The global Explainable AI Market size is to grow from USD 6.2 billion in 2023 to USD 16.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period, according to new research report by MarketsandMarkets™
Explainable AI is at the intersection of AI, machine learning, ethics, and psychology. Collaboration across these fields is driving innovation in making AI systems more interpretable and user-friendly.
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As per verticals, the healthcare & life sciences segment is to grow at the highest CAGR during the forecast period.
The healthcare & life sciences vertical is expected to grow at the highest CAGR during the forecast period. The healthcare and life sciences industry stands at the forefront of leveraging Explainable AI to enhance decision-making processes and improve patient outcomes. In this vertical, Explainable AI technologies are employed to make the predictions and recommendations generated by AI models more transparent and interpretable for clinicians, researchers, and regulatory bodies. As the application of AI in healthcare becomes increasingly widespread, ensuring that AI-driven diagnostics, treatment recommendations, and drug discovery processes are explainable is crucial to build trust and mitigate risks.
By Solutions by type, Software toolkits and frameworks Segment to grow at the largest market size during the forecast period.
Software toolkits and frameworks for Explainable AI are more developer-centric solutions. They offer libraries, APIs, and pre-built algorithms that data scientists and machine learning engineers can integrate into their existing machine learning workflows. These toolkits provide flexibility and customization options for those who want to implement transparency and interpretability in AI models. Toolkits provide a variety of algorithms for explaining and interpreting AI model predictions, such as feature importance, partial dependence plots, and saliency maps.
By Methods, the Model-Agnostic Methods segment is to grow at the highest CAGR during the forecast period.
Model-agnostic methods are techniques that can be applied to any machine learning model, irrespective of the underlying architecture. They are often used when a black-box model, like a deep neural network, is in place, and the goal is to provide explanations without altering the model itself. Companies utilize these methods to make AI models more interpretable and to build trust with users and stakeholders.
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Asia Pacific to account to grow at the highest CAGR during the forecast period.
By region, Asia Pacific countries, especially China, South Korea, and Japan, are at the forefront of technological innovation. They are quick to adopt and adapt to emerging AI technologies, including XAI, in various industries. The APAC region is home to a significant portion of the global population, with diverse industries ranging from manufacturing to healthcare, finance, and e-commerce. This diversity creates a wide array of use cases for XAI. Governments are actively promoting AI research and development. They are also introducing regulations that require AI systems to be transparent and explainable, contributing to the growth of the explainable AI market.
Top Companies:
Some major players in the explainable AI market include Microsoft (US), IBM (US), Google (US), Salesforce (US),Intel Corporation(US), NVIDIA(US), SAS Institute(US), Alteryx(US), AWS(US), Equifax(US), FICO(US), Temenos(Switzerland),Mphasis(India), C3.AI(US), H2O.ai(US), Fiddler(US), Zest AI(US), Seldon(London), Squirro(Switzerland), Kyndi(US), DataRobot(US),Databricks(US), Tredence(US), DarwinAI(Canada), Tensor AI solutions(Germany), . EXPAI(Spain), Abzu(Denmark), Arthur(US), and Intellico(Italy).
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The Global Explainable AI Market size is estimated to be USD 3.55 billion in 2019 and is predicted to reach USD 21.78 billion by 2030 with a CAGR of 19.9% from 2020-2030.Explainable AI Market research report is a careful examination of the worldwide Explainable AI industry which has been a region of enthusiasm for an Explainable AI makers, organizations, authorities, chiefs, and likely speculators, and analysts.
The report profoundly lights up noteworthy features in the business, including a contention situation, condition, portions, showcase size, share, gainfulness, development potential, and advancements.The report likewise spins around the most powerful factors of the worldwide Explainable AI advertise which incorporates changing business sector elements, contemporary patterns, development driving components, showcase limitations, and snags as they may impact the market improvement in a positive/negative manner.
The report breaks down the above elements at a moment level and furthermore offers significant expectations for the gauge time of up to 2030.Access Full Description of this report at:-https://www.nextmsc.com/report/explainable-ai-marketTop Companies: Data Robot, Fact mata, Darwin AI, IBM Corporation, Google LLC, Microsoft Corporation and others.The report additionally conveys inside and out contextual investigations on the different nations which are effectively associated with the Explainable AI creation.
An investigation of the specialized boundaries, different issues, cost adequacy influencing the Explainable AI Market.
Deciding the chances, eventual fate of the Explainable AI and its restrictions turns into much simpler with this report.Request sample copy of this report at:-https://www.nextmsc.com/explainable-ai-market/request-sampleThe objectives of the study of this report are:To study and forecast the market size of Explainable AI in the global market.Global Key Players Analysis, SWOT Analysis, Global Market Value and Share for Top Players.Definition, description and forecast of the market by type, end use and region.Analysis and comparison of market status and forecast among major regions around the world.Analysis of market potential and advantages, opportunities and challenges, restrictions and risks of major regions of the world.Identify the trends and key factors driving or inhibiting the growth of the market.Analysis of market opportunities for stakeholders by identifying high growth segments.The main questions answered by the report are:What will the market be and how big will the growth rate be in 2030?What are the key drivers of the global Explainable AI market?What are the major market trends influencing the growth of the global Explainable AI market?What are the challenges of market growth?Who are the main suppliers in the global Explainable AI market?What market opportunities and threats are vendors exposed to in the Global Explainable AI Market?Trend factors affecting market share in America, APAC, Europe and MEA.About Next Move Strategy Consulting:Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share.
Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade.
