Explainable AI Market Overviews
Explainable AI Market Size was valued at USD 6.72 Billion in 2023 and is expected to reach USD 21.67 Billion by 2030 at a CAGR of 18.2 % over the forecast period.
The global market for Explainable AI (XAI) has seen significant growth in recent years, driven by the demand from enterprises for greater transparency and understandability in AI systems. XAI technologies are becoming increasingly popular in industries such as healthcare, finance, and autonomous vehicles, where interpretability and accountability are critical. This trend is fueled by rising regulatory requirements for AI transparency, heightened awareness of AI bias, and the need to bolster public trust in AI systems. Major players in the AI sector are investing in XAI research and development, while new companies focused on explainability are emerging. As AI continues to evolve, the XAI industry is expected to expand further, addressing the pressing need for transparent and accountable AI solutions.
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Explainable AI Market Scope and Methodology:
Several key factors are driving the growth of the Explainable AI (XAI) industry globally. One significant factor is the increasing demand for accountability and transparency in AI systems. As AI becomes integral to critical decision-making processes in sectors such as healthcare, finance, and autonomous vehicles, there is a heightened need to understand how these systems reach their conclusions. Industry standards and regulatory bodies are advocating for greater transparency in AI, making the development and implementation of XAI solutions essential. This need is particularly evident in healthcare compliance standards and data privacy regulations like GDPR. As AI technology continues to advance, companies and organizations seek to build trust with their stakeholders by ensuring their AI systems operate transparently.
Explainable AI Market Regional Insights
Examples of these businesses are IBM, Microsoft, and Google. These market leaders make use of their extensive consumer bases and financial resources to dominate the market. Parallel to this, cutting-edge businesses like Fiddler Labs and DarwinAI concentrate on specialized XAI solutions, frequently specializing in particular sectors or use cases. They attract companies searching for specialized XAI products by introducing agility and cutting-edge methodologies to the market. A crucial part is also played by consulting firms like Deloitte and Accenture, who offer advisory services and XAI integration know-how to assist businesses in navigating the complicated AI ecosystem.
Explainable AI Market Segmentation
The Explainable AI (XAI) market is segmented into several key end-use sectors. The banking industry has widely adopted XAI to enhance risk assessment and fraud detection processes. In healthcare, XAI plays a crucial role in clarifying and making critical medical decisions more understandable. Additionally, it ensures the interpretability of AI-driven actions in robotics and autonomous vehicles, thereby improving safety. XAI is increasingly significant in government and military applications, where it ensures the transparency of AI-driven decisions. Furthermore, in retail and e-commerce, XAI helps personalize customer experiences. This segmentation highlights the diverse industries that recognize the advantages of XAI in enhancing the reliability and transparency of artificial intelligence.
Explainable AI Market Key Players
IBM
Microsoft
Google
Amazon Web Services (AWS)
Oracle
SAP
SAS
FICO
H2O.ai
Seldon
DARPA (Defense Advanced Research Projects Agency)
Accenture
PwC (PricewaterhouseCoopers)
Deloitte
KPMG
Explainable AI
DataRobot
Fiddler Labs
Diveplane
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Key questions answered in the Explainable AI Market are:
- What is Explainable AI ?
- What was the Explainable AI market size in 2023?
- What is the growth rate of the Explainable AI Market?
- Which are the factors expected to drive the Explainable AI market growth?
- What are the different segments of the Explainable AI Market?
- What growth strategies are the players considering to increase their presence in Explainable AI ?
- What are the upcoming industry applications and trends for the Explainable AI Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Explainable AI Market?
- Who are the leading companies and what are their portfolios in Explainable AI Market?
- What segments are covered in the Explainable AI Market?
- Who are the key players in the Explainable AI market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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