What is Multimodal AI & How Does it Benefit Different Industries?
- Angela Novelli
- 1 hour ago
- 4 min read
How different industries and organizations use artificial intelligence (AI) systems and tools is shifting and evolving as more technological advancements are made. The impact of different forms and models of AI have transformed healthcare, finance, education, and more in ways that enable more innovative and efficient solutions for companies and individuals that utilize these services.
We are now seeing more rapid growth from multimodal AI, which is a model that uses multiple types of content to produce an output. According to research, the global multimodal AI market size was estimated at USD 1.73 billion in 2024 and is projected to reach USD 10.89 billion by 2030. This growth comes as a result of organizations seeking to improve their AI systems and achieve more specific and tailored results for their clients and customers.
Let’s delve into what exactly multimodal AI is and how it benefits different industries with its advanced capabilities.
What is Multimodal AI?
Various types of technology, like AI for example, process different types of content and information individually rather than simultaneously. While this strategy is useful for gaining certain knowledge and insights, understanding different information such as text, images, audio, video, and more at the same time can help paint a more distinct picture. This is where multimodal AI comes in – a type of AI that takes in multiple forms of information to produce outputs, similarly to how humans perceive their environment through different senses.
Multimodal AI can reduce hallucinations and provide more relevant results than traditional large language models (LLMs) due to its capabilities in processing complex queries and requests. There is also the potential for allowing interaction through speaking and gesturing, making multimodal AI more accessible to those with limited technical abilities.
How Does Multimodal AI Benefit Different Industries?
Organizations in different industries are looking to move forward with multimodal AI, shifting from AI that can process text alone to a model that can analyze multiple documents, videos, audios, and additional data at the same time. Let’s take a look at how multimodal AI benefits a few different industries:
Finance: Vast amounts of money are lost to fraud each year, signaling a need for advanced technology that can help mitigate this issue. Multimodal AI enables financial institutions to understand and process multiple data types at a time for a more comprehensive outlook. This can be used when an individual applies for a mortgage, for example. These models can analyze images of properties, voice patterns, and the authenticity of different documents all at once to produce a complete risk profile and determine if there are any fraud patterns that other systems might not identify.
In addition to fraud detection, multimodal AI can significantly improve claims processing by shortening the time it takes to process from weeks to hours. This is done through inspecting images of damage, comparing any written descriptions, and looking into historical claim patterns to pinpoint any anomalies. Customer service also benefits from multimodal AI by generating unified customer profiles that can correspond with a voice call to immediately display any receipts and transaction history. This makes for a more efficient and productive experience for customers.
Education: Using multimodal AI in education is similar to how we learn in reality, which is not just in one form. We learn through words, visuals, and hands-on experiences altogether, making multimodal AI a better option to enhance the learning process. The MIT Media Lab has created a great example of how this can be put into practice through their Interactive Sketchpad. It is an AI-powered tutoring system that allows students to be able to interact and collaborate with AI to solve all kinds of mathematical problems. Step-by-step explanations are provided along with AI-generated visualizations, which is highly beneficial for a more engaging learning experience.
Healthcare: Combining data from different sources like medical images, genetic information, and patient voice recordings using multimodal AI helps healthcare professionals access a broader image of a patient’s health. This model has also proven to show great progress in the accuracy of cancer diagnoses as well as diagnoses for other conditions by merging medical imaging with genomic data. AI can identify changes in voice tone to detect early stages of a respiratory illness, and combined with analysis of sleep patterns and heart rate, it can also detect mental health issues such as depression and anxiety. It can pinpoint patterns that human eyes might miss, making for more accurate and informed patient analyses and tailored treatment plans.
When implementing multimodal AI, it is important to keep in mind the guidelines for responsible development and usage for any type of AI. The benefits of models like these are transformative for different industries and their services, but organizations should consider embracing responsibility, accountability, fairness, and a human-centered approach to reach AI’s fullest potential and the best customer experience.
Our team at Sedna Consulting Group has over two decades of experience in technology consulting, and we have developed an expertise in AI for different businesses across the public and private sectors. Reach out to us for more information on how we can provide tailored solutions for your business at info@sednacg.com.
“Our intelligence is what makes us human, and AI is an extension of that quality.”
– Yann LeCun, Computer Scientist
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