Explainable AI Market
Explainable AI Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.
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Global Explainable AI Market reached US$ 5.2 Billion in 2023 and is expected to reach US$ 22.1 Billion by 2031, growing with a CAGR of 20.2% during the forecast period 2024-2031.
Explainable AI (XAI) refers to artificial intelligence systems designed to provide clear, understandable, and transparent explanations of their decisions and predictions. It enhances trust and accountability by enabling users to interpret how AI models reach conclusions, making them more reliable for critical applications like healthcare, finance, and autonomous systems. XAI helps identify biases, improve model performance, and ensure compliance with ethical and regulatory standards.
List of the Key Players in the Explainable AI Market:
Kyndi, Alphabet, Inc., IBM Corporation, Microsoft Corporation, Amelia US LLC, BuildGroup, DataRobot, Inc., Ditto AI Ltd, DarwinAI and Factmata.
Industry Development:
On July 5, 2023, Fujitsu partnered with Informa D&B to integrate explainable AI technology into the financial-commercial information industry, enhancing decision-making processes.
On September 6, 2023, Temenos introduced a Generative AI solution for banks, enabling automatic classification of customer transactions. This innovation enhances digital banking by providing personalized insights, improving user engagement, and fostering customer loyalty through relevant product recommendations.
On December 30, 2022, Digité, Inc. launched RISHI-XAI, the world’s first explainable AI product for Enterprise Project Intelligence. RISHI combines Digité’s domain expertise with machine learning and explainable AI to support CXOs, Delivery Heads, and PMOs in strategic decision-making.
Growth Forecast Projected:
The Global Explainable AI Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Research Process:
Both primary and secondary data sources have been used in the global Explainable AI Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.
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Segment Covered in the Explainable AI Market:
By Offering: Solution, Services
By Deployment: Cloud, On-premises
By Organization Size: Small and Medium-sized Enterprises, Large Enterprises
By Technology: Machine Learning (ML), Natural Language Processing (NLP), Computer Vision, Big Data Analytics, Others
By Application: Fraud and Anomaly Detection, Drug Discovery and Diagnostics, Predictive Maintenance, Supply Chain Management, Identity and Access Management, Others
By End-User: Healthcare, BFSI, Aerospace and Defense, Retail and E-commerce, Public Sector and Utilities, IT and Telecommunication, Automotive, Others
Regional Analysis for Explainable AI Market:
The regional analysis of the Explainable AI Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.
⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Benefits of the Report:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter’s five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market
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People Also Ask:
➠ What is the global sales, production, consumption, import, and export value of the Explainable AI market?
➠ Who are the leading manufacturers in the global Explainable AI industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?
➠ What opportunities and challenges do vendors in the global Explainable AI industry face?
➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?
➠ What are the key factors and limitations affecting the growth of the Explainable AI market?
➠ What are the various sales, marketing, and distribution channels in the global industry?
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