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Explainable AI Market

Report Code TC 8851
Published in Nov, 2023, By MarketsandMarkets™
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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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Overview

The Explainable AI Market is projected to grow by 20.9% resulting in a market value of $16.2 billion by 2028. The size value was USD 6.2 billion in 2023. There is growing interest in developing machine learning models that are inherently interpretable, such as decision trees or linear regression. These models naturally provide insights into their decision-making process.

Attractive Opportunities in the Explainable AI Market

ASIA PACIFIC:

Emerging economies in the Asia Pacific region provide numerous opportunities across industry verticals.

The advancement of technologies such as Internet of Things (IoT), big data analytics, artificial intelligence (AI), and machine learning (ML) has significantly influenced the explainable AI market.

The widespread availability of high-speed internet access and the increasing adoption of mobile devices have connected people around the world.

Acquisitions and mergers would offer lucrative opportunities to the market players in the next five years.

North America is expected to hold the largest market share during the forecast period. The region is a leader in technological advancements and is home to major explainable AI vendors.

Global Explainable AI Market Dynamics

Driver: Industry 4.0 Driving Demand for Explainable AI

The convergence of advanced technologies and digital transformation, often referred to as Industry 4.0, is a driving force behind the demand for Explainable AI. This trend has led to the successful transformation of various industries by embracing digital technologies. The integration of AI and XAI methods with Industry 4.0 technologies enables accurate and high-quality applications, making organizations more agile and customer focused. Industry 4.0 leverages AI for predictive maintenance and fault detection, reducing unplanned downtime. With XAI, operators can comprehend the reasoning behind AI's predictions and recommendations. This transparency is crucial for maintenance personnel, allowing them to make informed decisions about when and how to perform maintenance activities.

Restraint: Shortage of skilled XAI professionals

The shortage of skilled professionals in the field of Explainable AI (XAI) is a growing concern in the AI industry. As the demand for transparent and interpretable AI systems continues to rise, there is a pressing need for individuals with the expertise to develop, implement, and maintain XAI solutions. Skilled XAI professionals possess a deep understanding of complex AI models and are proficient in the design of techniques and tools that can render these models more transparent and interpretable. However, the scarcity of such experts can impede the effective integration of XAI in various industries, limiting the broader adoption of ethical and accountable AI systems.

 

Opportunity: Enhanced Decision Support

XAI provides an opportunity to improve decision support systems across various domains. By offering transparent and interpretable insights into AI-driven decisions, XAI can empower decision-makers to make more informed choices. This is particularly beneficial in healthcare, where clinicians can use XAI to understand the reasoning behind AI-assisted diagnoses or treatment recommendations. Similarly, in financial services, XAI can aid in risk assessment and investment decisions, with clear explanations for model-driven predictions, enabling professionals to understand and trust the AI's guidance. XAI provides interpretable insights into AI-driven recommendations and decisions.

Challenge: Complexity of AI models

AI models evolve over time to meet the needs of organizations. The demand for more effective decision-making can lead to the adoption of increasingly complex AI models that are difficult to explain. XAI systems must be continuously improved to keep pace with these changes and maintain the ability to provide meaningful explanations for AI decisions. This requires ongoing research and development to ensure that XAI techniques can effectively address the challenges posed by complex and evolving AI models. AI models, particularly deep neural networks, pose a formidable challenge for Explainable AI (XAI).

Global Explainable AI Market Ecosystem Analysis

By Methods, the Model-Specific Methods segment is to grow at the largest market size during the forecast period. Model-specific methods are tailored to specific machine learning models or algorithms. Companies use these techniques when they have in-depth knowledge of the model and can modify it for enhanced interpretability. Decision trees inherently offer transparency as they represent a series of decisions and outcomes. Companies may choose to use decision trees or rule-based models in scenarios where transparency is of utmost importance.

By Software Type, the Standalone Software segment is to grow at the largest market size during the forecast period.

Standalone Explainable AI software is designed to be a dedicated, independent tool for making AI models more interpretable and understandable. This software typically focuses on post hoc interpretability, meaning it can be applied to existing AI models without requiring changes to the model's architecture. These tools often offer a range of interpretability techniques, such as feature importance analysis, saliency maps, and rule-based explanations. They provide users with in-depth insights into the model's predictions and decision-making processes.

NORTH AMERICA Region Holds the Largest Share of the Explainable AI Market

By region, North America is one of the leading explainable AI markets in terms of share. North America, particularly the United States and Canada, has seen the introduction of regulations that emphasize the importance of transparency in AI systems, especially in sensitive sectors like finance, healthcare, and law enforcement. Government regulations such as the Algorithmic Accountability Act and the proposed Algorithmic Justice and Online Platform Transparency Act in the U.S. have propelled organizations to invest in Explainable AI technologies to comply with these laws.

 
 

Recent Developments of Explainable AI Market industry

  • In April 2023, Epic has strategic partnership with Microsoft, aiming to integrate generative AI technology into the healthcare domain. This expanded collaboration will harness the capabilities of the Azure OpenAI Service and Epic's widely recognized electronic health record (EHR) software, with the objective of delivering the advantages of AI to the healthcare industry. In May 2023, SAP and IBM entered into a collaborative partnership where IBM's Watson technology will be seamlessly integrated into SAP's solutions. The goal of this integration is to empower users with advanced AI-driven insights and automation features. In April 2023, Google announced the launch of new AI enables Claims Acceleration Suite to streamline health insurance prior authorization and claims processing.
  • In May 2023, Esquire Bank will use Salesforce Customer 360 to unify its customer data from across its various systems, including its core banking system, CRM system, and marketing automation system. In May 2023, NVIDIA announced a collaboration with Microsoft to accelerate enterprise-ready generative AI. The collaboration involves integrating NVIDIA AI Enterprise software into Microsoft's Azure Machine Learning to help enterprises create AI models. In January 2023, SAS Institute collaborated with Erasmus MC to develop an AI algorithm to predict whether patients should remain in the hospital after oncological surgery or could be safely dismissed.

Key Market Players

KEY 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)
  • Intellico (Italy)

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Scope of the Report

Report Attribute Details
Market size available for years 2018–2028
Base year considered 2022
Forecast period 2023–2028
Forecast units USD Million/Billion
Segments Covered By Offering, Software Type, Methods, Vertical, and Region
Geographies covered North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered 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).

Key Questions Addressed by the Report

What is Explainable AI?
Explainable AI is used to describe an AI model, its expected impact, and potential biases. It helps characterize model accuracy, fairness, transparency, and outcomes in AI-powered decision making. Explainable AI is crucial for an organization in building trust and confidence when putting AI models into production.
Which countries are considered in the European region?
The report includes an analysis of the UK, Germany, France, Spain, and Italy in the European region.
Which are key verticals adopting Explainable AI solutions and services?
Key verticals adopting explainable AI solutions and services include BFSI, retail and eCommerce, healthcare & life sciences, government & public sector, media & entertainment, IT/ITeS (Information Technology/ Information Technology Enabled Services), energy & utilities, telecommunication, manufacturing and other verticals.
What are the key drivers supporting the growth of the Explainable AI market?
The key drivers supporting the growth of the Explainable AI market include XAI can help organizations understand and mitigate risks associated with AI models. This is particularly important in industries where safety and reliability are paramount.
Who are the key vendors in the Explainable AI market?
The key vendors in the global 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).

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
30
RESEARCH METHODOLOGY
35
EXECUTIVE SUMMARY
47
PREMIUM INSIGHTS
51
MARKET OVERVIEW AND INDUSTRY TRENDS
54
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    - Industry 4.0 driving demand for explainable AI
    - Adoption of deep learning and neural networks
    - Rise in technological advancements and innovations
    RESTRAINTS
    - Shortage of skilled XAI professionals
    - Data security concerns
    OPPORTUNITIES
    - Enhanced decision support
    - Ethical AI and fairness
    - Improved user adoption and collaboration
    CHALLENGES
    - Complexity of AI models
    - Concerns related to bias and inaccurately generated output
  • 5.3 EXPLAINABLE AI: EVOLUTION
  • 5.4 EXPLAINABLE AI: ECOSYSTEM
  • 5.5 CASE STUDY ANALYSIS
    CASE STUDY 1: DARWINAI DELIVERED EXPLAINABLE AI USING OPENVINO TOOLKIT
    CASE STUDY 2: H20.AI AND WELLS FARGO HELPED TO MANAGE MACHINE LEARNING MODEL
    CASE STUDY 3: CONJURA REDUCED TIME TO DETECT AND RESOLVE MODEL DRIFT FROM DAYS TO HOURS WITH FIDDLER
    CASE STUDY 4: FICO HELPED NORTH AMERICAN BANK TO IMPROVE CREDIT RISK DECISIONS
    CASE STUDY 5: HOW.FM REDUCED TIME TO DETECT MODEL ISSUES FROM DAYS TO MINUTES
  • 5.6 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - Machine Learning
    - NLP
    - Computer Vision
    - Big Data Analytics
    ADJACENT TECHNOLOGIES
    - IoT
    - AutoML
    - Blockchain
    - Conversational AI
    - Knowledge Graph
  • 5.7 SUPPLY/VALUE CHAIN ANALYSIS
  • 5.8 PORTER’S FIVE FORCES ANALYSIS
    THREAT OF NEW ENTRANTS
    THREAT OF SUBSTITUTES
    BARGAINING POWER OF SUPPLIERS
    BARGAINING POWER OF BUYERS
    INTENSITY OF COMPETITIVE RIVALRY
  • 5.9 PRICING MODEL ANALYSIS
    SELLING PRICES OF KEY PLAYERS, BY OFFERING
  • 5.10 PATENT ANALYSIS
    METHODOLOGY
    DOCUMENT TYPE
    INNOVATION AND PATENT APPLICATIONS
    - Top applicants
  • 5.11 KEY CONFERENCES & EVENTS IN 2023–2024
  • 5.12 TARIFF AND REGULATORY LANDSCAPE
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • 5.13 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS IN EXPLAINABLE AI MARKET
  • 5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
  • 5.15 BEST PRACTICES IN EXPLAINABLE AI MARKET
    UNDERSTAND NEED FOR EXPLANATION
    INTERPRETABLE MODELS
    ETHICAL CONSIDERATIONS
    USER-CENTRIC DESIGN
    TRANSPARENCY AND DOCUMENTATION
  • 5.16 TECHNOLOGY ROADMAP OF EXPLAINABLE AI MARKET
  • 5.17 PILLARS/PRINCIPLES OF EXPLAINABLE AI
    INFORM SUBJECT OF ALGORITHM
    BUILD SOCIETAL TRUST IN AI SYSTEMS
    SATISFY COMPLIANCE OR REGULATORY REQUIREMENTS
    ASSIST WITH FURTHER SYSTEM DEVELOPMENT
    BENEFIT ALGORITHM’S OWNER
EXPLAINABLE AI MARKET, BY OFFERING
84
  • 6.1 INTRODUCTION
    OFFERING: EXPLAINABLE AI MARKET DRIVERS
  • 6.2 SOLUTIONS, BY TYPE
    SOFTWARE PLATFORMS
    - Explainable AI software platforms to allow users to continuously monitor behavior of AI models in real time
    SOFTWARE TOOLKITS & FRAMEWORKS
    - Software toolkits & frameworks for explainable AI to be more developer-centric
  • 6.3 SOLUTIONS, BY DEPLOYMENT MODE
    CLOUD
    - Cloud-based explainable AI solutions to enable to process large datasets and complex models efficiently
    ON-PREMISES
    - On-premises explainable AI solutions to be customizable and configurable to align with organization’s unique infrastructure and security policies
  • 6.4 SERVICES
    CONSULTING
    - Consulting firms to guide businesses in making informed decisions about explainable AI adoption
    DEPLOYMENT & INTEGRATION
    - Deployment & integration services to be crucial for implementing explainable AI solutions seamlessly
    TRAINING & EDUCATION
    - By providing ongoing education, explainable AI vendors to contribute to transparent and responsible AI ecosystem
    POST-IMPLEMENTATION SUPPORT
    - Post-implementation support to involve monitoring and maintaining models to prevent model drift and data biases
    DATA SCIENCE ADVISORY
    - Data science advisory services in explainable AI domain to involve various aspects of AI and machine learning
    AI/ML RESEARCH
    - Companies to frequently engage in AI and ML research to stay at forefront of technological advancements
    AI/ML-ENABLED SERVICES
    - AI/ML-enabled services to emphasize on transparency and interpretability
    DATA ENGINEERING
    - Effective data engineering to lay foundation for successful AI and explainable AI implementations
EXPLAINABLE AI MARKET, BY SOFTWARE TYPE
102
  • 7.1 INTRODUCTION
    SOFTWARE TYPE: EXPLAINABLE AI MARKET DRIVERS
  • 7.2 STANDALONE SOFTWARE
    STANDALONE SOFTWARE TO TYPICALLY FOCUS ON POST HOC INTERPRETABILITY
  • 7.3 INTEGRATED SOFTWARE
    INTEGRATED EXPLAINABLE AI SOFTWARE TO WORK SEAMLESSLY WITHIN LARGER AI AND MACHINE LEARNING PLATFORMS OR WORKFLOWS
  • 7.4 AUTOMATED REPORTING TOOLS
    AUTOMATED REPORTING TOOLS TO BE INVALUABLE FOR ORGANIZATIONS THAT NEED TO SHARE AI INSIGHTS WITH REGULATORY BODIES
  • 7.5 INTERACTIVE MODEL VISUALIZATION
    INTERACTIVE MODEL VISUALIZATION SOFTWARE TO ALLOW USERS TO VISUALIZE MODEL INPUTS, OUTPUTS, AND INTERMEDIATE LAYERS IN REAL TIME
EXPLAINABLE AI MARKET, BY METHOD
109
  • 8.1 INTRODUCTION
    METHOD: EXPLAINABLE AI MARKET DRIVERS
  • 8.2 MODEL-AGNOSTIC METHODS
    COMPANIES TO UTILIZE MODEL-AGNOSTIC METHODS TO MAKE AI MODELS MORE INTERPRETABLE AND BUILD TRUST WITH USERS AND STAKEHOLDERS
  • 8.3 MODEL-SPECIFIC METHODS
    COMPANIES TO USE THESE TECHNIQUES WHEN THEY HAVE IN-DEPTH KNOWLEDGE OF MODEL AND CAN MODIFY IT FOR ENHANCED INTERPRETABILITY
EXPLAINABLE AI MARKET, BY VERTICAL
114
  • 9.1 INTRODUCTION
    VERTICAL: EXPLAINABLE AI MARKET DRIVERS
  • 9.2 BFSI
    CREDIT SCORING AND LOAN APPROVALS
    - Explainable AI to play vital role in providing clear understanding of factors influencing customers’ creditworthiness
    FRAUD DETECTION AND PREVENTION
    - Explainable AI models to provide insights into features and patterns that contributed to transactions being labeled as suspicious
    RISK ASSESSMENT IN INVESTMENTS
    - Explainable AI crucial for enabling investors and asset managers to make informed decisions
    CUSTOMER SERVICE AND QUERIES
    - Explainable AI to assist in improving the overall customer experience and satisfaction
    BIAS DETECTION AND MITIGATION
    - Explainable AI to help BFSI organizations mitigate reputational risks associated with biased or unfair practices
    OTHERS
  • 9.3 RETAIL & ECOMMERCE
    CUSTOMER BEHAVIOR ANALYSIS
    - Explainable AI to play crucial role in retail business by providing interpretable insights on customer behavior
    DYNAMIC PRICING STRATEGIES
    - Explainable AI algorithms to help customers understand rationale behind price changes
    SUPPLY CHAIN OPTIMIZATION
    - Explainable AI to optimize supply chains by providing transparency into decision-making processes
    PRODUCT RECOMMENDATIONS
    - Explainable AI to help by providing clear and understandable justifications for product recommendations made to customers
    OTHERS
  • 9.4 GOVERNMENT & PUBLIC SECTOR
    POLICY DECISION SUPPORT
    - Explainable AI to be able to identify potential biases in policy recommendations, ensuring fairness and equitability
    TRAFFIC AND URBAN PLANNING
    - Explainable AI to assist in predictive modeling for future urban development by highlighting environmental and societal impact of various scenarios
    ECOSYSTEM MONITORING
    - Explainable AI to help identify factors influencing species population dynamics, supporting more effective conservation strategies
    PREDICTIVE POLICING
    - Explainable AI to enhance predictive policing models
    OTHERS
  • 9.5 HEALTHCARE & LIFE SCIENCES
    MEDICAL DIAGNOSTICS AND IMAGING
    - Explainable AI to reduce errors, improve clinical confidence, and ultimately enhance patient care
    DRUG DISCOVERY AND DEVELOPMENT
    - Explainable AI to optimize process of identifying potential drug candidates
    PERSONALIZED MEDICINE
    - Explainable AI to enhance patient and clinician trust in personalized treatment plans
    CLINICAL TRIAL ELIGIBILITY
    - Explainable AI to demystify black-box nature of machine learning models
    MODEL TRANSPARENCY AND DEBUGGING
    - By enhancing model transparency and facilitating debugging, explainable AI to bolster confidence of healthcare practitioners
    OTHERS
  • 9.6 MANUFACTURING
    PRODUCTION LINE OPTIMIZATION
    - Explainable AI to identify patterns leading to machine breakdowns or suboptimal performance
    RESOURCE ALLOCATION
    - Explainable AI to explain why energy usage fluctuates and how it is influenced by production volume and machine settings
    CUSTOM PRODUCT DESIGN
    - Explainable AI to facilitate better collaboration between manufacturers and their clients
    SUPPLIER SELECTION
    - Explainable AI to assist in risk assessment and highlight potential red flags in supplier’s track record
    OTHERS
  • 9.7 ENERGY & UTILITIES
    GRID MANAGEMENT
    - Explainable AI to help investigate root causes, which is crucial for post-incident analysis and continuous improvement in grid management
    RENEWABLE ENERGY FORECASTING
    - Explainable AI to enhance trustworthiness of forecasts by providing clear insights into features and data points
    ENERGY CONSUMPTION ANALYSIS
    - Explainable AI to assist by providing transparency in energy consumption analysis
    ASSET MAINTENANCE OPTIMIZATION
    - AI to help build trust among stakeholders and make it easier to justify maintenance decisions to regulators and public
    OTHERS
  • 9.8 TELECOMMUNICATIONS
    NETWORK MANAGEMENT
    - Explainable AI to help telecom operators better understand and optimize their network performance
    SERVICE PLAN RECOMMENDATIONS
    - Explainable AI to enhance personalization and customer experience
    CHURN PREDICTION AND RETENTION
    - Explainable AI to help craft personalized retention strategies
    QUALITY OF SERVICE (QOS) OPTIMIZATION
    - Explainable AI to provide transparency and insights into decision-making processes behind QoS optimization
    OTHERS
  • 9.9 MEDIA & ENTERTAINMENT
    CONTENT RECOMMENDATIONS
    - Explainable AI to provide transparent recommendations to users in media & entertainment space
    COPYRIGHT INFRINGEMENT DETECTION
    - Explainable AI to help educate content creators and users about copyright laws and best practices
    VIRTUAL REALITY AND GAMING
    - Explainable AI to offer players insights into how their in-game decisions affect outcomes and provide them with guidance on strategies or tactics
    AUDIENCE INSIGHTS
    - Explainable AI to help derive meaningful insights from large datasets, shedding light on viewer preferences and behavior
    OTHERS
  • 9.10 IT & ITES
    CODE REVIEW AND DEBUGGING
    - Explainable AI to improve code quality and accelerate debugging process by pinpointing root causes of issues
    SERVICE LEVEL AGREEMENTS (SLA) MANAGEMENT
    - Explainable AI to analyze service performance, offering explanations for any deviations from SLAs
    DATA SECURITY AND PRIVACY
    - Explainable AI to help monitor, detect, and explain potential security breaches or anomalies within data systems
    USER EXPERIENCE (UX) ENHANCEMENT
    - Explainable AI to analyze user interactions and preferences, providing interpretable insights
    OTHERS
  • 9.11 OTHER VERTICALS
EXPLAINABLE AI MARKET, BY REGION
142
  • 10.1 INTRODUCTION
  • 10.2 NORTH AMERICA
    NORTH AMERICA: EXPLAINABLE AI MARKET DRIVERS
    NORTH AMERICA: RECESSION IMPACT
    US
    - Initiatives by tech companies, research institutions, and venture capital firms toward AI technologies to drive market
    CANADA
    - Regulatory frameworks and guidelines to encourage Canadian businesses to invest in explainable AI solutions
  • 10.3 EUROPE
    EUROPE: EXPLAINABLE AI MARKET DRIVERS
    EUROPE: RECESSION IMPACT
    UK
    - Recognition of transformative potential of XAI and its impact of innovation to boost growth
    GERMANY
    - Heavy investments by government to accelerate development and adoption of XAI technologies to fuel growth
    FRANCE
    - Collaboration between global and local players to accelerate XAI adoption of innovation in coming years
    ITALY
    - Commitment to fostering digital skills and research capabilities to encourage adoption of explainable AI solutions in startup ecosystem
    SPAIN
    - Government initiatives to promote AI-driven innovation to spur market growth
    REST OF EUROPE
  • 10.4 ASIA PACIFIC
    ASIA PACIFIC: EXPLAINABLE AI MARKET DRIVERS
    ASIA PACIFIC: IMPACT OF RECESSION
    CHINA
    - Focus of government on bolstering research & development efforts to drive market
    JAPAN
    - Rise in global prominence of generative AI to drive development and integration of explainable AI into local players’ business operations
    SOUTH KOREA
    - Influence of AI technology across healthcare, finance, and defense sectors to spur growth
    INDIA
    - Rapid surge in development and adoption of XAI technologies to drive growth
    AUSTRALIA & NEW ZEALAND
    - AI leveraged for customer service automation, predictive analytics, fraud detection, and supply chain optimization to propel market
    REST OF ASIA PACIFIC
  • 10.5 MIDDLE EAST & AFRICA
    MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET DRIVERS
    MIDDLE EAST & AFRICA: RECESSION IMPACT
    ISRAEL
    - Growth in research and application of artificial intelligence across various verticals to boost market
    SAUDI ARABIA
    - Greater emphasis on artificial intelligence development across key industry verticals
    UAE
    - Implementation of proactive strategies and establishing regulatory frameworks to spur growth
    EGYPT
    - Adoption and utilization of XAI technologies to drive transformative changes across sectors
    SOUTH AFRICA
    - Rapid advancements in field of XAI to encourage market expansion
    REST OF MIDDLE EAST & AFRICA
  • 10.6 LATIN AMERICA
    LATIN AMERICA: EXPLAINABLE AI MARKET DRIVERS
    LATIN AMERICA: RECESSION IMPACT
    BRAZIL
    - Rapid shift in technological landscape toward adoption of AI technologies to spur growth
    MEXICO
    - Endeavor to become digitally advanced country, using proximity to US, to drive technology adoption
    ARGENTINA
    - Need for adoption of artificial intelligence to enhance processes and improve decision-making to propel market growth
    REST OF LATIN AMERICA
COMPETITIVE LANDSCAPE
194
  • 11.1 OVERVIEW
  • 11.2 STRATEGIES ADOPTED BY KEY PLAYERS
  • 11.3 HISTORICAL REVENUE ANALYSIS OF KEY PLAYERS
  • 11.4 MARKET SHARE ANALYSIS
  • 11.5 EXPLAINABLE AI BRAND/PRODUCT COMPARATIVE LANDSCAPE
    EXPLAINABLE AI TRENDING PRODUCTS/BRAND COMPARISON
  • 11.6 COMPANY EVALUATION QUADRANT
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT
  • 11.7 STARTUP/SME EVALUATION QUADRANT
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING
  • 11.8 COMPETITIVE SCENARIO
    PRODUCT LAUNCHES
    DEALS
  • 11.9 VALUATION AND FINANCIAL METRICS OF KEY EXPLAINABLE AI VENDORS
  • 11.10 YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND STOCK BETA OF KEY EXPLAINABLE AI VENDORS
COMPANY PROFILES
211
  • 12.1 INTRODUCTION
  • 12.2 KEY PLAYERS
    MICROSOFT
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    IBM
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    GOOGLE
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    INTEL
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    SALESFORCE
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    NVIDIA
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    SAS INSTITUTE
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    ALTERYX
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    AWS
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    EQUIFAX
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    FICO
    - Business and financial overview
    - Products/Solutions/Services offered
    TEMENOS
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
    MPHASIS
    - Business and financial overview
    - Products/Solutions/Services offered
    - Recent developments
  • 12.3 SMES AND STARTUPS
    C3 AI
    H20.AI
    FIDDLER LABS
    ZEST AI
    SELDON
    SQUIRRO
    KYNDI
    DATAROBOT
    DATABRICKS
    TREDENCE
    DARWINAI
    TENSOR AI SOLUTIONS
    EXPAI
    ABZU
    ARTHUR
    INTELLICO
ADJACENT AND RELATED MARKETS
262
  • 13.1 ADJACENT AND RELATED MARKETS
    INTRODUCTION
    GENERATIVE AI MARKET—GLOBAL FORECAST TO 2028
    - Market definition
    - Market overview
    - Generative AI market, by offering
    - Generative AI market, by application
    - Generative AI market, by vertical
    - Generative AI market, by region
    CONVERSATIONAL AI MARKET—GLOBAL FORECAST TO 2028
    - Market definition
    - Market overview
    - Conversational AI market, by offering
    - Conversational AI market, by business function
    - Conversational AI market, by channel
    - Conversational AI market, by conversational interface
    - Conversational AI market, by technology
    - Conversational AI market, by vertical
    - Conversational AI market, by region
APPENDIX
275
  • 14.1 DISCUSSION GUIDE
  • 14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 14.3 CUSTOMIZATION OPTIONS
  • 14.4 RELATED REPORTS
  • 14.5 AUTHOR DETAILS
LIST OF TABLES
 
  • TABLE 1 USD EXCHANGE RATES, 2020–2022
  • TABLE 2 LIST OF PRIMARY INTERVIEWS
  • TABLE 3 FACTOR ANALYSIS
  • TABLE 4 EXPLAINABLE AI MARKET SIZE AND GROWTH RATE, 2018–2022 (USD MILLION, Y-O-Y GROWTH)
  • TABLE 5 EXPLAINABLE AI MARKET SIZE AND GROWTH RATE, 2023–2030 (USD BILLION, Y-O-Y GROWTH)
  • TABLE 6 EXPLAINABLE AI MARKET: ECOSYSTEM
  • TABLE 7 EXPLAINABLE AI MARKET: PORTER’S FIVE FORCES ANALYSIS
  • TABLE 8 SELLING PRICES OF KEY PLAYERS, BY OFFERING (USD)
  • TABLE 9 PATENTS FILED, 2013–2023
  • TABLE 10 TOP 20 PATENT OWNERS IN EXPLAINABLE AI MARKET, 2013–2023
  • TABLE 11 LIST OF MAJOR PATENTS IN EXPLAINABLE AI MARKET, 2021–2023
  • TABLE 12 EXPLAINABLE AI MARKET: LIST OF CONFERENCES & EVENTS
  • TABLE 13 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 14 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 15 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 16 MIDDLE EAST & AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 17 LATIN AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 18 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS (%)
  • TABLE 19 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
  • TABLE 20 TECHNOLOGY ROADMAP OF EXPLAINABLE AI MARKET, 2023–2030
  • TABLE 21 EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 22 EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 23 EXPLAINABLE AI SOLUTIONS MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 24 EXPLAINABLE AI SOLUTIONS MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 25 SOFTWARE PLATFORMS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 26 SOFTWARE PLATFORMS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 27 SOFTWARE TOOLKITS & FRAMEWORKS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 28 SOFTWARE TOOLKITS & FRAMEWORKS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 29 EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 30 EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 31 CLOUD: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 32 CLOUD: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 33 ON-PREMISES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 34 ON-PREMISES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 35 EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION)
  • TABLE 36 EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION)
  • TABLE 37 CONSULTING: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 38 CONSULTING: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 39 DEPLOYMENT & INTEGRATION: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 40 DEPLOYMENT & INTEGRATION: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 41 TRAINING & EDUCATION: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 42 TRAINING & EDUCATION: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 43 POST-IMPLEMENTATION SUPPORT: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 44 POST-IMPLEMENTATION SUPPORT: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 45 DATA SCIENCE ADVISORY: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 46 DATA SCIENCE ADVISORY: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 47 AI/ML RESEARCH: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 48 AI/ML RESEARCH: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 49 AI/ML-ENABLED SERVICES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 50 AI/ML-ENABLED SERVICES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 51 DATA ENGINEERING: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 52 DATA ENGINEERING: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 53 EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION)
  • TABLE 54 EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION)
  • TABLE 55 STANDALONE SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 56 STANDALONE SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 57 INTEGRATED SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 58 INTEGRATED SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 59 AUTOMATED REPORTING TOOLS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 60 AUTOMATED REPORTING TOOLS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 61 INTERACTIVE MODEL VISUALIZATION: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 62 INTERACTIVE MODEL VISUALIZATION: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 63 EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 64 EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 65 MODEL-AGNOSTIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 66 MODEL-AGNOSTIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 67 MODEL-SPECIFIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 68 MODEL-SPECIFIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 69 EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
  • TABLE 70 EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 71 BFSI: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 72 BFSI: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 73 RETAIL & ECOMMERCE: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 74 RETAIL & ECOMMERCE: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 75 GOVERNMENT & PUBLIC SECTOR: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 76 GOVERNMENT & PUBLIC SECTOR: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 77 HEALTHCARE & LIFE SCIENCES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 78 HEALTHCARE & LIFE SCIENCES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 79 MANUFACTURING: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 80 MANUFACTURING: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 81 ENERGY & UTILITIES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 82 ENERGY & UTILITIES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 83 TELECOMMUNICATIONS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 84 TELECOMMUNICATIONS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 85 MEDIA & ENTERTAINMENT: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 86 MEDIA & ENTERTAINMENT: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 87 IT & ITES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 88 IT & ITES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 89 OTHER VERTICALS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 90 OTHER VERTICALS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 91 EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 92 EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 93 NORTH AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 94 NORTH AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 95 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION)
  • TABLE 96 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION)
  • TABLE 97 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
  • TABLE 98 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
  • TABLE 99 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION)
  • TABLE 100 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION)
  • TABLE 101 NORTH AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 102 NORTH AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 103 NORTH AMERICA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 104 NORTH AMERICA: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 105 NORTH AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
  • TABLE 106 NORTH AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 107 NORTH AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
  • TABLE 108 NORTH AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 109 US: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 110 US: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 111 US: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 112 US: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 113 US: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 114 US: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 115 EUROPE: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 116 EUROPE: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 117 EUROPE: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION)
  • TABLE 118 EUROPE: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION)
  • TABLE 119 EUROPE: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
  • TABLE 120 EUROPE: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
  • TABLE 121 EUROPE: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION)
  • TABLE 122 EUROPE: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION)
  • TABLE 123 EUROPE: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 124 EUROPE: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 125 EUROPE: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 126 EUROPE: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 127 EUROPE: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
  • TABLE 128 EUROPE: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 129 EUROPE: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
  • TABLE 130 EUROPE: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 131 UK: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 132 UK: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 133 UK: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 134 UK: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 135 UK: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 136 UK: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 137 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 138 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 139 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION)
  • TABLE 140 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION)
  • TABLE 141 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
  • TABLE 142 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
  • TABLE 143 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION)
  • TABLE 144 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION)
  • TABLE 145 ASIA PACIFIC: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 146 ASIA PACIFIC: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 147 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 148 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 149 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
  • TABLE 150 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 151 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
  • TABLE 152 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 153 CHINA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 154 CHINA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 155 CHINA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 156 CHINA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 157 CHINA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 158 CHINA: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 159 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 160 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 161 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION)
  • TABLE 162 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION)
  • TABLE 163 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
  • TABLE 164 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
  • TABLE 165 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION)
  • TABLE 166 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION)
  • TABLE 167 MIDDLE EAST & AFRICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 168 MIDDLE EAST & AFRICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 169 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 170 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION)
  • TABLE 171 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
  • TABLE 172 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 173 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
  • TABLE 174 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 175 LATIN AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 176 LATIN AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 177 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION)
  • TABLE 178 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION)
  • TABLE 179 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
  • TABLE 180 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
  • TABLE 181 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION)
  • TABLE 182 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION)
  • TABLE 183 LATIN AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION)
  • TABLE 184 LATIN AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION)
  • TABLE 185 LATIN AMERICA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION)
  • TABLE 186 LATIN AMERICA: EXPLAINABLE AI MARKET, BY METHODS, 2023–2028 (USD MILLION)
  • TABLE 187 LATIN AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
  • TABLE 188 LATIN AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 189 LATIN AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
  • TABLE 190 LATIN AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 191 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN EXPLAINABLE AI MARKET
  • TABLE 192 EXPLAINABLE AI MARKET: DEGREE OF COMPETITION
  • TABLE 193 KEY COMPANY PRODUCT FOOTPRINT
  • TABLE 194 EXPLAINABLE AI MARKET: DETAILED LIST OF KEY STARTUPS/SMES
  • TABLE 195 EXPLAINABLE AI MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES
  • TABLE 196 PRODUCT LAUNCHES, 2019–2023
  • TABLE 197 DEALS, 2020-2023
  • TABLE 198 MICROSOFT: BUSINESS OVERVIEW
  • TABLE 199 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 200 MICROSOFT: SERVICES OFFERED
  • TABLE 201 MICROSOFT: PRODUCT LAUNCHES AND ENHANCEMENTS
  • TABLE 202 MICROSOFT: DEALS
  • TABLE 203 IBM: BUSINESS OVERVIEW
  • TABLE 204 IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 205 IBM: SERVICES OFFERED
  • TABLE 206 IBM: PRODUCT LAUNCHES AND ENHANCEMENTS
  • TABLE 207 IBM: DEALS
  • TABLE 208 GOOGLE: BUSINESS OVERVIEW
  • TABLE 209 GOOGLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 210 GOOGLE: PRODUCT LAUNCHES AND ENHANCEMENTS
  • TABLE 211 GOOGLE: DEALS
  • TABLE 212 INTEL: BUSINESS OVERVIEW
  • TABLE 213 INTEL: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 214 INTEL: PRODUCT LAUNCHES AND ENHANCEMENTS
  • TABLE 215 INTEL: DEALS
  • TABLE 216 SALESFORCE: BUSINESS OVERVIEW
  • TABLE 217 SALESFORCE: PRODUCTS/SOLUTIONS OFFERED
  • TABLE 218 SALESFORCE: SERVICES OFFERED
  • TABLE 219 SALESFORCE: PRODUCT LAUNCHES AND ENHANCEMENTS
  • TABLE 220 SALESFORCE: DEALS
  • TABLE 221 NVIDIA: BUSINESS OVERVIEW
  • TABLE 222 NVIDIA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 223 NVIDIA: DEALS
  • TABLE 224 SAS INSTITUTE: BUSINESS OVERVIEW
  • TABLE 225 SAS INSTITUTE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 226 SAS INSTITUTE: DEALS
  • TABLE 227 ALTERYX: BUSINESS OVERVIEW
  • TABLE 228 ALTERYX: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 229 ALTERYX: PRODUCT LAUNCHES AND ENHANCEMENTS
  • TABLE 230 ALTERYX: DEALS
  • TABLE 231 AWS: BUSINESS OVERVIEW
  • TABLE 232 AWS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 233 AWS: PRODUCT LAUNCHES AND ENHANCEMENTS
  • TABLE 234 AWS: DEALS
  • TABLE 235 EQUIFAX: BUSINESS OVERVIEW
  • TABLE 236 EQUIFAX: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 237 EQUIFAX: DEALS
  • TABLE 238 FICO: BUSINESS OVERVIEW
  • TABLE 239 FICO: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 240 TEMENOS: BUSINESS OVERVIEW
  • TABLE 241 TEMENOS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 242 TEMENOS: DEALS
  • TABLE 243 MPHASIS: BUSINESS OVERVIEW
  • TABLE 244 MPHASIS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 245 MPHASIS: DEALS
  • TABLE 246 GLOBAL GENERATIVE AI MARKET SIZE AND GROWTH RATE, 2019–2022 (USD MILLION, Y-O-Y)
  • TABLE 247 GLOBAL GENERATIVE AI MARKET SIZE AND GROWTH RATE, 2023–2028 (USD MILLION, Y-O-Y)
  • TABLE 248 GENERATIVE AI MARKET, BY OFFERING, 2019–2022 (USD MILLION)
  • TABLE 249 GENERATIVE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 250 GENERATIVE AI MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 251 GENERATIVE AI MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 252 GENERATIVE AI MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
  • TABLE 253 GENERATIVE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 254 GENERATIVE AI MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 255 GENERATIVE AI MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 256 CONVERSATIONAL AI MARKET BY OFFERING, 2018–2022 (USD MILLION)
  • TABLE 257 CONVERSATIONAL AI MARKET BY OFFERING, 2023–2028 (USD MILLION)
  • TABLE 258 CONVERSATIONAL AI MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION)
  • TABLE 259 CONVERSATIONAL AI MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION)
  • TABLE 260 CONVERSATIONAL AI MARKET, BY CHANNEL, 2018–2022 (USD MILLION)
  • TABLE 261 CONVERSATIONAL AI MARKET, BY CHANNEL, 2023–2028 (USD MILLION)
  • TABLE 262 CONVERSATIONAL AI MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION)
  • TABLE 263 CONVERSATIONAL AI MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION)
  • TABLE 264 CONVERSATIONAL AI MARKET BY TECHNOLOGY, 2018–2022 (USD MILLION)
  • TABLE 265 CONVERSATIONAL AI MARKET, TECHNOLOGY, 2023–2028 (USD MILLION)
  • TABLE 266 CONVERSATIONAL AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
  • TABLE 267 CONVERSATIONAL AI MARKET BY VERTICAL, 2023–2028 (USD MILLION)
  • TABLE 268 CONVERSATIONAL AI MARKET BY REGION, 2018–2022 (USD MILLION)
  • TABLE 269 CONVERSATIONAL AI MARKET, BY REGION, 2023–2028 (USD MILLION)
LIST OF FIGURES
 
  • FIGURE 1 RESEARCH DESIGN
  • FIGURE 2 TOP-DOWN AND BOTTOM-UP APPROACHES
  • FIGURE 3 APPROACH 1 (SUPPLY SIDE): REVENUE OF SOLUTIONS/SERVICES OF EXPLAINABLE AI VENDORS
  • FIGURE 4 APPROACH 2, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES OF EXPLAINABLE AI VENDORS
  • FIGURE 5 APPROACH 3, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES OF EXPLAINABLE AI VENDORS
  • FIGURE 6 APPROACH 4, BOTTOM-UP (DEMAND-SIDE): SHARE OF EXPLAINABLE AI SOLUTIONS AND SERVICES THROUGH OVERALL SPENDING
  • FIGURE 7 SOLUTIONS TO FORM LARGER EXPLAINABLE AI MARKET IN 2023
  • FIGURE 8 DEPLOYMENT & INTEGRATION SERVICES TO LEAD MARKET FOR EXPLAINABLE AI SERVICES IN 2023
  • FIGURE 9 STANDALONE SOFTWARE TO DOMINATE EXPLAINABLE AI MARKET IN 2023
  • FIGURE 10 ON-PREMISE DEPLOYMENT TO LEAD OVER CLOUD EXPLAINABLE AI MARKET IN 2023
  • FIGURE 11 BFSI VERTICAL TO ACCOUNT FOR LARGEST EXPLAINABLE AI MARKET IN 2023
  • FIGURE 12 NORTH AMERICA TO ACCOUNT FOR LARGEST SHARE IN 2023
  • FIGURE 13 RISING INVESTMENTS IN EXPLAINABLE AI RESEARCH & DEVELOPMENT TO DRIVE MARKET GROWTH
  • FIGURE 14 EXPLAINABLE AI MARKET TO WITNESS MINOR DECLINE IN Y-O-Y GROWTH IN 2023
  • FIGURE 15 BFSI TO ACCOUNT FOR LARGEST EXPLAINABLE AI MARKET DURING FORECAST PERIOD
  • FIGURE 16 STANDALONE SOFTWARE AND BFSI TO LEAD RESPECTIVE SEGMENTS IN EXPLAINABLE AI MARKET IN 2023
  • FIGURE 17 NORTH AMERICA TO DOMINATE EXPLAINABLE AI MARKET IN 2023
  • FIGURE 18 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: EXPLAINABLE AI MARKET
  • FIGURE 19 EVOLUTION OF EXPLAINABLE AI
  • FIGURE 20 EXPLAINABLE AI MARKET: ECOSYSTEM
  • FIGURE 21 SUPPLY/VALUE CHAIN ANALYSIS
  • FIGURE 22 EXPLAINABLE AI MARKET: PORTER’S FIVE FORCES ANALYSIS
  • FIGURE 23 SELLING PRICES OF KEY PLAYERS, BY OFFERING
  • FIGURE 24 TOTAL NUMBER OF PATENTS GRANTED ANNUALLY, 2013–2023
  • FIGURE 25 TOP TEN COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS, 2013–2023
  • FIGURE 26 EXPLAINABLE AI MARKET: TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS
  • FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS
  • FIGURE 28 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
  • FIGURE 29 TECHNOLOGY ROADMAP OF EXPLAINABLE AI MARKET, 2023–2030
  • FIGURE 30 EXPLAINABLE AI SERVICES TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
  • FIGURE 31 SOFTWARE TOOLKITS & FRAMEWORKS TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
  • FIGURE 32 CLOUD TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
  • FIGURE 33 DATA ENGINEERING TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
  • FIGURE 34 STANDALONE SOFTWARE TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
  • FIGURE 35 MODEL-AGNOSTIC METHODS TO WITNESS HIGHER GROWTH RATE DURING FORECAST PERIOD
  • FIGURE 36 HEALTHCARE & LIFE SCIENCES TO WITNESS HIGHEST GROWTH RATE DURING FORECAST PERIOD
  • FIGURE 37 AUSTRALIA & NEW ZEALAND TO ACHIEVE HIGHEST GROWTH DURING FORECAST PERIOD
  • FIGURE 38 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
  • FIGURE 39 NORTH AMERICA: MARKET SNAPSHOT
  • FIGURE 40 ASIA PACIFIC: MARKET SNAPSHOT
  • FIGURE 41 HISTORICAL REVENUE ANALYSIS OF TOP PLAYERS, 2020–2022 (USD MILLION)
  • FIGURE 42 EXPLAINABLE AI MARKET SHARE ANALYSIS, 2022
  • FIGURE 43 COMPANY EVALUATION MATRIX, 2022
  • FIGURE 44 STARTUP/SME EVALUATION MATRIX, 2022
  • FIGURE 45 VALUATION AND FINANCIAL METRICS OF KEY VENDORS
  • FIGURE 46 YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND STOCK BETA OF KEY VENDORS
  • FIGURE 47 MICROSOFT: COMPANY SNAPSHOT
  • FIGURE 48 IBM: COMPANY SNAPSHOT
  • FIGURE 49 GOOGLE: COMPANY SNAPSHOT
  • FIGURE 50 INTEL: COMPANY SNAPSHOT
  • FIGURE 51 SALESFORCE: COMPANY SNAPSHOT
  • FIGURE 52 NVIDIA: COMPANY SNAPSHOT
  • FIGURE 53 ALTERYX: COMPANY SNAPSHOT
  • FIGURE 54 AWS: COMPANY SNAPSHOT
  • FIGURE 55 EQUIFAX: COMPANY SNAPSHOT
  • FIGURE 56 FICO: COMPANY SNAPSHOT
  • FIGURE 57 TEMENOS: COMPANY SNAPSHOT
  • FIGURE 58 MPHASIS: COMPANY SNAPSHOT

The research study involved the use of extensive secondary sources, directories, as well as several journals and magazines such as the Institute of Electrical and Electronic Engineers IoT Journal, International Journal of Data Science and Analytics, and IoT Magazine to identify and collect the information useful for a comprehensive market research study on the explainable AI market. The primary sources were mainly industry experts from the core and related industries, preferred XAI solution providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, as well as assess the market’s prospects.

Secondary Research

In the secondary research process, various sources were referred to for identifying and collecting information for the study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, and certified publications and articles from recognized authors, directories, and databases.

Primary Research

In the primary research process, various sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs), Vice Presidents (VPs), directors from business development, marketing, product development/innovation teams, related key executives from explainable AI solution vendors, SIs, professional service providers, industry associations, and key opinion leaders. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

The following is the breakup of primary profiles:

Explainable AI Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Top-down and bottom-up approaches were used to estimate and validate the size of the global explainable AI market and various other dependent subsegments. The research methodology used to estimate the market size included the following details: the key players not limited to IBM, Microsoft, NVIDIA and Google in the market were identified through extensive secondary research, and their revenue contributions in the respective regions were determined through primary and secondary research. The entire procedure included the study of the annual and financial reports of top market players and extensive interviews for key insights from industry leaders, such as CEOs, VPs, directors, and marketing executives. All percentage splits and breakups were determined using secondary sources and verified through primary sources.

All the possible parameters that affect the market covered in the research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The data is consolidated and added with detailed inputs and analysis from MarketsandMarkets.

  • The pricing trend is assumed to vary over time.
  • All the forecasts are made with the standard assumption that the accepted currency is USD.
  • For the conversion of various currencies to USD, average historical exchange rates are used according to the year specified. For all the historical and current exchange rates required for calculations and currency conversions, the US Internal Revenue Service's website is used.
  • All the forecasts are made under the standard assumption that the globally accepted currency USD remains constant during the next five years.
  • Vendor-side analysis: The market size estimates of associated solutions and services are factored in from the vendor side by assuming an average of licensing and subscription-based models of leading and innovative vendors in the market.
  • Demand/end-user analysis: End users operating in verticals across regions are analyzed in terms of market spending on XAI solutions based on some of the key use cases. These factors for the XAI industry per region are separately analyzed, and the average spending was extrapolated with an approximation based on assumed weightage. This factor is derived by averaging various market influencers, including recent developments, regulations, mergers and acquisitions, enterprise/SME adoption, startup ecosystem, IT spending, technology propensity and maturity, use cases, and the estimated number of organizations per region.

Top-Down Approach

In the top-down approach, an exhaustive list of all the vendors offering solutions and services in the explainable AI market was prepared. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor’s offerings were evaluated on the basis of the breadth of solutions and services, deployment modes, applications, and verticals. The aggregate of all the companies’ revenue was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its global market size and regional penetration. The markets were triangulated through both primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets repository for validation.

Bottom-Up Approach

In the bottom-up approach, the adoption rate of explainable AI solutions among different end-users in key countries with respect to their regions that contribute the most to the market share was identified. For cross-validation, the adoption of explainable AI solutions and services among industries, along with different use cases with respect to their regions, was identified and extrapolated. Weightage was given to use cases identified in different regions for the market size calculation.

Based on the market numbers, the regional split was determined by primary and secondary sources. The procedure included the analysis of the explainable AI market’s regional penetration. Based on secondary research, the regional spending on Information and Communications Technology (ICT), socio-economic analysis of each country, strategic vendor analysis of major artificial intelligence providers, and organic and inorganic business development activities of regional and global players were estimated. With the data triangulation procedure and data validation through primaries, the exact values of the overall explainable AI market size and segments’ size were determined and confirmed using the study.

Explainable AI Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Explainable AI Market Size, and Share

Market Definition

According to IBM, Explainable AI is used to describe an AI model, its expected impact, and potential biases. It helps characterize model accuracy, fairness, transparency, and outcomes in AI-powered decision making. Explainable AI is crucial for an organization in building trust and confidence when putting AI models into production. AI explainability also helps an organization adopt a responsible approach to AI development.

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Key Stakeholders

  • Explainable AI solution providers
  • Independent software vendors (ISVs)
  • Investors and venture capitalists (VCs)
  • Managed service providers
  • Support and maintenance service providers
  • System integrators (SIs)/migration service providers
  • Value-added resellers (VARs) and distributors

Report Objectives

  • To determine and forecast the explainable AI market by offering, software type, methods, vertical, and region, and analyze the various macroeconomic and microeconomic factors that affect market growth.
  • To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
  • To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
  • To profile the key market players and provide a comparative analysis on the basis of their business overviews, regional presence, product offerings, business strategies, and key financials, and illustrate the competitive landscape of the market
  • To track and analyze competitive developments, such as acquisitions; expansions; new product launches and product enhancements; agreements, collaborations, and partnerships; and R&D activities in the market.

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix provides a detailed comparison of the product portfolio of each company.

Geographic Analysis

  • Further breakup of the North American explainable AI market
  • Further breakup of the European market
  • Further breakup of the Asia Pacific market
  • Further breakup of the Latin American market
  • Further breakup of the Middle East & Africa explainable AI market

Company Information

  • Detailed analysis and profiling of additional market players up to 5

Previous Versions of this Report

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Growth opportunities and latent adjacency in Explainable AI Market

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