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. 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.
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). These market participants have a combination of natural growth initiatives and external growth approaches, including the introduction of new products, forming partnerships and alliances, and engaging in mergers and acquisitions as part of their efforts to enhance their position within the global explainable AI market.
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Microsoft has a diverse portfolio of AI solutions, which includes NLP and ML-based offerings, that have gained traction across various industries. They have bolstered their presence with the introduction of Azure Machine Learning, Visual Studio Tools for AI, Cognitive Services, and enterprise AI solutions. Furthermore, Microsoft is actively engaged in creating software, services, devices, and solutions to remain competitive in the era of intelligent cloud and intelligent edge. By heavily investing in mixed reality cloud, Microsoft empowers its customers to modernize their business processes. The company provides a comprehensive suite of cloud-based solutions that encompass software, platforms, and content. This encompasses a range of products, including operating systems, productivity applications that work seamlessly across devices, server applications, business solutions, desktop and server management tools, software development tools, and a library of video games. Microsoft has positioned itself at the forefront of the rapidly evolving landscape of explainable Artificial Intelligence (XAI). XAI, which aims to make AI models and their decision-making processes more transparent and interpretable, is a pivotal component of Microsoft's broader AI strategy. Microsoft leverages XAI to enhance trust and accountability in AI-driven solutions across various industries.
IBM is a globally renowned technology and consulting company with a long-standing history of innovation and leadership in the IT industry. With a strong presence across multiple business segments, IBM offers a diverse range of products, services, and solutions to cater to the needs of enterprises worldwide. IBM caters to a wide range of industries, encompassing aerospace and defense, government, manufacturing, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer goods, banking & finance, life sciences, telecommunications, media & entertainment, chemicals, and numerous others. Operating in over 175 countries, IBM maintains a substantial presence across the Americas, Europe, the Middle East & Africa, as well as the Asia Pacific region. It has become the favored platform for all corporate applications. IBM focuses on advanced technologies like artificial intelligence (AI), data analytics, and cloud platforms. The flagship offering within this segment is Watson, an AI platform renowned for its natural language processing and machine learning capabilities. Watson enables organizations to analyze vast amounts of data, derive valuable insights, and enhance decision-making processes across various industries. IBM has made significant strides in the field of explainable Artificial Intelligence (XAI). XAI is a critical component of AI systems, ensuring transparency and interpretability in AI models and decision-making processes. IBM's commitment to XAI is evident through its focus on creating AI solutions that not only deliver high-performance results but also offer clear explanations for the decisions they make.
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
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