Explainable AI Market
“The Business Research Company recently released a comprehensive report on the Global Explainable AI Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Explainable AI Market 2024 Key Insights:
• The Explainable AI Market is expected to grow to$17.15 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Explorable AI Elevates The Growing Internet Of Things Landscape
• Strategic Partnerships Transforming The Explainable AI Landscape
• North America was the largest region in the Explainable AI market in 2023.
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This release was published on openPR.
