At 32.5% CAGR, South & Central America Multimodal AI Market is Projected to be Worth US$ 413.57 million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America multimodal AI market was valued at US$ 43.60 million in 2023 and is expected to reach US$ 413.57 million by 2031, registering a CAGR of 32.5% from 2023 to 2031. Surging application in healthcare sector and surging application in healthcare sector are among the critical factors attributed to drive the South & Central America multimodal AI market growth.

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. 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 South & Central America multimodal AI market.

On the contrary, ethical and privacy concerns hamper the growth of South & Central America multimodal AI market.

Based on component, the South & Central America multimodal AI market is bifurcated into solution and service. The solution segment held 71.4% market share in 2023, amassing US$ 31.13 million. It is projected to garner US$ 301.50 million by 2031 to register 32.8% CAGR during 2023-2031.

Based on organization size, the South & Central America multimodal AI market is bifurcated into SMEs and large enterprises. The large enterprises segment held 89.7% share of South & Central America multimodal AI market in 2023, amassing US$ 39.11 million. It is anticipated to garner US$ 358.15 million by 2031 to expand at 31.9% CAGR during 2023-2031.

By data type, the South & Central America multimodal AI market is segmented into audio & video, image, and text. The audio & video segment held 40.3% market share in 2023, amassing US$ 17.57 million. It is projected to garner US$ 178.97 million by 2031 to register 33.7% CAGR during 2023-2031.

By end use, the South & Central 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 30.0% market share in 2023, amassing US$ 13.09 million. It is projected to garner US$ 111.90 million by 2031 to register 30.8% CAGR during 2023-2031.

By country, the South & Central America multimodal AI market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 48.8% share of South & Central America multimodal AI market in 2023. It was assessed at US$ 21.27 million in 2023 and is likely to hit US$ 209.68 million by 2031, registering a CAGR of 33.1% during 2023-2031.

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

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com