DUBLIN, Sept. 20, 2023 /PRNewswire/ — The “Explainable AI Market – Global Opportunity Analysis and Industry Forecast, 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The report suggests that the global explainable AI (XAI) market, which was valued at USD 5.10 billion in 2022, is set to rise dramatically to an impressive USD 24.58 billion by 2030. This substantial growth translates to a CAGR of 21.5% over the forecast period.
This burgeoning market is fueled by the advancements of Industry 4.0 and its convergence with digital transformation across multiple sectors. The World Economic Forum and McKinsey have recognized 103 globally spread sites as exemplars of Industry 4.0. Organizations embracing digital transformation, enhanced by AI and XAI, have become notably agile, customer-centric, and operational.
However, the scarcity of adequately trained individuals in data ethics, transparency, and bias mitigation poses a significant challenge. Without proper training, AI models may risk being biased or lack transparency, which hinders the broader acceptance of XAI solutions. Regulatory frameworks set by governmental bodies, on the other hand, are anticipated to provide a conducive environment for XAI adoption, emphasizing transparency in AI-powered decisions.
- The XAI market includes offerings of both solutions and services.
- Deployment options span across cloud-based and on-premise modes.
- Applications encompass sectors such as medical, industrial, cyber security, financial services, customer service, and more.
- The market covers various end-user industries like BFSI, healthcare & biotechnology, retail & e-commerce, manufacturing, and telecommunications, among others.
- North America leads in market share, a dominance expected to continue. This lead can be attributed to stringent regulations for transparency in AI algorithms and a marked increase in cybersecurity threats.
Key Players in the Market:
Prominent players operating in this sector include IBM Corporation, Alphabet, Inc. (Google), Microsoft Corporation, Intel Corporation, SAS, C3 AI, Equifax, FICO, Salesforce, and H2O.ai.
Recent Key Developments:
- May 2023: IBM launched Watsonx, emphasizing ethics and AI transparency.
- October 2022: Azure Machine Learning unveiled enhanced model explainability capabilities.
- May 2023: Salesforce rolled out OmniXAI version 1.3.0, amplifying AI transparency.
For more information about this report visit https://www.researchandmarkets.com/r/v8chm
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SOURCE Research and Markets