Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "Explainable AI Market by Offering (Solutions & Services), Software Type (Standalone Software, Integrated Software, Automated Reporting Tools, Interactive Model Visualization), Methods, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The 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%
The market study covers the explainable AI market across segments. It aims to estimate the market size and the growth potential of this market across different segments, such as offering, software type, methods, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The explainable AI market is experiencing significant growth as organizations increasingly recognize the importance of transparency and interpretability in their AI systems. With the rapid expansion of AI applications across various industries, there is a growing demand for AI systems that can provide clear, comprehensible explanations for their decisions and recommendations.
This market is characterized by a wide range of solutions, including model-agnostic and model-specific approaches, designed to address the interpretability challenge. In recent years, regulatory bodies and ethical considerations have further fueled the need for explainable AI, making it a critical component for compliance and trust in AI systems.
Asia Pacific region has witnessed rapid advancements in technology, such as the proliferation of mobile devices, widespread internet connectivity, and the adoption of cloud computing. These advancements have created a strong foundation for explainable AI initiatives. Governments in the Asia Pacific region are actively promoting explainable AI to drive economic growth and enhance competitiveness.
By offering, the Services segment has the highest CAGR during the forecast period.
By offering, the explainable AI market has been segmented into solutions and services. The CAGR of services is estimated to be the largest during the forecast period. Explainable AI market plays a pivotal role in assisting organizations to effectively implement and maximize the benefits of Explainable AI technologies.
These services encompass a range of offerings aimed at supporting the deployment, integration, customization, and ongoing management of Explainable AI solutions. These services are tailored to meet the specific needs and requirements of individual organizations, considering factors such as the size of the organization, the complexity of its IT infrastructure, and the nature of its industry.
By services, Data Engineering Services has the highest CAGR during the forecast period.
Explainable AI services market includes consulting services, deployment and integration services, training and education services, post-implementation support, data science advisory services, AI/ML research, AI/ML enabled service, and data engineering services. Data engineering is a crucial component in the development of AI and Explainable AI solutions.
Companies in the Explainable AI market often offer data engineering services to help organizations structure, clean, and preprocess their data for AI model training. These services involve data integration, data quality assessment, and creating pipelines for continuous data flow. The objective is to provide AI models with high-quality and relevant data, which is essential for achieving accurate and interpretable results.
By vertical, the BFSI segment has the largest market size during the forecast period.
BFSI industry represents a crucial sector within the Explainable AI market. In this highly regulated and data-intensive industry, Explainable AI plays a pivotal role in enhancing transparency and trustworthiness in decision-making processes.
By making AI-driven insights more understandable and interpretable, BFSI companies can mitigate risks, improve customer service, and ensure compliance with stringent regulatory requirements. For example, many financial institutions have integrated Explainable AI into their credit scoring and loan approval processes.
The report provides insights on the following pointers:
- Analysis of key drivers (Industry 4.0 driving demand for explainable AI, adoption of deep learning and neural networks, rise in technological advancement and innovation ), restraints (Shortage of skilled XAI professionals, Data security concerns), opportunities (Enhanced decision support, ethical ai and fairness, improved user adoption and collaboration), and challenges (Complexity of AI models, Concerns related to bias and inaccurately generated output) influencing the growth of the explainable AI market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the explainable AI market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the explainable AI market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in explainable AI market strategies; the report also helps stakeholders understand the pulse of the explainable AI market and provides them with information on key market drivers, restraints, challenges, and opportunities
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as Microsoft (US), IBM (US), Google (US), Intel Corporation (US) and Salesforce (US) among others in the explainable AI market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 286 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $6.2 Billion |
| Forecasted Market Value (USD) by 2028 | $16.2 Billion |
| Compound Annual Growth Rate | 20.9% |
| Regions Covered | Global |
Company Profiles
- Abzu
- Alteryx
- Arthur
- AWS
- C3 AI
- Darwinai
- Databricks
- Datarobot
- Equifax
- Expai
- Fico
- Fiddler Labs
- H20.AI
- IBM
- Intel
- Intellico
- Kyndi
- Microsoft
- Mphasis
- Nvidia
- Salesforce
- SAS Institute
- Seldon
- Squirro
- Temenos
- Tensor AI Solutions
- Tredence
- Zest AI
For more information about this report visit https://www.researchandmarkets.com/r/nly2ea
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