Global Explainable AI Market is valued at approximately USD 5.49 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 18.0% over the forecast period 2023-2030. Explainable AI refers to the development of artificial intelligence (AI) systems that provide understandable and transparent explanations for their decision-making processes. Explainable AI (XAI) is a field of study that focuses on developing methods for explaining the decisions made by AI models. XAI is important because it helps users to understand how AI models work and why they make the decisions they do. This helps users to trust AI models and to use them more effectively. The rising trend of digitalization, growing customer expectations and user experience, coupled with the increasing number of favorable government initiatives are the most prominent factors that are propelling the market demand across the globe.
In addition, the increase in applications of explainable AI across the healthcare sector is acting as a catalyzing factor during the estimated period. Explainable AI is utilized for medical diagnosis and treatment recommendations and helps doctors and other healthcare professionals to comprehend and believe the judgments made by AI algorithms. Explainable models give explanations for diagnosis, offer viable therapies, and highlight pertinent medical issues, empowering healthcare professionals to make better-educated choices. According to the Statista analysis, in 2021, the global market for Artificial intelligence (AI) in healthcare was estimated to be worth around USD 11.06 billion. In addition, it is projected that the market grows and reached USD 38.66 billion by 2025 and USD 187.95 by 2030. Thereby, these aforementioned factors are likely to boost the market expansion globally. Moreover, the emerging technological advancements and the development of AI, as well as the rising number of strategic initiatives by the key market players present various lucrative opportunities over the forecasting years. However, the high cost of explainable AI solutions and the lack of skilled professionals are hindering the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Explainable AI Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of a strong IT infrastructure, as well as surging demand for AI-powered solutions. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The growing need for compliance with regulations, rising investment in XAI research and development, and increasing advancements in hardware and parallel processing are significantly propelling the market demand across the region.
Major market players included in this report are:
- Amelia US LLC
- BuildGroup
- DataRobot, Inc.
- Ditto.ai
- DarwinAI
- Factmata
- Google LLC
- IBM Corporation
- Kyndi
- Microsoft Corporation
Recent Developments in the Market:
- In March 2023, Monroe Capital and BuildGroup teamed with AI company Amelia to supply financial funding and managerial expertise. The strategic partnership accelerates the commercialization of Amelia's AI solutions. The strategic partnership hastens the commercialization of Amelia's AI solutions. BuildGroup and Monroe Capital are leading the USD 175 million transactions with this round of funding. Amelia has the required resources to maintain its market-leading position and increase its dedication to offering its customers cutting-edge, comprehensible AI technologies.
Global Explainable AI Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Component, Deployment, Application, End-use, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Component:
By Deployment:
By Application:
- Fraud and anomaly detection
- Drug discovery & diagnostics
- Predictive maintenance
- Supply chain management
- Identity and access management
By End-use:
- Healthcare
- BFSI
- Aerospace & defense
- Retail and e-commerce
- IT & telecommunication
- Others
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Explainable AI Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Explainable AI Market, by Component, 2020-2030 (USD Billion)
- 1.2.3. Explainable AI Market, by Deployment, 2020-2030 (USD Billion)
- 1.2.4. Explainable AI Market, by Application, 2020-2030 (USD Billion)
- 1.2.5. Explainable AI Market, by End-use, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Explainable AI Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Explainable AI Market Dynamics
- 3.1. Explainable AI Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing number of favorable government initiatives
- 3.1.1.2. Increase in applications of explainable AI across the healthcare sector
- 3.1.2. Market Challenges
- 3.1.2.1. High cost of Explainable AI Solutions
- 3.1.2.2. Lack of skilled professionals
- 3.1.3. Market Opportunities
- 3.1.3.1. Emerging technological advancements and the development of AI
- 3.1.3.2. Rising number of strategic initiatives by the key market players
Chapter 4. Global Explainable AI Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Explainable AI Market, by Component
- 5.1. Market Snapshot
- 5.2. Global Explainable AI Market by Component, Performance - Potential Analysis
- 5.3. Global Explainable AI Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
- 5.4. Explainable AI Market, Sub Segment Analysis
- 5.4.1. Solution
- 5.4.2. Services
Chapter 6. Global Explainable AI Market, by Deployment
- 6.1. Market Snapshot
- 6.2. Global Explainable AI Market by Deployment, Performance - Potential Analysis
- 6.3. Global Explainable AI Market Estimates & Forecasts by Deployment 2020-2030 (USD Billion)
- 6.4. Explainable AI Market, Sub Segment Analysis
- 6.4.1. Cloud
- 6.4.2. On-Premises
Chapter 7. Global Explainable AI Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Explainable AI Market by Application, Performance - Potential Analysis
- 7.3. Global Explainable AI Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 7.4. Explainable AI Market, Sub Segment Analysis
- 7.4.1. Fraud and anomaly detection
- 7.4.2. Drug discovery & diagnostics
- 7.4.3. Predictive maintenance
- 7.4.4. Supply chain management
- 7.4.5. Identity and access management
Chapter 8. Global Explainable AI Market, by End-use
- 8.1. Market Snapshot
- 8.2. Global Explainable AI Market by End-use, Performance - Potential Analysis
- 8.3. Global Explainable AI Market Estimates & Forecasts by End-use 2020-2030 (USD Billion)
- 8.4. Explainable AI Market, Sub Segment Analysis
- 8.4.1. Healthcare
- 8.4.2. BFSI
- 8.4.3. Aerospace & defense
- 8.4.4. Retail and e-commerce
- 8.4.5. IT & telecommunication
- 8.4.6. Others
Chapter 9. Global Explainable AI Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. Explainable AI Market, Regional Market Snapshot
- 9.4. North America Explainable AI Market
- 9.4.1. U.S. Explainable AI Market
- 9.4.1.1. Component breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Deployment breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Application breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. End-use breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Explainable AI Market
- 9.5. Europe Explainable AI Market Snapshot
- 9.5.1. U.K. Explainable AI Market
- 9.5.2. Germany Explainable AI Market
- 9.5.3. France Explainable AI Market
- 9.5.4. Spain Explainable AI Market
- 9.5.5. Italy Explainable AI Market
- 9.5.6. Rest of Europe Explainable AI Market
- 9.6. Asia-Pacific Explainable AI Market Snapshot
- 9.6.1. China Explainable AI Market
- 9.6.2. India Explainable AI Market
- 9.6.3. Japan Explainable AI Market
- 9.6.4. Australia Explainable AI Market
- 9.6.5. South Korea Explainable AI Market
- 9.6.6. Rest of Asia Pacific Explainable AI Market
- 9.7. Latin America Explainable AI Market Snapshot
- 9.7.1. Brazil Explainable AI Market
- 9.7.2. Mexico Explainable AI Market
- 9.8. Middle East & Africa Explainable AI Market
- 9.8.1. Saudi Arabia Explainable AI Market
- 9.8.2. South Africa Explainable AI Market
- 9.8.3. Rest of Middle East & Africa Explainable AI Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. Amelia US LLC
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. BuildGroup
- 10.3.3. DataRobot, Inc.
- 10.3.4. Ditto.ai
- 10.3.5. DarwinAI
- 10.3.6. Factmata
- 10.3.7. Google LLC
- 10.3.8. IBM Corporation
- 10.3.9. Kyndi
- 10.3.10. Microsoft Corporation
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption