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Explainable AI Market worth $25.52 billion by 2030, growing at a CAGR of 20.24% - Exclusive Report by 360iResearch
Explainable AI Market | 360iResearch
The Global Explainable AI Market to grow from USD 7.02 billion in 2023 to USD 25.52 billion by 2030, at a CAGR of 20.24%.
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Explainable artificial intelligence (XAI) includes technologies that enable the interpretability and transparency of AI systems, allowing users to understand and trust the decision-making processes of complex algorithms. XAI is crucial, especially in applications where AI-driven decisions impact individuals or businesses. The growing need for accountability and ethical AI practices, particularly in sectors such as finance, healthcare, and law, is elevating the demand for explainable AI. Regulatory requirements emphasizing transparency and interpretability further contribute to the adoption of XAI solutions. Additionally, the increasing complexity of AI models and their applications heightens the demand for explainability, ensuring that decisions can be comprehended and validated. Striking the right balance between explainability and performance hinders the development and deployment of XAI systems. The integration of XAI in sectors, including healthcare for enhanced diagnostics and personalized treatment plans, fuels the market growth of the explainable AI market. Continuous innovations in the development of novel explainable artificial intelligence solutions by market vendors are expected to create opportunities for market growth.
In the Americas, the explainable artificial intelligence (XAI) market is experiencing substantial growth, driven by a heightened awareness of the importance of transparent and interpretable AI systems. North America, in particular, plays a pivotal role in advancing the market, benefitting from a strong emphasis on technology innovation and regulatory frameworks. As the demand for trustworthy AI decision-making processes continues to rise, the Americas remain at the forefront of embracing and integrating explainable AI solutions, creating a dynamic landscape for innovation and adoption in the region. In the Asia-Pacific region, the explainable artificial intelligence (XAI) market is driven by a growing recognition of the need for transparent AI decision-making. Countries such as China and India are actively adopting XAI solutions across diverse industries, including finance, healthcare, and manufacturing. The region benefits from rapid technological advancements and an increasing focus on ethical AI practices. European countries, in particular, are adopting XAI solutions due to the presence of a strong regulatory framework and a commitment to transparency in AI decision-making processes. As the demand for interpretable AI systems continues to rise, EMEA remains a significant region in the advancement and integration of explainable AI solutions.
Market Segmentation & Coverage:
This research report categorizes the Explainable AI Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Offering, market is studied across Services and Software. The Services is further studied across AI/ML Enabled Service, Consulting Services, Cutting Edge AI/ML Research, Data Engineering Services, Data Science Advisory Services, and Training & Education Services. The Software is further studied across Automated Reporting Tools, Integrated Software, Interactive Visualization Platform, and Standalone Software. The Software is projected to witness significant market share during forecast period.
Based on Deployment, market is studied across Cloud-based and On-premise. The Cloud-based is projected to witness significant market share during forecast period.
Based on Application, market is studied across Drug Discovery & Diagnostics, Fraud & Anomaly Detection, Identity & Access Management, Predictive Maintenance, and Supply Chain Management. The Supply Chain Management is projected to witness significant market share during forecast period.
Based on End-Use, market is studied across Aerospace & Defense, Automotive, Banking, Financial Services, & Insurance (BFSI), Energy & Utilities, Healthcare, IT & Telecommunications, Media & Entertainment, Public Sector & Government, and Retail & eCommerce. The Healthcare is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 42.23% in 2023, followed by Europe, Middle East & Africa.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Explainable AI Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Explainable AI Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Explainable AI Market, highlighting leading vendors and their innovative profiles. These include Abzu ApS, Alphabet Inc., Alteryx, Inc., ArthurAI, Inc., C3.ai, Inc., DarwinAI, DataRobot, Inc., Equifax Inc., Fair Isaac Corporation, Fiddler Labs, Inc., H2O.ai, Inc., Intel Corporation, Intellico.ai s.r.l, International Business Machines Corporation, ISSQUARED Inc., Kyndi, Inc., Microsoft Corporation, Mphasis Limited, NVIDIA Corporation, Salesforce, Inc., SAS Institute Inc., Squirro Group, Temenos Headquarters SA, Tensor AI Solutions GmbH, Tredence Analytics Solutions Pvt. Ltd., and ZestFinance Inc..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Explainable AI Market, by Offering
7. Explainable AI Market, by Deployment
8. Explainable AI Market, by Application
9. Explainable AI Market, by End-Use
10. Americas Explainable AI Market
11. Asia-Pacific Explainable AI Market
12. Europe, Middle East & Africa Explainable AI Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Explainable AI Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Explainable AI Market?
3. What is the competitive strategic window for opportunities in the Explainable AI Market?
4. What are the technology trends and regulatory frameworks in the Explainable AI Market?
5. What is the market share of the leading vendors in the Explainable AI Market?
6. What modes and strategic moves are considered suitable for entering the Explainable AI Market?
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