The Global Multimodal AI Market size was valued at USD 1.35 billion in 2024 and is projected to reach USD 5.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 32.91% during the forecast period, i.e., 2025-30     

Global Multimodal AI Market Driver:

Increasing Digital Banking Uplifting the Demand for the Multimodal AI Solutions – In recent years, countries such as the Netherlands, Denmark, the UK, etc., have witnessed a surge in the online banking user population. According to Expatica Communications, in 2023, more than 89% of the individuals residing in the Netherlands use online banking. Similarly, consumers in the US, India, etc., prefer digital banking services to make transactions rather than visiting the banks. According to the survey conducted by Forbes Advisor, in 2023, more than 78% of adult individuals in the US now prefer banking through mobile phones & applications. The increasing number of users on mobile banking applications often results in site traffic. As a result, the banks require multimodal AI solutions to offer seamless and interactive experiences to consumers, driving market growth.

In addition, the increasing inclination of consumers toward digital banking services has made consumers more susceptible to online fraudulent risks. As a result, financial institutions, like banks, insurance companies, etc., are amalgamating multimodal AI solutions to identify suspicious transactions, authenticate users, and mitigate risks more effectively, driving the global market for multimodal ai.

Furthermore, the consumers' data stored in the servers of banks & other financial institutions is critical & holds paramount importance. Therefore, regulatory authorities, like the European Commission, Gulf Standardization, etc., are implementing stringent data security regulations. As a result, the banks & other financial institutions would use solutions, including multimodal AI, to detect anomalies, identify suspicious activities, and authenticate users, uplifting the Multimodal AI industry in forthcoming years.

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Key Market Reports Highlights

·        Market Dimensions & Projections

·        Pricing Evaluation

·        Recent Strategic Moves by Companies

·        Primary Stakeholders

·        Import/Export Trend Analysis

·        Competitive Landscape Assessment

·        Emerging Opportunities

·        Market Trends and Indicators

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Global Multimodal AI Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2024

-Historical Period: 2020 to 2023

-Forecast Period: 2025 to 2030

• By Offerings
• Software- Market Size & Forecast 2020-2030, USD Million
• Service- Market Size & Forecast 2020-2030, USD Million
• Professional Services- Market Size & Forecast 2020-2030, USD Million
• Managed Services- Market Size & Forecast 2020-2030, USD Million
• By Deployment
• Cloud-based- Market Size & Forecast 2020-2030, USD Million
• On-Premises- Market Size & Forecast 2020-2030, USD Million
• By Data Modality
• Image Data- Market Size & Forecast 2020-2030, USD Million
• Text Data- Market Size & Forecast 2020-2030, USD Million
• Speech & Voice Data- Market Size & Forecast 2020-2030, USD Million
• Video & Audio Data- Market Size & Forecast 2020-2030, USD Million
• By Technology
• Speech Recognition- Market Size & Forecast 2020-2030, USD Million
• Natural Language Processing (NLP) - Market Size & Forecast 2020-2030, USD Million
• Computer Vision- Market Size & Forecast 2020-2030, USD Million
• Gesture Recognition- Market Size & Forecast 2020-2030, USD Million
• Others - Market Size & Forecast 2020-2030, USD Million
• By End User
• Media & Entertainment- Market Size & Forecast 2020-2030, USD Million
• BFSI- Market Size & Forecast 2020-2030, USD Million
• Healthcare- Market Size & Forecast 2020-2030, USD Million
• Automotive & Transportation- Market Size & Forecast 2020-2030, USD Million
• Telecom- Market Size & Forecast 2020-2030, USD Million
• Retail & E-commerce- Market Size & Forecast 2020-2030, USD Million
• Others- Market Size & Forecast 2020-2030, USD Million
• By Application
• Virtual Assistants & Chatbots- Market Size & Forecast 2020-2030, USD Million
• Biometric Identification & Authentication- Market Size & Forecast 2020-2030, USD Million
• Medical Imaging Analysis & Patient Monitoring- Market Size & Forecast 2020-2030, USD Million
• Driver Monitoring- Market Size & Forecast 2020-2030, USD Million
• Others- Market Size & Forecast 2020-2030, USD Million
• By Enterprise Size
• Small & Medium Enterprises (SME)- Market Size & Forecast 2020-2030, USD Million
• Large Enterprises- Market Size & Forecast 2020-2030, USD Million
• By Region
• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, 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

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