With the emergence and long-term Impact of COVID-19, the Global Explainable AI Market is to reach USD 20.64 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Explainable AI Market is poised to raise up to USD 20.64 Billion by 2030. Explainable AI refers to the development of artificial intelligence (AI) systems that provide understandable and transparent explanations for their decision-making processes. 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. 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. 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.
Geographically, the global Explainable AI Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). 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.
The global Explainable AI Market is highly competitive owing to the presence of several key manufacturers such as Amelia US LLC, BuildGroup, DataRobot, Inc., Factmata, Google LLC, IBM Corporation, and others.
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Global Explainable AI Market Size Study & Forecast, by Component (Solution, Services), By Deployment (Cloud, On-Premises), 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), and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Explainable AI Market is anticipated to grow with a healthy growth rate of more than 18.0% over the forecast period 2023-2030.
- In the deployment segment, on-premises emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the presence of a strong IT infrastructure.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Fraud and anomaly detection
- Drug discovery & diagnostics
- Predictive maintenance
- Supply chain management
- Identity and access management
- Aerospace & defense
- Retail and e-commerce
- IT & telecommunication
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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