Multimodal AI Growth Opportunities in Enterprise Applications

Multimodal AI Growth Opportunities in Enterprise Applications

Increasing Use Cases in Diverse Industries Enable Stakeholders to Better Monetize Data

In an evolving digital landscape, artificial intelligence (AI) is emerging as a preeminent force poised to reshape traditional job functions, operational processes, and business models. Cross-industry enterprises embrace innovative multimodal AI tools, solutions, and platforms to augment business growth, optimize operations, create strategic differentiation, enhance customer experience, and personalize service portfolios. Advancements in voice, video, and text AI capabilities have supported the growth of multimodal AI.

In addition, with the recent disruption in the generative AI technology space, the multimodal approach is also shifting from cognitive search and recommendation to generation capabilities. Enterprises are looking for multimodal AI applications with the potential to transform business models, processes, and company functions. This creates growth opportunities across the generative AI stack, from data formats and tools to platforms and emerging AI applications.

This report highlights key emerging multimodal AI use cases across industry verticals and horizontal business functions and drivers and restraints that impact the AI market. It also offers technology vendors and service providers opportunities they can explore in industry-specific multimodal solutions and the data management space.

Strategic Imperatives
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on Artificial Intelligence (AI)
Growth Opportunities Fuel the Growth Pipeline Engine™
Background—Artificial Intelligence
AI is a Technology Priority for Global Enterprises
Enterprises are Advancing in Their AI Adoption Journeys
Growth Drivers
Growth Restraints
Maturing Voice, Video, and Text AI Capabilities Support Multimodal AI Growth
Maturing Voice, Video, and Text AI Capabilities Support Multimodal AI Growth—Voice AI
Maturing Voice, Video, and Text AI Capabilities Support Multimodal AI Growth—Computer Vision
Maturing Voice, Video, and Text AI Capabilities Support Multimodal AI Growth—Text AI
Growth Environment
Unlocking Data Potential Requires Analyzing Unstructured Data in Video, Image, and Text Formats
Industry and Functional Use Cases Increasingly Dependent on Integrated Data Formats
Conversational AI Formats Increasingly Operating on Video, Image, and Text Formats
Differentiating Factors of Unimodal, Cross-modal, and Multimodal AI
Multimodal AI to be More Holistic and Tackle Complex Tasks than Traditional Single-mode AI Models
Multimodal Approach Shifting from Cognitive Search and Recommendation Capabilities to Creative and Generative AI
Generative AI Accelerates Multimodal Ecosystem Development
Multimodality Creates Growth Opportunities Across the Generative AI Stack
Availability of Multimodal Datasets
Large-scale ML Models Support Multimodality
Evolving Data Management Tools and Platforms
Transforming AI Application Capabilities
The Way Forward
The Need for a Centralized AI Management Platform
Growth Opportunity Universe
Growth Opportunity 1—Industry-specific Multimodal Applications
Growth Opportunity 2—Multimodal Generative AI Foundation Models
Growth Opportunity 3—Data Management Services
List of Exhibits
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