023 - 2030).
Based on Offering, the market is segmented into Solution, and Services. Based on Solution Deployment Type, the market is segmented into Cloud, and On-premise. Based on Solution Type, the market is segmented into Platform, Software, and Framework. Based on Type, the market is segmented into Generative, Translative, Interactive, and Explanatory. Based on Technology, the market is segmented into Natural Language Processing, Machine Learning, Computer Vision, Context Awareness, and Internet of Things. Based on Data Modality, the market is segmented into Image Data, Video Data, Text Data, Speech & Voice Data, and Audio Data. Based on Vertical, the market is segmented into BFSI, Government & Public Sector, Automotive, Transportation & Logistics, Healthcare & Lifesciences, Media & Entertainment, Manufacturing, Retail & eCommerce, Telecommunications, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet, Inc.), Microsoft Corporation, OpenAI, L.L.C., Meta Platforms, Inc. (Meta), Amazon Web Services, Inc. (Amazon.com, Inc.), IBM Corporation, Twelve Labs Inc., Aimesoft Inc., Jina AI GmbH, and Uniphore Technologies Inc.
Scope of the Study
Market Segments Covered in the Report:
By Offering
- Solution
- Solution Deployment Type
- Cloud
- On-premise
- Solution Type
- Platform
- Software
- Framework
- Services
By Type
- Generative
- Translative
- Interactive
- Explanatory
By Technology
- Natural Language Processing
- Machine Learning
- Computer Vision
- Context Awareness
- Internet of Things
By Data Modality
- Image Data
- Video Data
- Text Data
- Speech & Voice Data
- Audio Data
By Vertical
- BFSI
- Government & Public Sector
- Automotive, Transportation & Logistics
- Healthcare & Lifesciences
- Media & Entertainment
- Manufacturing
- Retail & eCommerce
- Telecommunications
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Google LLC (Alphabet, Inc.)
- Microsoft Corporation
- OpenAI, L.L.C.
- Meta Platforms, Inc. (Meta)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- IBM Corporation
- Twelve Labs Inc.
- Aimesoft Inc.
- Jina AI GmbH
- Uniphore Technologies Inc.
Unique Offerings
- Exhaustive coverage
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Table of Contents
Companies Mentioned
- Google LLC (Alphabet, Inc.)
- Microsoft Corporation
- OpenAI, L.L.C.
- Meta Platforms, Inc. (Meta)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- IBM Corporation
- Twelve Labs Inc.
- Aimesoft Inc.
- Jina AI GmbH
- Uniphore Technologies Inc.
Methodology
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