Explainable AI Market Expected to Surge to USD 22.1Billion by 2031 | Kyndi, Alphabet, Inc., IBM Corporation, Microsoft Corporation.

The Explainable AI Market study by DataM Intelligence offer an in-depth analysis of the market, presenting insightful observations, statistics, historical data, and industry-validated market insights. The report delves into the competitive positioning of key companies, examining factors such as product offerings, pricing strategies, financial health, product portfolios, growth initiatives, and geographical reach.

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What is the projected growth rate (CAGR) of the Global Explainable AI market from 2024 to 2031, and what is the market value expected to change by 2031?

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.

The Explainable AI (XAI) market focuses on artificial intelligence systems that provide transparent, understandable, and interpretable insights into how machine learning models make decisions. Unlike traditional "black-box" AI models, XAI seeks to make AI processes more accessible and trustworthy by offering clear explanations of model predictions, which is crucial in sectors like healthcare, finance, and legal services. The market is driven by increasing regulatory demands for transparency, the need for improved model trust and accountability, and the growing adoption of AI in critical applications that require explainability for decision-making and compliance.

Key Developments:

On July 5, 2023, Fujitsu collaborated with Informa D&B to integrate explainable AI technology into the financial-commercial information industry. This partnership aims to revolutionize decision-making by utilizing AI systems whose results can be understood and trusted by human users, offering enhanced transparency in complex financial analyses.

On September 6, 2023, Temenos launched a Generative AI solution for banks, leveraging Generative Artificial Intelligence (AI) to automatically classify customers' banking transactions. This categorization enables banks to offer personalized insights and recommendations, enhancing digital banking experiences. It also helps foster customer loyalty by presenting more relevant products and offers, thereby improving engagement and user satisfaction.

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.

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.

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 Breakout:

The global Explainable AI Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.

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Regional Analysis:

The global Explainable AI Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Explainable AI Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

**The full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted**

Chapter Outline:

⏩ Market Overview: It contains chapter wise data, as well as information about the research scope, major manufacturers covered, market segments, Explainable AI market segments, study objectives, and years considered.

⏩ Market Landscape: The competition in the Global Explainable AI Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.

⏩ Companies Profiles: The global Explainable AI market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.

⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.

⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Explainable AI Market.

⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.

⏩ Research Findings: This section of the report showcases the findings and analysis of the report.

⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.

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Frequently Asked Questions

✹ What is the expected growth rate of the global market for the forecast period?

✹ What are the key driving factors that are responsible to shape the fate of the Explainable AI market during the forecast period?

✹ What will be the overall size of the market during the analysis period?

✹ What are the prominent market trends which influence the development of the Explainable AI market across various regions?

✹ Who are the key market players and the market strategies that have helped them to secure the leading position in the global market?

✹ What are the challenges and threats that are likely to act as a barrier to the growth of the Explainable AI market?

✹ What are the major opportunities that the companies can get to attain success in the world?

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