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Explorable AI Elevates The Growing Internet Of Things Landscape: Powering Innovation and Expansion in the Global Explainable AI Market by 2025
Explainable AI Market
What Will the Explainable AI Industry Market Size Be by 2025?
The market size of explainable AI has witnessed a drastic growth over the past few years. It is projected to rise from $8.1 billion in 2024 to $9.73 billion in 2025, with a compound annual growth rate (CAGR) of 20.2%. The historical growth can be credited to factors such as increased usage of AR and VR, demand for XR displays, expansion of the display industry, surge in demand for AR devices, and overall economic growth.
What's the Long-Term Growth Forecast for the Explainable AI Market Size Through 2029?
The market size of explainable AI is projected to undergo a significant upsurge in the coming years, reaching $20.65 billion in 2029 with a compound annual growth rate (CAGR) of 20.7%. Contributing to this predicted surge during the forecast period are factors such as increasing utilization in educational games, a rising implementation of gesture-based computing, the growing prevalence of smartphones, augmented usage of connected devices, and an escalating adoption in the healthcare and educational domain. Notable trends during the forecast period encompass technological advancements in micros displays, the adoption of innovative technology, the evolution of extended reality technologies, the emergence of a novel in-vehicle display imaging system, and the integration of cutting-edge technology in ERD.
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What Are the Key Growth Drivers Fueling the Explainable AI Market Expansion?
The explainable AI market's growth trajectory is projected to be boosted by the increasing use of the Internet of Things (IoT). Essentially, IoT refers to a network where physical devices are interconnected with inbuilt sensors, software, and other technologies enabling data exchange and communication over the Internet or other similar networks. Explainable AI (XAI) finds application in enhancing the level of trust end-users place in machines, making AI models transparent and easy to understand, and promoting transparent, trustworthy, and effective decision-making within IoT systems. To illustrate, a report from Ericsson, a telecommunications company based in Sweden, revealed that there were 15.7 billion IoT connections in 2023. These are predicted to see a 16% rise, reaching 38.8 billion connections by 2029. This underscores how the use of IoT is facilitating the expansion of the explainable AI market.
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What Are the Key Trends Driving Explainable AI Market Growth?
Predominant corporations involved in the explainable AI market are embracing strategic collaborations to enhance their services and increase their market footprint. A strategic collaboration involves a cooperative agreement among two or more parties, typically businesses seeking to accomplish shared benefits and long-term aims. For example, in July 2023, Fujitsu Limited, an IT and communications enterprise from Japan, formed a partnership with Informa D&B, a marketing and information firm from Spain. The goal of this partnership is to improve decision-making by utilizing Fujitsu's explainable AI for data processing and analysis with transparency. This strategy caters to the growing requirement for advanced AI to navigate dangers, particularly those related to financial fraud. Explainable AI (XAI) contributes insight into decision making processes, which augments transparency and trust, and reduces bias.
How Is the Explainable AI Market Segmented?
The explainable aimarket 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
Subsegments:
1) By Standalone Software: Individual Explainability Tools, Model-Agnostic Explainability Solutions
2) By Integrated Software: Embedded Explainability in AI Platforms, Explainability In Data Analytics Tools
3) By Automated Reporting Tools: Automated Model Evaluation Reports, Compliance And Auditing Reports
4) By Interactive Model Visualization: Dashboard Visualization Tools, Interactive Data Exploration Tools
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Which Companies Are Leading the Charge in Explainable AI Market Innovation?
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.
Which Regions Are Leading the Global Explainable AI Market in Revenue?
North America was the largest region in the Explainable AI market in 2024. The regions covered in the explainable ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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