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Explainable AI Market Overview:
Explainable AI Market size is estimated to reach USD $5 Billion by 2030, growing at a CAGR of 20% during the forecast period 2023-2030. Explainable AI or XAI, refers to the subset of artificial intelligence technologies that aim to make AI's decision-making processes transparent, interpretable, and accountable to humans. XAI bridges the gap between complex AI models and human understanding, enabling users to trust, validate, and fine-tune AI systems effectively.
Explainable AI market is experiencing rapid growth and is poised to become a pivotal component of various industries, including healthcare, finance, automotive, and more. The increasing demand for AI solutions that not only perform complex tasks but also explain their rationale behind each decision is driving this growth.
North America is the largest market for XAI solutions, followed by Europe and Asia Pacific. The North American market is expected to continue to dominate the global XAI market during the forecast period, due to the high adoption of AI technologies in the region and the presence of a number of key XAI vendors.
The XAI market is still in its early stages of development, but it is growing rapidly. As AI technologies become more widely adopted, the demand for XAI solutions is also expected to grow.
Market Snapshot:
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Explainable AI Market - Report Coverage:
“Explainable AI Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Explainable AI Market.
Explainable AI Market - Top Trends
Growing demand for XAI solutions in specific industries: Certain industries, such as healthcare, BFSI, and government, have a greater need for XAI solutions due to the high-stakes nature of their decisions and the need to comply with regulations.
Increased adoption of XAI by enterprise customers: Enterprise customers are increasingly adopting XAI solutions to improve the trust and transparency of their AI systems, and to ensure that their AI systems are aligned with their business goals and values.
Rise of model-agnostic XAI solutions: Model-agnostic XAI solutions can be used to explain any type of AI model, regardless of the underlying algorithm or technology. This makes them more versatile and appealing to a wider range of customers.
Integration of XAI into AI development tools and platforms: AI development tools and platforms are increasingly integrating XAI capabilities, making it easier for developers to build and deploy explainable AI systems.
Growing popularity of open source XAI tools and libraries: There is a growing number of open source XAI tools and libraries available, which is making XAI more accessible and affordable for a wider range of users.
In addition to these trends, the XAI market is also being driven by the development of new and innovative XAI techniques and technologies. For example, there is growing interest in using natural language processing (NLP) to generate more human-readable and understandable explanations of AI models.
Explainable AI Market - Company Analysis
Kyndi : Kyndi is a leading provider of explainable AI solutions. The company's platform helps organizations to understand and explain the decisions made by their AI models. Kyndi's solutions are used by a wide range of customers, including Fortune 500 companies and government agencies.
Alphabet, Inc. (Google) : Google is one of the largest investors in explainable AI research and development. The company offers a number of XAI tools and resources, including the Explainable AI Toolkit and the AI Explainer service. Google is also working to integrate XAI capabilities into its cloud computing platform.
IBM Corporation: IBM is a major player in the explainable AI market. The company offers a range of XAI solutions, including the IBM Watson Explainability service and the IBM AI Explainability Toolkit. IBM's XAI solutions are used by a wide range of customers, including Fortune 500 companies and government agencies.
Microsoft Corporation : Microsoft is a major player in the explainable AI market. The company offers a number of XAI tools and resources, including the InterpretML service and the Responsible AI Toolkit. Microsoft is also working to integrate XAI capabilities into its cloud computing platform.
Amelia US LLC : Amelia is a conversational AI platform that can be used to automate a wide range of customer service and support tasks. Amelia also offers explainable AI capabilities, which enable users to understand why Amelia made a particular decision.
BuildGroup : BuildGroup is a consulting firm that helps organizations to develop and deploy explainable AI solutions. The company offers a range of services, including XAI strategy development, XAI model development, and XAI model deployment.
DataRobot, Inc.: DataRobot is an AI platform that helps organizations to build and deploy machine learning models. DataRobot also offers explainable AI capabilities, which enable users to understand why a particular model made a particular decision.
Ditto.ai: Ditto.ai is an explainable AI platform that helps organizations to understand and explain the decisions made by their AI models. Ditto.ai's platform is designed to be easy to use, even for non-technical users.
DarwinAI: DarwinAI is an AI hardware and software company that develops solutions for explainable AI. DarwinAI's software platform helps organizations to understand and explain the decisions made by their AI models. DarwinAI's hardware platform is designed to accelerate XAI applications.
Factmata: Factmata is a company that develops tools for verifying and explaining the claims made by artificial intelligence systems. Factmata's tools are used by journalists, researchers, and other professionals to ensure that AI-generated information is accurate and reliable.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies players in the Explainable AI Market adopt. The top 10 companies in Explainable AI Market are listed below:
- Kyndi
- Alphabet, Inc. (Google)
- IBM Corporation
- Microsoft Corporation
- Amelia US LLC
- BuildGroup
- DataRobot, Inc.
- Ditto.ai
- DarwinAI
- Factmata
Scope of the Report:
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1. Explainable AI Market Overview
1.1 Definitions and Scope
2. Explainable AI Market – Executive Summary
3. Explainable AI Market – Market Landscape
3.1 Company Benchmarking – Key Companies
3.2 Key Company Financial Analysis
3.3 Market SizeAnalysis – Key Companies
3.4 Patent Analysis
3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Explainable AI Market – Startup Company Scenario
4.1 Investment
4.2 Revenue
4.3 Venture Capital and Funding Scenario
5. Explainable AI Market – Market Entry Scenario Premium
5.1 Regulatory Scenario
5.2 New Business and Ease of Doing business index
5.3 Case Studies of Successful Ventures
6. Explainable AI Market – Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porter’s Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Customers
6.3.3 Threat of New Entrants
6.3.4 Rivalry Among Existing Players
6.3.5 Threat of Substitutes
7. Explainable AI Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle Analysis
8. Explainable AI Market – By Component (Market Size - $Million/$Billion)
8.1 Solution
8.1.1 Market Trends by Region
8.1.2 Market Size & Forecast by Region
8.2 Services
8.2.1 Market Trends by Region
8.2.2 Market Size & Forecast by Region
9. Explainable AI Market – By Deployment Type (Market Size - $Million/$Billion)
9.1 Cloud
9.1.1 Market Trends by Region
9.1.2 Market Size & Forecast by Region
9.2 On-premises
9.2.1 Market Trends by Region
9.2.2 Market Size & Forecast by Region
10. Explainable AI Market – Application (Market Size - $Million/$Billion)
10.1 Fraud and Anomaly Detection
10.1.1 Market Trends by Region
10.1.2 Market Size & Forecast by Region
10.2 Drug Discovery and Diagnostics
10.2.1 Market Trends by Region
10.2.2 Market Size & Forecast by Region
10.3 Predictive Maintenance
10.3.1 Market Trends by Region
10.3.2 Market Size & Forecast by Region
10.4 Supply Chain Management
10.4.1 Market Trends by Region
10.4.2 Market Size & Forecast by Region
10.5 Identity and Access Management
10.5.1 Market Trends by Region
10.5.2 Market Size & Forecast by Region
10.6 Others
10.6.1 Market Trends by Region
10.6.2 Market Size & Forecast by Region
11. Explainable AI Market – By End Use (Market Size - $Million/$Billion)
11.1 Healthcare
11.1.1 Market Trends by Region
11.1.2 Market Size & Forecast by Region
11.2 BFSI
11.2.1 Market Trends by Region
11.2.2 Market Size & Forecast by Region
11.3 Aerospace and Defense
11.3.1 Market Trends by Region
11.3.2 Market Size & Forecast by Region
11.4 Retail and E-commerce
11.4.1 Market Trends by Region
11.4.2 Market Size & Forecast by Region
11.5 Public Sector and Utilities
11.5.1 Market Trends by Region
11.5.2 Market Size & Forecast by Region
11.6 IT and Telecommunication
11.6.1 Market Trends by Region
11.6.2 Market Size & Forecast by Region
11.7. Automotive
11.7.1 Market Trends by Region
11.7.2 Market Size & Forecast by Region
11.8 Others
11.8.1 Market Trends by Region
11.8.2 Market Size & Forecast by Region
12. Explainable AI Market – by Geography (Market Size - $Million/$Billion)
12.1 North America
12.1.1 U.S.
12.1.2 Canada
12.1.3 Mexico
12.2 Europe
12.2.1 Germany
12.2.2 France
12.2.3 U.K.
12.2.4 Italy
12.2.5 Spain
12.2.6 Russia
12.2.7 Rest of Europe
12.3 Asia-Pacific
12.3.1 China
12.3.2 Japan
12.3.3 South Korea
12.3.4 India
12.3.5 Australia & New Zealand
12.3.6 Rest of Asia-Pacific
12.4 South America
12.4.1 Brazil
12.4.2 Argentina
12.4.3 Chile
12.4.4 Colombia
12.4.5 Rest of South America
12.5 Rest of the World
12.5.1 Middle East
12.5.2 Africa
13. Explainable AI Market – Market Entropy
13.1 New product launches
13.2 M&A’s, collaborations, JVs and partnerships
14. Explainable AI Market – Industry Competition Landscape
14.1 Market Size Analysis
14.1.1 Market Size by Technology – Key Companies
14.1.2 Market Size by Country – Key Companies
14.1.3 Market Size by Region – Key Companies
14.2 Competition Matrix
14.3 Best Practices for Companies
15. Explainable AI Market – Key Company List by Country Premium
16. Explainable AI Market – Company Analysis
16.1 Kyndi
16.2 Alphabet, Inc. (Google)
16.3 IBM Corporation
16.4 Microsoft Corporation
16.5 Amelia US LLC
16.6 BuildGroup
16.7 DataRobot, Inc.
16.8 Ditto.ai
16.9 DarwinAI
16.10 Factmata
16.11 Microsoft Corporation
16.12 Intel Corporation
16.13 SAS
16.14 C3 AI
16.15 Equifax
16.16 FICO
16.17 Salesforce
16.18 H2O.ai
16.19 Others.
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Explainable AI Market is forecast to grow at CAGR of 20 % during the forecast period 2023-2030.
Explainable AI Market size is projected to reach USD $5 Billion by 2030.
Top Companies in the Explainable AI Market are Kyndi, Alphabet, Inc. (Google), IBM Corporation, Microsoft Corporation, Amelia US LLC and others.