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Multimodal AI Market Size – By Data Modality, By Technology, By Type, By Industry Vertical– Global Forecast, 2025 – 2034

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Multimodal AI Market Size

The global multimodal AI market size was valued at USD 1.6 billion in 2024 and is estimated to grow at CAGR of 32.7% from 2025 to 2034. Increasing demand for AI & ML integration from various sectors like retail, healthcare, automotive etc. and increasing R&D investment in AI technology is the driving force behind the market.
 

Multimodal AI Market

The multimodal AI market presents a transformative opportunity across industries owing to technological advancements. Future advancement is focused on real-time edge AI applications, involving human-AI collaboration. From an R&D standpoint, multimodal AI acts a dynamic frontier of innovation. Deepseek AI is the latest example of it which has disrupted the traditional business of ChatGPT, Gemini and other such platforms in the 1st quarter of 2025. R&D efforts must prioritize on scaling edge AI capabilities for low-latency applications.
 

However, ethical AI governance, computational efficiency, and data fusion complexity remains as hurdles which companies need to address. Leveraging the power of such platforms, industries across the world can go in a transformative space wherein with minimum efforts and time, results can be achieved with higher efficiency.
 

AI allows businesses to enhance their workflow through integrating various data such as text, images, and voice into cohesive system that improve decision making, reduce human error, etc. From manufacturing to customer service multimodal AI can help to tackle complex tasks across different platforms and environments. As companies prioritize productivity, adoption of automation through AI in sectors like automotive healthcare, logistics boosts the multimodal AI market growth.
 

Moreover, major companies are increasing their R&D investments, which is changing the technological landscape of AI. This enhances technological advancements such as speech recognition, image capturing and image search, fraud detection and risk assessment in multimodal AI helps market to simplify their complex tasks and thus, increasing their adoption in various sectors. For example, major tech giants like Meta, Amazon, Microsoft plans to Meta, Amazon, Alphabet, and Microsoft plan to allocate up to $320 billion combined, marking a significant increase from $230 billion in 2024. Their aggressive spending highlights the intensifying AI competition and the need for advanced infrastructure.
 

Also, the number of AI tools users in various sectors is increasing globally. As the adoption of AI tools for personalized services, automation, and decision making, the demand for multi modal AI rises, according to Statista the number of AI tools users are increasing rapidly. In the year 2023 to 2024 the AI tools users have increased by 59.6 million and is expected to reach 729.10 million users in 2030.
 

With the rapid adoption of multimodal AI in various sectors companies should increase their investment in R&D and focus on enhancing its technological features to outperform their competitors and capture higher market share.
 

Multimodal AI refers to machine learning models with capability to process and integrate information from multiple modalities type of data. These modalities can include images, text, video, audio, and other forms of sensory input. Multimodal AI combines and analyses different forms of data inputs which results into comprehensive understanding and generate more vigorous outputs.            
 

Multimodal AI Market Trends

  • Processing & interpreting complex real-world scenarios is enabling the AI system to solve problems in advanced healthcare diagnostics, autonomous vehicles, and in many more sectors.
     
  • Advancement in multimodal AI is driven by advancement in AI models that integrate text, images and other data types. This leads to enhanced AI’s ability to understand and generate diverse content for its user. For instance, the Salesforce introduced xGen-MM which offers open-source models that advance visual language understanding. It includes pre-trained models, datasets, and code for fine-tuning.
     
  • AI powered glasses are transforming users’ interaction by integrating multimodal AI capabilities such as voice recognition, visual processing and real-time data. Such integration enhances user experience in various industries. For instance, Meta’s Ray-Ban meta smart glasses have integrated multimodal AI into wearable devices. Metas has combined voice commands and receive immediate descriptions in their glasses, which enhance user interaction such trends show the upcoming demand of integrated multimodal AI devices.
     
  • Multimodal AI significantly enhances features of autonomous vehicles which are integrated with AI data such as from camera, LIDAR, and microphones, enables accurate decision making. This integration significantly improves a vehicle’s ability to navigate in complex environment.
     
  • AI content creation tools are transforming continuously with new innovations such as users seeks out for content creation such as for visual, audio/video content. By automating tasks like image design, enhance video editing, these tools save time, enhance creativity and ensures scalability. For instance, copy ai tool streamline writing process by generating high-quality text for ads, blog posts, and audience focused content. Suh automation tools enhance overall productivity without compromising the quality.
     

Multimodal AI Market Analysis

Multimodal AI Market Size, By Data Modality, 2021-2034 (USD Billion)
  • The image data segment reached USD 565.4 million in 2024. Advancement in deep learning techniques like Convolutional Neural Networks (CNN) which has significantly fostered the capabilities of image classification & recognition which is driving the segment growth.
     
  • The text data multimodal AI industry is expected to grow at the highest CAGR of 35.1% through 2034, due to rapid growth in digital content over social media platforms. The vast volume of text generated across social media, news outlets, and enterprise communications creates a robust market for text analytics.
     
  • The speech & voice data market for multimodal AI registered a market share of 4.4% in 2024. The main factors contributing to the growth of this market segment are the widespread adoption of voice assistance. For instance, according to Statista by 2024 there will be 8.4 billion digital voice assistance devices used globally.
     
  • The video data was exceeded USD 259.4 million in 2024, due to increasing demand for robust video analytics solutions due to increasing number of video streaming platforms and rise of video content over social media. For instance, video content accounts for over 53.7% of total internet traffic.
     
  • The audio data multimodal AI market is expected to grow with a CAGR of 33.1% for the year 2025-2034. Companies are enhancing audio capability to the next extent such as Sarvam AI demonstrated use of audio in multimodal AI by developing enterprise voice agents with enhanced reasoning capabilities which is driving the market.
     
Multimodal AI Market Share, By Technology, 2024
  • The machine learning multimodal AI industry held the largest share of 34.5% in the year 2024 and is expected to maintain its dominance till 2034. The increasing demand for predictive analysis in industries like healthcare and BFSI and the need for cloud-based ML solutions is driving the market. For instance, 87% of the enterprise prefer cloud platform for ML deployment.
     
  • Machine learning plays a crucial role in multimodal AI which enables models to process and integrate data from multiple sources such as text images, audio, etc. In terms of machine learning, modality is majorly referred to as a type of data.
     
  • The natural language processing multimodal AI market is expected to grow with a CAGR of 34% for the forecast period. Natural language processing (NLP) is preferred by enterprises building multimodal AI platforms because it enhances machines' ability to understand and interact with multiple data types, such as text, images, audio, etc. which is the main reason for growth in this segment. Moreover, combining NLP with multimodal AI leads to performing complex tasks like visual-linguistic reasoning and sentiment analysis.
     
  • The computer vision multimodal AI market was valued at USD 310 million in 2024. Computer vision multimodal AI allows the system to analyze visual data alongside other inputs like text and audio. It is transforming continuously with various versions, enhancing user interface and resolving issues quickly which propels the growth in the segment.
     
  • The context awareness multimodal AI industry is expected to grow with a CAGR of 30.8% in 2034. Integration of this technology in multimodal AI solutions significantly improves decision-making and user engagement, which is the key factors driving the market growth.
     
  • Context awareness multimodal AI refers to the system’s ability to understand and adapt based on environment, user intent, and data from multiple sources for instance, PixelBot (code), a context-aware Discord chatbot that showcases Pixeltable solves current challenges in AI development, such as maintaining embedding indices and providing data lineage and versioning from raw data to LLM outputs.
     

Based on type, the market is bifurcated into generative multimodal AI, translative multimodal AI, explanatory multimodal AI, interactive multimodal AI.
 

  • The generative multimodal AI market is valued at USD 740.1 million in 2024, driven by high quality of content creation in the form of Video, text and audio content over various social media and streaming platform. Moreover, as this generated content is used for marketing purposes, due to which media leader around the globe have planned for increasing their content budget by 43% in 2024 which is also expected to drive the market.
     
  • The translative multimodal AI industry is expected to grow with a CAGR of 33.6% for 2025-2034. The growing need for platforms that incorporate cross-language and cross-modal communication is fueling market growth.
     
  • Meta has Introduced SeamlessM4T, a Multimodal AI Model for speech and text translations. It is the first all-in-one multilingual multimodal AI translation and transcription model.
     
  • The explanatory multimodal AI market was valued at USD 109.8 million in 2024. This multimodal type provides detailed explanation by integrating multiple types of data such as text, audio, and video and thus, mostly sought by researchers, students and other working professionals which is driving market growth. Explanatory multimodal AI breakdowns and provide detailed analysis which results in better understanding to the user.
     
  • The interactive multimodal AI industry is expected to grow with a CAGR of 34.4% for the year 2025 - 2034. The market is driven by the need for enhanced user engagement through dynamic interfaces that combine voice, gesture, and visual inputs.
     

Based on industry vertical, the multimodal market is divided into BFSI, retail & ecommerce, IT & telecommunication, government & public sector, healthcare, media & entertainment, others.
 

  • The BFSI market segment was valued at USD 570.5 million in 2024. Companies in the BFSI sector are heading towards AI multimodal to adapt smooth workflow which propels the market growth. For instance, Interface.ai is at the forefront of developing BFSI-specific AI algorithms providing real-time insights and transaction support either alongside internal staff or directly to customers through Sphere, its multimodal AI agent.
     
  • The retail & ecommerce segment is expected to grow with a CAGR of 34.8% for the year forecasted. With multimodal AI, eCommerce brands are crafting personalized shopping journeys, providing instant solutions to customer inquiries which is driving the market forward. Artificial Intelligence (AI) is rapidly transforming customer support in the eCommerce sector which is the result of advanced algorithms and machine learning capabilities.
     
  • The IT & Telecommunication segment was valued at USD 256.3 million in 2024.  Multimodal AI is used in IT for various purposes like software development, data analysis, and cybersecurity. Due to such utilization the market of multimodal AI in IT and telecommunication is growing and has resulted in the development of smart applications that can understand, learn, predict, and potentially function autonomously.
     
  • The government & public sector segment is expected to reach USD 3.1 billion in 2034. Governments are investing in multimodal AI for public safety, smart city project and enhanced citizen engagement which is driving the market growth in the segment. For instance, BharatGen, a pioneering initiative in generative AI, was launched in India on September 30, 2024, in Delhi. The initiative is designed to revolutionize public service delivery and boost citizen engagement by developing a suite of foundational models in language, speech, and computer vision.
     
  • The healthcare multimodal AI market was valued at USD 123.3 million in 2024.  Multimodal AI in healthcare leads to better outcomes for both patients and practitioners. It offers significant improvements in patient care as well as enhance operational efficiency across the pharmaceutical value chain which is expected to drive the market.
     
  • The media & entertainment segment is expected to grow with a CAGR of 32% in 2034. Multimodal AI is revolving overall media & entertainment industry by enabling new possibilities in content creation, production, and user engagement which is driving the market growth.
     
U.S. Multimodal AI Market Size, 2021-2034 (USD Million)

The North America multimodal AI market size is projected to reach USD 11.7 billion by 2034, owing to the rising investment for multimodal AI tools development. Moreover, the region has a high concentration of technology hubs, such as Silicon Valley, and Boston, where cutting?edge research takes place which act as support for AI development.
 

  • The U.S. market for multimodal AI is anticipated to grow with a CAGR of 33.6% in 2034. U.S is advancing multimodal AI through significant investments in startups. SK Telecom (SKT) invested $3 million in Twelve Labs, a US-based AI video analysis start-up. Twelve Labs states its proprietary multimodal foundation models Marengo and Pegasus which brings human-like understanding to videos, enabling precise search, summarization, and analysis.
     
  • The market for multimodal AI in the Canada is set to be valued at USD 140.3 million in 2024. The Canadian market is growing due to the supportive policy and fundings from the government to stimulate AI innovations. For instance, an investment USD 2 billion has been announced by the Canadian government in the year 2024 for enhancing its artificial intelligence industry.
     

In Europe the multimodal AI market is predicted to register a CAGR of 30.5% for the forecasted year. Growing demand from BFSI, automotive, and healthcare industries which utilizes multimodal AI solutions to integrate text, image, and sensor data to improve efficiency and decision-making is driving the market in the region.
 

  • The German multimodal AI industry is anticipated to reach market value of USD 1.1 billion in 2034. Growing demand for multimodal AI integration from the healthcare and automotive industries are the major factors driving growth in the market. Additionally, rising investment in transformative AI is expected to boost the market further. For instance, in 2024 Deutsche Bank’s Corporate Venture Capital (CVC) group has invested in German AI company Aleph Alpha, which research, develops and implements transformative AI such as large AI language and multimodal models.
     
  • The UK market for multimodal AI holds revenue share of 26.5% in 2024. The UK is making significant developments in multimodal AI through initiatives like The UK Open Multimodal AI Network (UKOMAIN) which is driving the market. UKOMAIN is a national initiative funded by the engineering and physical sciences research council (EPSRC) with a total of USD 2.24 million.
     
  • The multimodal AI market in the France is projected to grow with a CAGR of 30.1% for the forecasted year. France is continuously revolving AI automation technologies. For instance, French startup mistral launches pixtral 12B. This model processes both images and text supporting task like image captioning, object identification, etc.
     
  • The market for multimodal AI in Spain was valued at USD 38.7 million in 2024. The market in the country is growing due to the rising demand of multimodal AI from different industries like healthcare, retail, and BFSI. These industries incorporate multimodal platforms to simplify workflow and enhance operational efficiency.
     
  • The Italian market for multimodal AI is anticipated to grow with a CAGR of 29.1% through 2034. The market in this region is growing due to the increased investment in AI technology and increased integration of multimodal AI in the manufacturing industry.
     

The Asia Pacific multimodal AI market is projected to grow significantly, reaching over USD 9 billion by 2034. Asia-Pacific has the largest manufacturing base of semiconductors & electronics and robotics. Rapid deployment of multimodal AI technology to enhance its manufacturing process in these industries is driving the market growth.
 

  • The Chinese multimodal AI industry held the largest share of 42.3% in 2024. Rapid technological development backed by government initiatives to boost AI industry is fuelling the market growth. For instance, Baidu a leading tech giant in the country is set to release its next-generation AI model Ernie 5 later in 2025. This model will feature multimodal capabilities enabling it to process and convert between different formats including text, video, images and audio.
     
  • The India market for multimodal AI is growing at a significant rate of 32.5% for the year 2025-2034. Government initiatives like “Digital India” to foster AI startups are driving the market in the country.
     
  • The multimodal AI market in the Japan is expected to reach USD 706 million by 2034. Japan already has well established expertise in precision engineering and robotics which, are now being integrated with advanced AI systems to optimize production processes and enable smart automation which is a key factor for market growth.
     
  • The South Korea market for multimodal AI is anticipated to register a market share of 13.2% in 2024. The well-established ICT industry in the country, which is known for low-cost software development creates ideal environments for growth for multimodal AI solutions. For instance, in 2024 LG launched its third generation of its hyperscale AI multimodal Exaone, providing better performance and cost-efficiency for massive amounts of data in South Korea.
     

In the Latin America the multimodal AI market is predicted to register a CAGR of 26.1% through 2034. The market in this region is progressing due to growing collaboration between IT companies. For instance, in 2023 Kyndryl and Microsoft collaborate to expand their Center of Excellence capabilities in the region. The Center combines Kyndryl's expertise, comprehensive services and understanding of mission-critical IT systems with the Microsoft Cloud to offer data, AI, generative AI and cybersecurity solutions.
 

  • The Brazil multimodal AI market was valued at USD 35.7 million in 2024. Increasing use of artificial intelligence, including machine learning for real-time monitoring technology is driving market growth.
     
  • The Mexico market for multimodal AI held market share of 33.1% in 2024. Country expanding manufacturing sector and active cross-border trade, driving the development of advanced AI solutions tailored for production analytics and operational optimization.
     
  • The multimodal AI industry in the Argentina is projected to grow with a CAGR of 25.6% for the forecast period. Argentina is growing in multimodal AI industry through research and development, with increasing investment in AI startups and collaborations. The country is focusing on leveraging diverse data types like text, images, etc.
     

The Middle East and Africa multimodal AI market is projected to grow significantly, reaching over USD 430 million by 2034. Countries within this region, such as the UAE, Saudi Arabia, and several emerging African nations, are rapidly modernizing their infrastructure and public services by integrated multimodal AI solutions.
 

  • The Saudi Arabia multimodal AI industry in Saudi Arabia was valued at USD 161.8 million in 2024. Saudi Arabia is rapidly transforming its economy, with artificial intelligence (AI). Saudi Arabia is making significant investments in AI and related infrastructure, including a $40 billion fund and targeted investments in AI companies and startups.
     
  • The South Africa market for multimodal AI is held revenue share of 40.4% in 2024. The nation’s ongoing digital transformation in key sectors such as banking and telecommunications is propelling the market forward.
     
  •  The multimodal AI market in the UAE is projected to grow with a CAGR of 32.7% through 2034. The rising investment in AI is expected to drive the market forward. For instance, in 2025 Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) has released AIN, the first comprehensive bilingual Arabic-English inclusive large multimodal model (LMM). The 7-billion parameter model has been developed to excel at visual and contextual understanding across diverse domains.
     

The Middle East and Africa multimodal AI industry is projected to grow significantly, reaching over USD 430 million by 2034. In Middle East and Africa, the market is growing rapidly with continuous development through initiatives, training programs, overcoming consumer challenges, etc.
 

  • Projections indicate that the multimodal AI market in Saudi Arabia was valued at USD 161.8 million in 2024. Saudi Arabia is rapidly transforming its economy, with artificial intelligence (AI). Saudi Arabia is making significant investments in AI and related infrastructure, including a $40 billion fund and targeted investments in AI companies and startups.
     
  • The South Africa market for multimodal AI is anticipated to register a market share of 40.4% in 2024. In South Africa, the AI-HIVE mobile application is leveraging a multimodal AI integration toolkit to offer comprehensive and tailored HIV care pathways. This initiative provides health, HIV, and sex-related information and counseling specifically for young individuals. Such efforts highlight the crucial role of multimodal AI in healthcare.
     
  •  The multimodal AI market in the UAE is projected to grow with a CAGR of 32.7% through 2034.  In UAE, QX Lab AI, a pioneering artificial general intelligence (AGI) company based in the UAE, announced the launch of Ask QX PRO, an advanced version of its Generative AI platform Ask QX which focused on text-to-text capabilities and Ask QX PRO introduces a wide array of multimodal features.
     

Multimodal AI Market Share

The multimodal AI industry is highly competitive. Google Inc., Open Ai, Microsoft Corporation, IBM (International Business Machines Corporation). are the top 4 companies accounting for a significant share of 60% in the market. The players in this market compete with one another through technology advancements, price differentiation for premium version, and geographical expansion. Intensification of competition will be seen by the rising demand for high-speed connectivity, AI adoption, and the growing adoption of AI related applications in multimodal AI makes in business organizations as well as for individuals.
 

Companies are investing highly in R&D for developing AI-enabled models to enhance overall workflow in business organizations. Moreover, the increased integration of software’s, and features of AI with the latest technologies, including 5G, edge computing, and machine learning, further intensify the competition while making innovation the only differentiator. Partnership and merger & acquisitions are some of the common strategies adopted by major players to gain market share and remain competitive in the market. 
 

Google Inc.is a dominant player in multimodal AI market. Google has been continuously at forefront in many industries. Google Opens Up Gemini 2.0, advertising multimodal capabilities opened access to Gemini 2.0, a significant update to its flagship AI, targeting enterprise users & developers with enhanced multimodal capabilities which results in improved performance. This new API enables low-latency bidirectional voice and video interactions with Gemini. Enhanced performance across most quality benchmarks than Gemini 1.5 Pro.
 

Microsoft Corporation has been in the multimodal AI market enhancing in various sectors such as healthcare.  Microsoft has developed generative AI foundation models large-scale models that leverage advances in AI focused on materials discovery and radiology. The models were built from the ground up on Microsoft Azure and are being shared publicly to speed up development and potential uses. Mayo Clinic and Microsoft Research are collaborating to develop multimodal foundation models that integrate text and images for radiology applications.
 

IBM’s is showcasing its innovation through its new IBM Telum II processor and IBM Spyre accelerator designed to enhance enterprise-scale AI including large language models generative. Advanced IO technology enables and simplifies a scalable IO sub-system designed to reduce energy consumption and data center footprint
 

Multimodal AI Market Companies

Some of the key players in the multimodal AI industry include:

  • Aiberry Inc.
  • Aimesoft Inc.
  • Amazon Web Services, Inc.
  • Archetype AI Inc.
  • Beewant SAS
  • Google Inc.
  • Habana Labs Inc.
  • Hoppr Inc.
  • Inworld AI Inc.
  • International Business Machines Corporation (IBM)
  • Jina AI GmbH
  • Jiva.ai Ltd.
  • Microsoft Corporation
  • Mobius Labs Inc.
  • Modality.AI Inc.
  • Multimodal Inc.
  • Neuraptic AI S.L.
  • Newsbridge SAS
  • OpenAI Inc.
  • OpenStream AI Inc.
  • Owlbot.AI Inc.
  • Perceiv AI Inc.
  • Reka AI Inc.
  • Runway AI Inc.
  • Stability AI Ltd
     

Multimodal AI Industry News:

  • In October 2024, OpenAI introduces new multimodal processing, AI fine-tuning tools. Developers now have a single, unified platform where they can fine-tune OpenAI's small language models (SLMs) using data from its powerful large language models (LLMs).
     
  • In February 2024, Jiva.ai, a no-code AI platform, and Aevice Health provider of remote respiratory monitoring solutions for the healthcare continuum, announced their collaboration on a jointly funded co-innovation program by Innovate UK and Enterprise Singapore focusing on creating a state-of-the-art medical AI to predict asthma exacerbations.
     
  • In April 2024, Reka AI launches multimodal language model to rival Google’s Gemini, Reka AI launched Reka Core, its first multimodal language model. Working with images, audio, and video.
     

The multimodal AI market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2021 – 2034 for the following segments:

Market, By Data Modality

  • Image Data
  • Text Data
  • Speech & Voice Data
  • Video Data
  • Audio Data

Market, By Technology

  • Machine Learning
  • Natural Language Processing
  • Computer Vision
  • Context Awareness
  • Internet of Things

Market, By Type

  • Generative Multimodal AI
  • Translative Multimodal AI
  • Explanatory Multimodal AI
  • Interactive Multimodal AI

Market, By Industry Vertical

  • BFSI
  • Retail & eCommerce
  • IT & Telecommunication
  • Government & Public Sector
  • Healthcare
  • Media & Entertainment
  • Others

The above information is provided for the following regions and countries:

  • North America 
    • U.S.
    • Canada
  • Europe 
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Netherlands
  • Asia Pacific 
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America 
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa 
    • Saudi Arabia
    • South Africa
    • UAE

 

Authors: Suraj Gujar, Partha Paul
Frequently Asked Question(FAQ) :
Who are the key players in multimodal AI market?
Some of the major players in the multimodal AI industry include Aiberry Inc., Aimesoft Inc., Amazon Web Services, Archetype AI Inc., Beewant SAS, Google Inc., Habana Labs Inc., Hoppr Inc., Inworld AI Inc., International Business Machines Corporation (IBM), Jina AI GmbH, Jiva.ai Ltd., Microsoft Corporation, Mobius Labs Inc., Modality.AI Inc., Multimodal Inc., Neuraptic AI S.L., Newsbridge SAS, OpenAI Inc., OpenStream AI Inc., Owlbot.AI Inc., Perceiv AI Inc., Reka AI Inc., Runway AI Inc., Stability AI Ltd.
How much market size is expected from North America multimodal AI market by 2034?
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Multimodal AI Market Scope
  • Multimodal AI Market Size
  • Multimodal AI Market Trends
  • Multimodal AI Market Analysis
  • Multimodal AI Market Share
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    Base Year: 2024

    Companies covered: 25

    Tables & Figures: 190

    Countries covered: 22

    Pages: 160

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