Overview and Scope
Explainable artificial intelligence (XAI) is an artificial intelligence system designed to provide clear and understandable explanations of its decisions or outputs. It is used to describe an AI model, its expected impact, and potential biases and to help characterize model accuracy, fairness, transparency, and outcomes in AI-powered decision-making.
Sizing and Forecast
The explainable ai market size has grown exponentially in recent years. It will grow from $6.68 billion in 2023 to $8.1 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to rising adoption of ar and vr, demand for the xr displays, growth for displays, high demand for ar devices, economic growth.
The explainable ai market size is expected to see exponential growth in the next few years. It will grow to $17.15 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to increasing adoption in educational games, increasing implementation of gesture-based computing, rising usage of smartphones, increased usage of connected devices, growing adoption by healthcare and educational sector. Major trends in the forecast period include technological development in micros displays, adoption of new technology, development of extended reality technologies, develop a new in-vehicle display imaging system, integration of advanced technology in erd.
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Segmentation & Regional Insights
The explainable ai market covered in this report is segmented –
1) By Software Type: Standalone Software, Integrated Software, Automated Reporting Tools, Interactive Model Visualization
2) By Methods: Model-Agnostic Methods, Model-Specific Methods
3) By Vertical: Banking, Financial Services, and Insurance, Retail And E-Commerce, Information Technology Or Information Technology Enabled Services, Healthcare And Life Sciences, Government And Public Sector, Media And Entertainment, Manufacturing, Energy And Utilities, Telecommunications, Other Verticals
North America was the largest region in the Explainable AI market in 2023. The regions covered in the explainable ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of the Internet of Things (IoT) is expected to propel the growth of the explainable AI market going forward. The Internet of Things (IoT) refers to a network of interconnected physical devices embedded with sensors, software, and other technologies that collect, exchange data, and communicate with each other over the Internet or other communication networks. Explainable AI (XAI) is used in the Internet of Things (IoT) to enhance end-users trust in machines, make AI models more interpretable and transparent, and ensure transparency, trustworthiness, and effective decision-making in IoT systems. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion in 2025. Therefore, the growing adoption of the Internet of Things (IoT) is driving the growth of the explainable AI market.
Key Industry Players
Major companies operating in the explainable ai market report are Amazon Web Services, Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Salesforce Inc., Equifax Inc., SAS Institute Inc., Mphasis Limited, Fair Isaac Corporation, Databricks Inc., Alteryx Inc., Amelia US LLC, Temenos Headquarters SA, BuildGroup LLC, C3.ai Inc., Data Robot Inc., Tredence Analytics Solutions Pvt. Ltd., ArthurAI Inc., DarwinAI Corp., ISSQUARED Inc., H2O.ai Inc., Fiddler Labs Inc., Ditto Labs Inc.
The explainable ai market report table of contents includes:
1. Executive Summary
2. Explainable AI Market Characteristics
3. Explainable AI Market Trends And Strategies
4. Explainable AI Market – Macro Economic Scenario
5. Global Explainable AI Market Size and Growth
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31. Explainable AI Market Other Major And Innovative Companies
32. Global Explainable AI Market Competitive Benchmarking
33. Global Explainable AI Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Explainable AI Market
35. Explainable AI Market Future Outlook and Potential Analysis
36.Appendix
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