The global multimodal AI market size was valued at USD 1.73 billion in 2024 and is projected to reach USD 10.89 billion by 2030, expanding rapidly at a CAGR of 36.8% from 2025 to 2030. Multimodal AI integrates multiple data formats such as video, audio, speech, text, images, and numerical inputs to generate more accurate predictions, deeper insights, and intelligent solutions for real-world applications. This approach allows AI systems to interpret data contextually by correlating information across modalities, resulting in enhanced decision-making and human-like understanding. As adoption increases across industries, businesses and technology providers are recognizing the significant potential of multimodal AI in solving complex challenges. By developing tailored multimodal AI products for use cases in healthcare, automotive, finance, education, and entertainment, stakeholders can leverage emerging opportunities and contribute to the sector’s overall growth.

With advancements in AI, industries are increasingly customizing multimodal systems to meet distinct operational requirements. Each sector possesses unique data formats and demands, making multimodal AI an ideal solution for generating personalized outputs. For example, Globant’s Advanced Video Search (AVS), powered by Google Cloud’s Gemini models, allows users to search video content through text and image queries, enabling precise discovery of frames or moments within large video libraries. In the automotive domain, multimodal AI supports advanced driver-assistance systems by integrating visual sensor data, audio commands, and textual vehicle information to improve user experience and safety. In 2024, Volkswagen of America adopted a virtual assistant powered by Gemini, enabling drivers to scan dashboard elements with a phone camera to retrieve information instantly, showcasing how industry-specific multimodal solutions enhance usability and innovation.

Key Market Trends & Insights:

• North America dominated the market with a 48.0% share in 2024, due to rapid technological convergence and growing demand for intelligent, human-like machine interactions. The U.S. led the region with strong AI adoption across sectors such as autonomous systems, enterprise AI solutions, and digital services, reinforcing the region's leadership.
• Asia Pacific is projected to record the highest CAGR during the forecast period, driven by fast-paced digitalization and increased integration of multimodal AI across manufacturing, retail, BFSI, consumer electronics, and education. Rising investment in AI infrastructure and supportive government initiatives also contribute to this growth.
• By component, the software segment accounted for a significant 65.0% revenue share in 2024, supported by rising deployment of AI models and platforms across enterprises for automation and decision support. Meanwhile, the service segment is anticipated to grow fastest at a 37.9% CAGR, attributed to demand for system integration, customization, maintenance, and consulting services.
• By data mobility, text data held the largest revenue share in 2024, reflecting widespread use of language models, NLP tools, and AI-driven text processing across industries. On the other hand, speech & voice data is expected to witness the highest CAGR, supported by rapid adoption of voice assistants, voice recognition technologies, and smart device ecosystems.
• By end-use, media & entertainment accounted for the largest revenue share in 2024, as multimodal AI is increasingly used for content generation, recommendation systems, personalization, and interactive media experiences. The BFSI sector is projected to grow fastest, driven by use cases in fraud detection, risk analysis, automated support, and financial advisory systems.
• By enterprise size, Large enterprises held the largest market share in 2024, owing to higher investment capacity and early adoption of multimodal AI platforms for complex workflow optimization. SMEs are expected to grow at the highest CAGR, as scalable, cost-efficient, and tailor-made multimodal AI tools become more accessible, supporting their operational and analytical needs.

Order a free sample PDF of the Multimodal AI Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

• 2024 Market Size: USD 1.73 Billion
• 2030 Projected Market Size: USD 10.89 Billion
• CAGR (2025-2030): 36.8%
• North America: Largest market in 2024

Key Companies & Market Share Insights:

Major market players include Google LLC, Microsoft, and Amazon Web Services, Inc. (AWS), each driving innovation in multimodal AI through advanced algorithms, cloud AI platforms, and integrated development ecosystems.

• Google LLC plays a pivotal role in the evolution of multimodal AI, utilizing deep learning, machine learning, and NLP to develop leading-edge image, speech, and language models. The company's research-driven advancements continue to propel multimodal data processing capabilities and cross-platform AI applications.
• Microsoft strengthens its position through the Azure AI ecosystem, offering solutions in computer vision, speech recognition, and natural language understanding that enable organizations to build multimodal applications with ease. Its extensive enterprise adoption supports market penetration across global industries.

Emerging companies such as Clarifai, Inc. and SenseTime contribute to competition and technological diversification, with each focusing on specialized AI domains.

• Clarifai, Inc. is recognized for expertise in visual intelligence, providing platforms capable of analyzing and interpreting image and video data using multimodal learning, catering to sectors like media, surveillance, and security.
• SenseTime is a leader in AI-powered computer vision, excelling in facial recognition, autonomous driving solutions, and video analytics. Its innovation-driven approach positions it as a notable competitor in the expanding multimodal ecosystem.

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The global multimodal AI market is set for rapid expansion, driven by the integration of multiple data types such as text, image, audio, speech, and video, which significantly enhances decision-making accuracy and contextual understanding. Growing adoption across industries including automotive, healthcare, BFSI, and media & entertainment is further fueling demand for advanced multimodal solutions. Continuous technological developments, along with increasing cloud adoption and AI-based automation, are expected to accelerate commercial implementation in both large enterprises and SMEs. North America currently leads the market, while Asia Pacific is projected to witness the fastest growth due to rapid digital transformation and industry modernization. Overall, the market outlook remains highly favorable, supported by rising investments, sector-specific applications, and innovation from key global players.