Press release
2024 Global Market Overview: Explainable AI Solutions
Explainable AI Market
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Report Coverage & Details:
• Forecast Period: 2024-2033
• Base Year: 2023
• Market Size In 2024: $8.1 billion
• Revenue Forecast In 2033: $17.15 billion
• CAGR: 20.6%
Global Explainable AI Market: Segmentation
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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Explainable AI Market Report: Growth Drivers
The increasing adoption of the Internet of Things (IoT) is expected to accelerate the growth of the explainable AI market in the coming years. The Internet of Things (IoT) refers to a network of interconnected physical devices that incorporate sensors, software, and other technologies to collect, exchange data, and communicate over the Internet or other communication networks. Explainable AI (XAI) is applied within IoT to enhance end-user trust in machines, making AI models more interpretable and transparent, and ensuring effective decision-making in IoT systems. For instance, in August 2022, Akamai Technologies Inc., a U.S.-based internet company, projected that IoT connections would rise from 15.1 billion in 2021 to 23.3 billion by 2025. Thus, the growing adoption of the Internet of Things (IoT) is driving the growth of the explainable AI market.
Key Developments:
InRule Technology Expands Decision Automation Capabilities with Acquisition of simMachines Inc
In June 2021, InRule Technology, a US-based software company, acquired simMachines Inc. for an undisclosed amount. Through this acquisition, InRule Technology aims to enhance its decision automation capabilities and is expected to help provide a more comprehensive AI solution on the market. simMachines Inc. is a US-based machine learning software company providing explainable AI.
Top Market Leader Included:
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 Industry: Regional Landscape
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.
The countries covered in the explainable AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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What Does The Global Explainable AI Market Report Include?
1.Introduction
• Overview of the Explainable AI Market
• Comprehensive Analysis of Explainable AI Market
2. Explainable AI Market Drivers and Restraints
• Drivers and Restraints For Historic And Forecast Period
3. Explainable AI Market Segmentation
• By Drug Class
• By Indication
• By Distribution Channel
4. Competitive Landscape And Company Profiles In The Explainable AI Market
• Overview
• Products and Services
• Strategy
5. Explainable AI Market Regional And Country Analysis
• By Region
• By Country
6. Market Trends And Opportunities In Explainable AI Market
• Technological Advancements
• Emerging Trends
7. Explainable AI Market Future Outlook and Potential Analysis
• Growth Strategies
• New Opportunities
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