North America Multimodal AI Market Forecast to 2031 - Regional Analysis - by Component, Organization Size, Data Type, and End-use

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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; it is estimated to register a CAGR of 35.8% from 2023 to 2031.

Surging Application in Healthcare Sector Fuels North America Multimodal AI Market

The integration of many data sources increases the understanding of complex medical conditions as well as provides the framework for more refined and tailored medical treatments. Thus, multimodal AI has a huge potential to alter several aspects of the healthcare sector. In clinical trials, digitalization provides transformative solutions to long-standing issues. Moreover, various AI technologies, including wearable devices and smartphone-enabled self-reported questionnaires, help researchers overcome hurdles associated with time, cost, and participant diversity. Integrating data from several modalities improves information granularity while also allowing for automatic phenotyping and subgrouping. Adaptive trial designs enabled by multimodal AI improve efficiency and responsiveness in overall trials. In May 2022, Bristol Meyers Squibb entered into a strategic collaboration with Owkin. The acquired business employed AI to improve the design and execution of Bristol Meyers Squibb's trials, helping it optimize endpoint definitions, patient subgroups, and treatment impact estimation, including covariate adjustment and external control arms. Owkin uses multimodal patient data in collaboration with major academic centers across the US. This high-quality patient data, which reflects a greater standard of care, powers their AI. They also work together through initiatives such as MOSAIC to include spatial omics and other new modalities into their data offering. Further, Owkin expands its worldwide data network while maintaining data security and academic partner trust in research collaborations by utilizing privacy-enhancing technologies such as federated learning. Multimodal AI also improves remote monitoring and care. The integration of data from wearables, electronic health records (EHRs), and ambient wireless sensors improves remote monitoring customizations. For example, when integrated with wearables, environmental sensors improve fall detection and gait analysis performance, ensuring reliability while reducing false alarms. Thus, the expansion of AI applications in healthcare is driving the North America multimodal AI market .

North America Multimodal AI Market Overview

The North America multimodal AI market is segmented into the US, Canada, and Mexico. North America is an industrially and economically advanced region. The region is witnessing a large number of investments across various domains such as healthcare and IT & telecom. Stanford research published in April 2023 indicated that the US federal government spending in the technological sector increased rapidly in 2022. In June 2023, it was announced that the House Appropriations Committee would be working on passing legislation to include artificial intelligence (AI) in an expanding number of projects. In November 2023, both the Department of Defense (DoD) and the Department of State (DoS) unveiled AI strategies, demonstrating that policy is pulling through and potentially shaping expenditures. Recognizing the importance of this domain to government, Accenture, a multinational professional services corporation, announced plans to open a series of generative artificial intelligence (AI) studios in key North American cities. These studios will be located at Accenture Innovation Hubs in Chicago, Houston, New York, San Francisco, Toronto, and Washington, D.C. The studios will specialize in a variety of industrial use cases, allowing clients to collaborate, execute AI pilots, and quickly scale programs. Thus, all these factors are driving the market in North America.

North America Multimodal AI Market Revenue and Forecast to 2031 (US$ Million)

North America Multimodal AI Market Segmentation

The North America multimodal AI market is categorized into component, organization size, data type, end use, and country.

Based on component, the North America multimodal AI market is bifurcated into solution and service. The solution segment held a larger market share in 2023.

Based on organization size, the North America multimodal AI market is bifurcated into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.

By data type, the North America multimodal AI market is segmented into audio & video, image, and text. The audio & video segment held the largest market share in 2023.

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 the largest market share in 2023.

By country, the North America multimodal AI market is segmented into the US, Canada, and Mexico. The US dominated the North America multimodal AI market share in 2023.

Alphabet Inc; Amazon Web Services Inc; International Business Machines Corp; NEC Corp; Microsoft Corp; Aimesoft; Reka AI, Inc; and Openstream Inc. are some of the leading companies operating in the North America multimodal AI market.

Product Code: BMIRE00031123

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. North America Multimodal AI Market Landscape

4.1 Overview
4.2 Ecosystem Analysis
- 4.2.1 List of Vendors in the Value Chain

5. North America Multimodal AI Market - Key Market Dynamics

5.1 North America Multimodal AI Market - Key Market Dynamics
5.2 Market Drivers
- 5.2.1 Rising Demand for Personalised User Experience
- 5.2.2 Surging Application in Healthcare Sector
5.3 Market Restraints
- 5.3.1 Ethical and Privacy Concerns
5.4 Market Opportunities
- 5.4.1 Application in Media and Entertainment
5.5 Future Trends
- 5.5.1 Ability to Improve Self-Driving Car Performance
5.6 Impact of Drivers and Restraints:

6. Multimodal AI Market -North America Analysis

6.1 North America Multimodal AI Market Revenue (US$ Million), 2021-2031
6.2 North America Multimodal AI Market Forecast Analysis

7. North America Multimodal AI Market Analysis - by Component

7.1 Solution
- 7.1.1 Overview
- 7.1.2 Solution: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Service
- 7.2.1 Overview
- 7.2.2 Service: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)

8. North America Multimodal AI Market Analysis - by Organization Size

8.1 SMEs
- 8.1.1 Overview
- 8.1.2 SMEs: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Large Enterprises
- 8.2.1 Overview
- 8.2.2 Large Enterprises: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)

9. North America Multimodal AI Market Analysis - by Data Type

9.1 Audio and Video
- 9.1.1 Overview
- 9.1.2 Audio and Video: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Image
- 9.2.1 Overview
- 9.2.2 Image: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Text
- 9.3.1 Overview
- 9.3.2 Text: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)

10. North America Multimodal AI Market Analysis - by End use

10.1 Automotive and Transportation
- 10.1.1 Overview
- 10.1.2 Automotive and Transportation: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
10.2 BFSI
- 10.2.1 Overview
- 10.2.2 BFSI: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
10.3 E-commerce and Retail
- 10.3.1 Overview
- 10.3.2 E-commerce and Retail: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
10.4 Healthcare
- 10.4.1 Overview
- 10.4.2 Healthcare: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
10.5 IT and Telecom
- 10.5.1 Overview
- 10.5.2 IT and Telecom: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
10.6 Media and Entertainment
- 10.6.1 Overview
- 10.6.2 Media and Entertainment: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
10.7 Others
- 10.7.1 Overview
- 10.7.2 Others: North America Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)

11. North America Multimodal AI Market - Country Analysis

11.1 North America
- 11.1.1 North America Multimodal AI Market Overview
- 11.1.2 North America: Multimodal AI Market - Revenue and Forecast Analysis - by Country
  - 11.1.2.1 North America: Multimodal AI Market - Revenue and Forecast Analysis - by Country
  - 11.1.2.2 United States: Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.2.2.1 United States: Multimodal AI Market Breakdown, by Component
    - 11.1.2.2.2 United States: Multimodal AI Market Breakdown, by Organization Size
    - 11.1.2.2.3 United States: Multimodal AI Market Breakdown, by Data Type
    - 11.1.2.2.4 United States: Multimodal AI Market Breakdown, by End use
  - 11.1.2.3 Canada: Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.2.3.1 Canada: Multimodal AI Market Breakdown, by Component
    - 11.1.2.3.2 Canada: Multimodal AI Market Breakdown, by Organization Size
    - 11.1.2.3.3 Canada: Multimodal AI Market Breakdown, by Data Type
    - 11.1.2.3.4 Canada: Multimodal AI Market Breakdown, by End use
  - 11.1.2.4 Mexico: Multimodal AI Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.2.4.1 Mexico: Multimodal AI Market Breakdown, by Component
    - 11.1.2.4.2 Mexico: Multimodal AI Market Breakdown, by Organization Size
    - 11.1.2.4.3 Mexico: Multimodal AI Market Breakdown, by Data Type
    - 11.1.2.4.4 Mexico: Multimodal AI Market Breakdown, by End use

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players
12.2 Company Positioning & Concentration

13. Industry Landscape

13.1 Overview
13.2 Market Initiative
13.3 Product News & Company News
13.4 Collaboration and Mergers & Acquisitions

14. Company Profiles

14.1 Alphabet Inc
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
14.2 Amazon Web Services Inc
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
14.3 International Business Machines Corp
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
14.4 NEC Corp
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
14.5 Microsoft Corp
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
14.6 Aimesoft
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
14.7 Reka AI, Inc
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
14.8 Openstream Inc.
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments

15. Appendix

15.1 About The Insight Partners
15.2 Word Index