Explainable AI Market

Explainable AI Industry Emerging Trends and Innovations

The global Explainable AI Market size was valued USD 6.2 billion in 2023 and is projected to reach USD 16.2 billion by 2028, at a CAGR of 20.9% during the forecast period. Increasing regulations and requirements for transparency and accountability in AI systems drive the demand for Explainable AI solutions to ensure compliance with laws like GDPR and HIPAA.

Emerging trends in the global Explainable AI Market are:

  • Regulatory Compliance and Ethical AI
  • Integration with Existing AI Systems
  • Advancements in Explainability Techniques
  • Human-AI Collaboration
  • AI in Healthcare
  • Financial Services and Risk Management

These trends highlight the importance of transparency, trust, and accountability in the AI landscape, driving the development and adoption of explainable AI solutions across various sectors.

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Regulatory Compliance and Ethical AI:

  • Rising demand for AI systems that comply with regulatory standards and ethical guidelines.
  • Implementation of frameworks and policies to ensure AI fairness, accountability, and transparency.

Integration with Existing AI Systems:

  • Growing need to incorporate explainability into existing AI models and systems.
  • Development of tools and methods to retrofit explainability into black-box models.

Advancements in Explainability Techniques:

  • Progress in developing more sophisticated techniques for explaining AI decisions, such as SHAP (Shapley Additive Explanations) and LIME (Local Interpretable Model-agnostic Explanations).
  • Use of model-agnostic methods and post-hoc analysis to provide explanations.

Human-AI Collaboration:

  • Emphasis on enhancing human trust and collaboration with AI systems.
  • Development of user-friendly interfaces and visualization tools to help non-experts understand AI decisions.

AI in Healthcare:

  • Increasing application of XAI in healthcare for diagnosis, treatment planning, and patient management.
  • Focus on transparency to ensure reliability and acceptance among healthcare professionals and patients.

Financial Services and Risk Management:

  • Adoption of XAI in financial services for credit scoring, fraud detection, and investment decisions.
  • Regulatory requirements driving the need for explainability in financial algorithms.

Related Reports:

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

Explainable AI Market Size,  Share & Growth Report
Report Code
TC 8851
RI Published ON
11/7/2023
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