Explainable
AI Market Growth, Drivers and Industry Analysis 2023 to 2028

The global 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, according to new research report by MarketsandMarkets™

Explainable AI is at
the intersection of AI, machine learning, ethics, and psychology. Collaboration
across these fields is driving innovation in making AI systems more
interpretable and user-friendly.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=47650132

As per verticals, the healthcare & life sciences segment is
to grow at the highest CAGR during the forecast period.

The healthcare & life sciences vertical is
expected to grow at the highest CAGR during the forecast period. The healthcare
and life sciences industry stands at the forefront of leveraging Explainable AI
to enhance decision-making processes and improve patient outcomes. In this
vertical, Explainable AI technologies are employed to make the predictions and
recommendations generated by AI models more transparent and interpretable for
clinicians, researchers, and regulatory bodies. As the application of AI in healthcare
becomes increasingly widespread, ensuring that AI-driven diagnostics, treatment
recommendations, and drug discovery processes are explainable is crucial to
build trust and mitigate risks.

By Solutions by type, Software toolkits and frameworks Segment
to grow at the largest market size during the forecast period.

Software toolkits and frameworks for Explainable AI
are more developer-centric solutions. They offer libraries, APIs, and pre-built
algorithms that data scientists and machine learning engineers can integrate
into their existing machine learning workflows. These toolkits provide
flexibility and customization options for those who want to implement
transparency and interpretability in AI models. Toolkits provide a variety of
algorithms for explaining and interpreting AI model predictions, such as
feature importance, partial dependence plots, and saliency maps.

By Methods, the Model-Agnostic Methods segment is to grow at the
highest CAGR during the forecast period.

Model-agnostic methods are techniques that can be
applied to any machine learning model, irrespective of the underlying
architecture. They are often used when a black-box model, like a deep neural
network, is in place, and the goal is to provide explanations without altering
the model itself. Companies utilize these methods to make AI models more
interpretable and to build trust with users and stakeholders.

Asia Pacific to account to grow at the highest CAGR during
the forecast period.

By region, Asia Pacific countries, especially China,
South Korea, and Japan, are at the forefront of technological innovation. They
are quick to adopt and adapt to emerging AI technologies, including XAI, in
various industries. The APAC region is home to a significant portion of the
global population, with diverse industries ranging from manufacturing to
healthcare, finance, and e-commerce. This diversity creates a wide array of use
cases for XAI. Governments are actively promoting AI research and development.
They are also introducing regulations that require AI systems to be transparent
and explainable, contributing to the growth of the explainable AI market.

Inquiry Before
Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=47650132

Market Key Players

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.

About MarketsandMarkets™

MarketsandMarkets™ has been
recognized as one of America’s best management consulting firms by Forbes,
as per their recent report.

MarketsandMarkets™ is a blue ocean
alternative in growth consulting and program management, leveraging a man-machine
offering to drive supernormal growth for progressive organizations in the B2B
space. We have the widest lens on emerging technologies, making us proficient
in co-creating supernormal growth for clients.

Earlier this year, we made a formal
transformation into one of America's best management consulting firms as per a
survey conducted by Forbes.

The B2B economy is witnessing the
emergence of $25 trillion of new revenue streams that are substituting existing
revenue streams in this decade alone. We work with clients on growth programs,
helping them monetize this $25 trillion opportunity through our service lines -
TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain,
Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle,
we work with several Forbes Global 2000 B2B companies - helping them stay
relevant in a disruptive ecosystem. Our insights and strategies are molded by
our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and
years of research. The KnowledgeStore™ (our Market Intelligence Cloud)
integrates our research, facilitates an analysis of interconnections through a
set of applications, helping clients look at the entire ecosystem and
understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com
or follow us on Twitter, LinkedIn
and Facebook.