The global explainable AI market is projected to expand/grow at a CAGR of 20.9% during the forecast period to reach USD 16.2 billion by 2028, size was valued USD 6.2 billion in 2023. 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.
The explainable AI market is poised for substantial growth in the coming years, driven by several key factors:
These factors collectively contribute to the expanding market for Explainable AI, driving innovation and adoption across various sectors and applications where AI plays a critical role in decision-making and operations.
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Regulatory Requirements: Increasing regulatory scrutiny and requirements for transparency and accountability in AI decision-making are driving the demand for explainable AI solutions across industries.
Ethical Considerations: Growing awareness and concerns about biases, fairness, and ethical implications of AI algorithms are pushing organizations to adopt XAI to ensure responsible AI deployment.
Industry Adoption: Various sectors, including finance, healthcare, legal, and government, are adopting AI technologies and increasingly demanding explanations for AI-driven decisions to build trust and improve decision-making processes.
Enhanced Trust and Acceptance: Explainable AI enhances trust and acceptance among users, stakeholders, and regulators by providing understandable insights into AI models' behavior and decisions.
AI Model Performance: As AI models become more complex and ubiquitous, there is a need to improve the interpretability and reliability of AI systems to ensure accurate performance and mitigate risks.
Explainable AI Market Share - Global Industry Landscape
The explainable AI market is characterized by the presence of several key players competing for market share. Some of the leading companies in the explainable AI industry include:
These offerings reflect each company's approach to XAI, leveraging their strengths in AI technology, data analytics, and industry-specific applications to provide explainable and trustworthy AI solutions.
Microsoft (US):
IBM (US):
Temenos (Switzerland):
Seldon (London):
Squirro (Switzerland):
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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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