Report : North America 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 35.8% CAGR, North America Multimodal AI Market is Projected to be Worth US$ 4,006.96 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the North America multimodal AI market was valued at US$ 346.49 million in 2023 and is expected to reach US$ 4,006.96 million by 2031, registering a CAGR of 35.8% from 2023 to 2031. Rising demand for personalized user experience and surging application in healthcare sector are among the critical factors attributed to drive the North America multimodal AI market growth.
Customers prefer individualized experiences when communicating with businesses, prompting organizations to pursue flawless customer experiences (CX) that distinguish them from the competition. As a result, they are opting for a multimodal user interface (MUI) to ensure spontaneous and intuitive user interactions. In response to evolving consumer preferences, UI/UX designers create practical, personalized, and human-centered user interfaces by combining various user inputs, including voice commands, gesture detection, touch interactions, and typing, to enable natural interactions. Moreover, the application of artificial intelligence (AI) improves user experience (UX) by identifying demands and engagement patterns. The use of multimodal AI allows businesses to harness multiple data sources, giving customers more personalized and targeted content. This, in turn, allows marketing teams to create highly tailored campaigns that include customer-specific advice and adverts. Moreover, multimodal AI can help produce more interactive and engaging content, aiding in interactive marketing, immersive product experiences, and multimedia-rich educational resources. Detailed analysis and decision-making processes powered by multimodal AI systems contribute to a more holistic grasp of the market landscape. Additionally, the technology is critical to breaking down language boundaries amid rapid-paced globalization. Businesses that process and understand information in several languages can efficiently interact with diverse audiences with different linguistic preferences. Thus, the rising demand for personalized experience propels the North America multimodal AI market.
On the contrary, ethical and privacy concerns hamper the growth of North America multimodal AI market.
Based on component, the North America multimodal AI market is bifurcated into solution and service. The solution segment held 77.1% market share in 2023, amassing US$ 267.02 million. It is projected to garner US$ 3,122.79 million by 2031 to register 36.0% CAGR during 2023–2031.
Based on organization size, the North America multimodal AI market is bifurcated into SMEs and large enterprises. The large enterprises segment held 80.8% share of North America multimodal AI market in 2023, amassing US$ 280.03 million. It is anticipated to garner US$ 3,062.01 million by 2031 to expand at 34.8% CAGR during 2023–2031.
By data type, the North America multimodal AI market is segmented into audio & video, image, and text. The audio & video segment held 47.3% market share in 2023, amassing US$ 163.86 million. It is projected to garner US$ 2,003.18 million by 2031 to register 36.7% CAGR during 2023–2031.
By end-use, the North America 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 26.2% market share in 2023, amassing US$ 90.69 million. It is projected to garner US$ 933.00 million by 2031 to register 33.8% CAGR during 2023–2031.
By country, the North America multimodal AI market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 91.9% share of North America multimodal AI market in 2023. It was assessed at US$ 318.35 million in 2023 and is likely to hit US$ 3,659.16 million by 2031, registering a CAGR of 35.7% during 2023–2031.
Key players operating in the North America multimodal AI market are CAE Inc; Collins Aerospace; NAV Flight Services LLC; Jeppesen Sanderson, Inc.; Sabre Corp; NAVBLUE; FSS GmbH; Laminaar Aviation Infotech Pte Ltd; Chetu Inc; AIMS INTL DWC LLC; eTT Aviation; ForeFlight LLC; Amadeus IT Group SA; Universal Weather and Aviation, Inc.; Airsupport A/S; Deutsche Lufthansa AG; and RocketRoute Ltd., among others.
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