Chicago, Dec. 04, 2023 (GLOBE NEWSWIRE) -- 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% during the forecast period, according to a new report by MarketsandMarkets™.
Explainable AI allows organizations to better understand and cater to customer needs, deliver personalized experiences, and offer self-service options.
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Explainable AI Market Dynamics:
Drivers:
- Industry 4.0 driving demand for explainable AI
- Adoption of deep learning and neural networks
- Rise in technological advancements and innovations
Restraints:
- Shortage of skilled XAI professionals
- Data security concerns
Opportunities:
- Enhanced decision support
- Ethical AI and fairness
- Improved user adoption and collaboration
List of Key Players in Explainable AI Market:
- Microsoft (US)
- IBM (US)
- Google (US)
- Salesforce (US)
- Intel Corporation(US)
- NVIDIA(US)
- SAS Institute(US)
- Alteryx(US)
- AWS(US)
- Equifax(US)
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Explainable AI, often abbreviated as XAI, refers to the concept of developing and using artificial intelligence systems in a way that allows humans to understand and interpret their decision-making processes. In contrast to traditional "black-box" AI models, which operate without clear visibility into how they reach their conclusions, explainable AI prioritizes transparency and comprehensibility. It aims to provide insights into the inner workings of AI algorithms, making it possible for users and stakeholders to discern why a particular decision was made, what factors influenced it, and how the AI arrived at its output. This transparency not only enhances trust and accountability in AI applications but also allows for better control, debugging, and improvement of these systems, ultimately promoting their responsible and ethical use across various domains.
The explainable AI market, by offering, has been segmented into solutions and services. Services include 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. During the forecast period, the services segment is anticipated to grow at the highest CAGR. The Explainable AI market is a growing field within AI that focuses on developing AI models and systems that can provide understandable and transparent explanations for their predictions and decisions.
The explainable AI market, by software type, has been segmented into standalone software, integrated software, automated reporting tools and interactive model visualization. Explainable AI market: organizations can choose from a variety of software options to suit their specific needs. Whether it's standalone software for post hoc interpretability, integrated software for seamless AI development, automated reporting tools for simplifying documentation, or interactive model visualization for in-depth exploration, these tools play a crucial role in ensuring the transparency and trustworthiness of AI systems.
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The explainable AI market has been segmented into five geographic regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these regions, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Explainable AI has rapidly emerged as a transformative technology across the Asia Pacific region, revolutionizing various industries and shaping the future of societies. The main factor driving the growth of the explainable AI market in the Asia Pacific region is experiencing significant growth in the digital economy. Countries such as Vietnam, China, India, Singapore, and more are rapidly shifting towards cloud adoption and displayed sufficient growth opportunities in the explainable AI market.
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