Beyond 2023: A Look into the Future of the Explainable AI Market, with Forecast to 2028

IMARC Group, a leading market research company, has recently releases report titled "Explainable AI Market by Component (Solution, Services), Deployment (Cloud, On-premises), Application (Fraud and Anomaly Detection, Drug Discovery and Diagnostics, Predictive Maintenance, Supply Chain Management, Identity and Access Management, and Others), End Use (Healthcare, BFSI, Aerospace and Defense, Retail and E-commerce, Public Sector and Utilities, IT and Telecommunication, Automotive, and Others), and Region 2023-2028" The study provides a detailed analysis of the industry, including the global explainable AI market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the explainable AI market?

The global explainable AI market size reached US$ 5.32 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.83 Billion by 2028, exhibiting a growth rate (CAGR) of 18.34% during 2023-2028.

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What is explainable AI?

Explainable AI refers to the ability of artificial intelligence (AI) systems to offer understandable explanations and justifications for their decisions and actions, enabling humans to comprehend and trust these outcomes. This is achieved through the use of interpretable explanations. Techniques employed in explainable AI include visualizations, natural language explanations, rule-based systems, and feature importance analysis. By providing transparency and insights into the decision-making process of artificial intelligence, this solution promotes accountability, fairness, and ethical use of AI in various sectors, such as healthcare, finance, and autonomous vehicles.

What are the growth prospects and trends in the explainable AI industry?

The emerging trend of automation across several industries, aiming to save time and resources, and improve decision-making accuracy, is among the primary factors driving the explainable AI market. Besides this, the escalating demand for regulatory scrutiny and compliance toward the transparency and explainability of artificial intelligence processes and outcomes to ensure reliability, accountability, and ethical use is further augmenting the market growth. Moreover, the elevating requirement for explainable AI in risk management to identify and mitigate potential dangers, errors, or biases in models, thereby avoiding negative impacts on business operations and customer experiences, is also catalyzing the global market.

Apart from this, the rising awareness toward the benefits of ethical and responsible artificial intelligence for addressing concerns related to biased decision-making, privacy violations, and potential chances and the development of systems that can provide human-interpretable explanations for their decision-making processes are acting as significant growth-inducing factors. Furthermore, the ongoing product innovations and advancements in machine learning (ML) and natural language processing (NLP) technologies, enhancing the capabilities of this technology, are anticipated to propel the explainable AI market over the forecasted period.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Solution
Services

Breakup by Deployment:

Cloud
On-premises

Breakup by Application:

Fraud and Anomaly Detection
Drug Discovery and Diagnostics
Predictive Maintenance
Supply Chain Management
Identity and Access Management
Others

Breakup by End Use:

Healthcare
BFSI
Aerospace and Defense
Retail and E-commerce
Public Sector and Utilities
IT and Telecommunication
Automotive
Others

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

DarwinAI
DataRobot Inc.
Google LLC (Alphabet Inc.)
International Business Machines Corporation
Kyndi Inc.
SAS Institute Inc.
Seldon Technologies Limited

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