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Explainable AI Global Market Analysis, Trends, Growth, Research And Forecast 2033
Explainable AI Global Market Analysis
As per the report, 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 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%.
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Explorable AI Elevates The Growing Internet Of Things Landscape
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.
Strategic Partnerships Transforming The Explainable AI Landscape
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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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.
Contents of the report:
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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