Report : Asia Pacific Multimodal AI Market Forecast to 2031 - Regional Analysis - by Component (Solution and Service), Organization Size (SMEs and Large Enterprises), Data Type (Audio & Video, Image, and Text), and End use (Automotive and Transportation, BFSI, E-commerce and Retail, Healthcare, IT and Telecom, Media & Entertainment, and Others)
At 37.8% CAGR, Asia Pacific Multimodal AI Market is Projected to be Worth US$ 2,355.86 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific multimodal AI market was valued at US$ 181.64 million in 2023 and is expected to reach US$ 2,355.86 million by 2031, registering a CAGR of 37.8% from 2023 to 2031. Application in media and entertainment and ability to improve self-driving car performance are among the critical factors attributed to drive the Asia Pacific 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 capable of 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 for the market.
On the contrary, ethical and privacy concerns hamper the growth of Asia Pacific multimodal AI market.
Based on component, the Asia Pacific multimodal AI market is bifurcated into solution and service. The solution segment held 73.9% market share in 2023, amassing US$ 134.17 million. It is projected to garner US$ 1,764.74 million by 2031 to register 38.0% CAGR during 2023–2031.
Based on organization size, the Asia Pacific multimodal AI market is bifurcated into SMEs and large enterprises. The large enterprises segment held 85.0% share of Asia Pacific multimodal AI market in 2023, amassing US$ 154.36 million. It is anticipated to garner US$ 1,928.55 million by 2031 to expand at 37.1% CAGR during 2023–2031.
By data type, the Asia Pacific multimodal AI market is segmented into audio & video, image, and text. The audio & video segment held 46.1% market share in 2023, amassing US$ 83.76 million. It is projected to garner US$ 1,164.49 million by 2031 to register 39.0% CAGR during 2023–2031.
By end-use, the Asia Pacific multimodal AI market is segmented into automotive and transportation, BFSI, E-commerce and retail, healthcare, it and telecom, media & entertainment, and others. The BFSI segment held 27.4% market share in 2023, amassing US$ 49.76 million. It is projected to garner US$ 577.05 million by 2031 to register 35.8% CAGR during 2023–2031.
By country, the Asia Pacific multimodal AI market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.8% share of Asia Pacific multimodal AI market in 2023. It was assessed at US$ 54.11 million in 2023 and is likely to hit US$ 758.35 million by 2031, registering a CAGR of 39.1% during 2023–2031.
Key players operating in the Asia Pacific multimodal AI market are Alphabet Inc; Amazon Web Services Inc; International Business Machines Corp; NEC Corp; Microsoft Corp; Aimesoft; Jina AI GmbH; Reka AI, Inc; and Openstream Inc., among others.
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