At 34.2% CAGR, Middle East & Africa Multimodal AI Market is Projected to be Worth US$ 558.11 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa multimodal AI market was valued at US$ 52.98 million in 2023 and is expected to reach US$ 558.11 million by 2031, registering a CAGR of 34.2% from 2023 to 2031. Ability to improve self-driving car performance and entertainment sector are among the critical factors attributed to drive the Middle East & Africa multimodal AI market growth.

AI is emerging as a primary catalyst of a dramatic shift in the automotive sector due to its ability to transform every element of transportation, from smart vehicle design to personalized in-car interactions. Thus, it subsequently assures safer, more efficient, and environmentally friendly travel for both drivers and passengers. The incorporation of AI-powered multimodal assistants represents a significant leap in mobility solutions. These assistants are intended to facilitate a seamless shift between the modes of transportation owing to their ability to process a variety of inputs, such as voice instructions, pictures, and video feeds. Moreover, owing to this ability, they serve as diverse interfaces that connect people to their vehicles and the surrounding environment. In April 2024, Wayve, a company specializing in AI technology for assisted and automated driving, unveiled Lingo-2. This closed-loop driving model combines vision, language, and action to better explain and predict drivers' behavior. The use of multimodal AI in autonomous vehicles improves their perception and decision-making capabilities. AI-enabled vehicles can navigate difficult circumstances more accurately and safely by processing data obtained from sensors, cameras, and environmental inputs. Significant investments are being made in the market for the development of better AI models for autonomous driving. In 2024, Applied Intuition, an autonomous vehicle software developer, concluded its newest fundraising round of US$ 250 million to deliver AI-enabled technology to vehicles in the automotive, construction, defense, and agricultural industries. Thus, self-driving car performance improvement applications are likely to emerge as a significant trend in the Middle East & Africa multimodal AI market in the coming years.

On the contrary, ethical and privacy concerns hamper the growth of Middle East & Africa multimodal AI market.

Based on component, the Middle East & Africa multimodal AI market is bifurcated into solution and service. The solution segment held 72.2% market share in 2023, amassing US$ 38.25 million. It is projected to garner US$ 409.07 million by 2031 to register 34.5% CAGR during 2023-2031.

Based on organization size, the Middle East & Africa multimodal AI market is bifurcated into SMEs and large enterprises. The large enterprises segment held 86.9% share of Middle East & Africa multimodal AI market in 2023, amassing US$ 46.03 million. It is anticipated to garner US$ 476.25 million by 2031 to expand at 33.9% CAGR during 2023-2031.

By data type, the Middle East & Africa multimodal AI market is segmented into audio & video, image, and text. The audio & video segment held 41.2% market share in 2023, amassing US$ 21.82 million. It is projected to garner US$ 242.82 million by 2031 to register 35.1% CAGR during 2023-2031.

By end use, the Middle East & Africa 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 32.0% market share in 2023, amassing US$ 16.97 million. It is projected to garner US$ 163.34 million by 2031 to register 32.7% CAGR during 2023-2031.

By country, the Middle East & Africa multimodal AI market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 29.7% share of Middle East & Africa multimodal AI market in 2023. It was assessed at US$ 15.74 million in 2023 and is likely to hit US$ 155.54 million by 2031, registering a CAGR of 33.2% during 2023-2031.

Key players operating in the Middle East & Africa multimodal AI market are Alphabet Inc, Amazon Web Services Inc, International Business Machines Corp, NEC Corp, and Microsoft Corp among others.

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