Multimodal AI Market Analysis

Component (Software, Service)

The software segment is set to hold over 65.9% multimodal AI market share by the end of 2037. Multimodal artificial intelligence software consists of integrated systems designed to manage and process multiple data kinds at once, including text, audio, video, and images. To enable a thorough interpretation of multimodal information, these software solutions frequently use cutting-edge technologies like machine learning (ML), deep learning (DL), and natural language processing (NLP). Multimodal AI software enables users to design, develop, and supervise AI models that can effectively handle a variety of data modalities. In July 2024, Meta launched a novel software, an AI text-to-3D generator that can generate or retexture 3D objects in under 1 minute.

Data Modality (Image Data, Text Data, Speech & Voice Data, Video & Audio Data)

The speech & voice data segment is projected to witness significant growth in multimodal AI market during the forecast period. The importance of speech and voice data has increased due to the widespread adoption of voice-enabled devices, virtual assistants, and voice-activated apps across multiple industries. Developments in speech recognition technology, enhanced language processing algorithms, and the growing acceptance of voice-activated instructions in smart devices are other factors boosting segment growth. Speech and voice data are seamlessly integrated into multimodal AI applications, further solidifying its position as a major multimodal AI market driver.

For instance, in November 2023, Microsoft announced the launch of Azure AI Speech, a step forward in personal voice customization. This feature is designed to help companies such as Swisscom, Progressive, Vodafone, and Duolingo build apps that allow users to create their own AI voice.

Our in-depth analysis of the multimodal AI market includes the following segments