Application in Media and Entertainment Brings New Opportunities for Multimodal AI Market Growth
The media and entertainment industries are striving to meet the evolved consumer demands for personalized content as well as an unlimited selection of OTT and streaming services. Multimodal AI can create and understand content in multiple formats or modes, including text, graphics, audio, and video. It employs various AI techniques, including Natural Language Processing (NLP), Computer Vision, Speech Recognition, Machine Learning, and Large Language Models (LLMs), to process data in multiple forms and discover new features that emerge from the combination of data obtained from numerous sources. Multimodal AI simplifies different aspects, boosts prediction accuracy, improves resource utilization efficiencies, and delivers enhanced user experience. Media and entertainment organizations can profit greatly from multimodal AI technologies to streamline business processes. In 2024, Google revealed Veo, an AI-powered video generator, for creating videos longer than a minute. According to its claim, Veo can produce 1080p definition videos in a variety of cinematic and visual styles. The company also introduced Imagen 3, an update to its text-to-image generating model. Multimodal AI can record tones and render details in extended prompts, as well as interpret natural language and visual semantics. Thus, the expanding application of multimodal AI in the media and entertainment sector is creating ample opportunities in the multimodal AI market.
Multimodal AI Market: Industry Overview
The multimodal AI market analysis has been carried out by considering the following segments: component, organization size, data type, and end use. Based on component, the market is segmented into solution and services. In terms of organization size, the market is divided into SMEs and large enterprises. Based on data type, the market is segmented into audio and video, image, and text. Based on end use, the market is segmented into automotive and transportation, BFSI, e-commerce and retail, healthcare, IT and telecom, media and entertainment, and others. The BFSI segment held the largest multimodal AI market share in 2023. In terms of geography, the multimodal AI market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
In healthcare, multimodal AI is revolutionizing diagnostics, treatment, and patient care. Germany, the UK, and France are pioneering the adoption of multimodal AI in healthcare among all European countries. The growth of the multimodal AI market in Europe, specifically in the healthcare sector, is attributed to the need for advanced diagnostic tools, the increasing complexity of medical data, and the rising demand for personalized healthcare solutions. Significant investments in AI infrastructure, supportive government policies, and collaborations between tech companies and healthcare institutions are also contributing to the market in European countries. For instance, in June 2023, the European Commission, along with Member States and 128 partners from industry, research, and public organizations, unveiled an investment worth US$ 238.34 million in 4 sectoral testing and experimentation facilities (TEFs) for AI, including the TEF-Health. TEF-Health focuses on machine learning (ML) in medical imaging, complex brain simulations, and the use of robotics in intervention and rehabilitation, among other aspects. In March 2024, the Science and Technology Facilities Council (STFC) Hartree Centre and the Mersey Care NHS Foundation Trust announced a strategic partnership to advance AI in healthcare across the trust to optimize patient outcomes. Thus, technological progress in the healthcare sector benefits the multimodal AI market in Europe.
Multimodal AI Market: Competitive Landscape and Key Developments
Aimesoft Inc, Alphabet Inc, Amazon Web Services Inc, IBM Corporation, Jina AI GmbH, Meta Platforms Inc, Microsoft Corporation, OpenAI LLC, Twelve Labs Inc, and Uniphore Technologies Inc are among the key players profiled in the multimodal AI market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few recent developments by the key players, as per the company press releases, are mentioned below:
- In March 2024, Openstream.ai, a leading provider of neuro-symbolic, plan-based multimodal conversational AI platform and solutions for visionaries, announced the expansion of its multimodality patent portfolio with the issuance of the patent entitled “System and Method for Automated Digital Twin Behavior Modeling for Multimodal Conversations.”
- In April 2024, Reka, an AI research and product company, selected Oracle Cloud Infrastructure (OCI) to support its mission to advance science and build generative AI models for the benefit of humanity and enterprises. In collaboration with Oracle, Reka also plans to make its multimodal models, supporting over 20 languages and trained on OCI AI Infrastructure powered by NVIDIA GPUs, available in the Oracle Cloud Marketplace.