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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Scope Of Explainable AI Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Explainable AI Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the explainable AI market are adopting strategic partnership approaches to strengthen their offerings and expand their presence in the market. A strategic partnership is a collaborative arrangement between two or more entities, usually businesses that come together to achieve mutually beneficial and long-term objectives. For instance, in July 2023, Fujitsu Limited, a Japan-based information and communications technology company, partnered with Informa D&B, a Spain-based marketing and information company. The collaboration aims to enhance decision-making by leveraging Fujitsu’s explainable AI to process and analyze data transparently. This move addresses the need for evolved AI to tackle risks, especially in areas like financial fraud. XAI provides insights into decision-making, increasing transparency and trust while minimizing biases.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Explainable AI Market Report Structure
3. Explainable AI Market Trends And Strategies
4. Explainable AI Market – Macro Economic Scenario
5. Explainable AI Market Size And Growth
…..
27. Explainable AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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