조사회사 : MarketsandMarkets (마켓츠앤마켓츠) 출판년월 : 2023년11월
Explainable AI Market – Global Forecast to 2028
설명 가능한 (Explainable) AI 시장 : 제공 내용(솔루션 및 서비스), 소프트웨어 유형(독립형 소프트웨어, 통합 소프트웨어, 자동 보고 도구, 대화형 모델 시각화), 방법, 업종, 지역별 – 2028년까지의 세계 예측
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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Report Overview
The 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. Bias in AI models, which can result in discriminatory outcomes, is a pressing issue. XAI techniques help identify and mitigate bias in AI models.
By offering, the Services segment has the highest CAGR during the forecast period.
By offering, the explainable AI market has been segmented into solutions and services. The CAGR of services is estimated to be the largest during the forecast period. Explainable AI market plays a pivotal role in assisting organizations to effectively implement and maximize the benefits of Explainable AI technologies. These services encompass a range of offerings aimed at supporting the deployment, integration, customization, and ongoing management of Explainable AI solutions. These services are tailored to meet the specific needs and requirements of individual organizations, considering factors such as the size of the organization, the complexity of its IT infrastructure, and the nature of its industry.
By services, Data Engineering Services has the highest CAGR during the forecast period.
Explainable AI services market includes consulting services, deployment and integration services, training and education services, post-implementation support, data science advisory services, AI/ML research, AI/ML enabled service, and data engineering services.Data engineering is a crucial component in the development of AI and Explainable AI solutions. Companies in the Explainable AI market often offer data engineering services to help organizations structure, clean, and preprocess their data for AI model training. These services involve data integration, data quality assessment, and creating pipelines for continuous data flow. The objective is to provide AI models with high-quality and relevant data, which is essential for achieving accurate and interpretable results.
By vertical, the BFSI segment has the largest market size during the forecast period.
BFSI industry represents a crucial sector within the Explainable AI market. In this highly regulated and data-intensive industry, Explainable AI plays a pivotal role in enhancing transparency and trustworthiness in decision-making processes. By making AI-driven insights more understandable and interpretable, BFSI companies can mitigate risks, improve customer service, and ensure compliance with stringent regulatory requirements. For example, many financial institutions have integrated Explainable AI into their credit scoring and loan approval processes.
Among regions, Asia Pacific registered the highest CAGR during the forecast period.
By region, the Asia Pacific region has witnessed rapid advancements in technology, such as the proliferation of mobile devices, widespread internet connectivity, and the adoption of cloud computing. These advancements have created a strong foundation for explainable AI initiatives. Governments in the Asia Pacific region are actively promoting explainable AI to drive economic growth and enhance competitiveness.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the explainable AI market.
§ By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
§ By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%
§ By Region: North America: 40%, Europe: 20%, APAC: 30%, MEA: 5%, Latin America: 5%
The report includes the study of key players offering explainable AI solutions and services. The major 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).
Research Coverage
The market study covers the explainable AI market across segments. It aims to estimate the market size and the growth potential of this market across different segments, such as offering, software type, methods, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market for explainable AI and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Industry 4.0 driving demand for explainable AI, adoption of deep learning and neural networks, rise in technological advancement and innovation ), restraints (Shortage of skilled XAI professionals, Data security concerns), opportunities (Enhanced decision support, ethical ai and fairness, improved user adoption and collaboration), and challenges (Complexity of AI models, Concerns related to bias and inaccurately generated output) influencing the growth of the explainable AI market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the explainable AI market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the explainable AI market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in explainable AI market strategies; the report also helps stakeholders understand the pulse of the explainable AI market and provides them with information on key market drivers, restraints, challenges, and opportunities
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as Microsoft (US), IBM (US), Google (US), Intel Corporation (US) and Salesforce (US) among others in the explainable AI market.
Table of Contents
1 INTRODUCTION 29
1.1 STUDY OBJECTIVES 29
1.2 MARKET DEFINITION 29
1.3 STUDY SCOPE 30
1.3.1 MARKET SEGMENTATION 30
1.3.2 INCLUSIONS & EXCLUSIONS 30
1.3.3 REGIONS COVERED 31
1.4 YEARS CONSIDERED 32
1.5 CURRENCY CONSIDERED 32
TABLE 1 USD EXCHANGE RATES, 2020–2022 32
1.6 STAKEHOLDERS 33
2 RESEARCH METHODOLOGY 34
2.1 RESEARCH DATA 34
FIGURE 1 RESEARCH DESIGN 34
2.1.1 SECONDARY DATA 35
2.1.2 PRIMARY DATA 35
TABLE 2 LIST OF PRIMARY INTERVIEWS 35
2.1.2.1 Breakup of primary profiles 36
2.1.2.2 Key industry insights 36
2.2 MARKET FORECAST 37
TABLE 3 FACTOR ANALYSIS 37
2.3 MARKET BREAKUP & DATA TRIANGULATION 38
2.4 MARKET SIZE ESTIMATION 39
FIGURE 2 TOP-DOWN AND BOTTOM-UP APPROACHES 39
2.4.1 TOP-DOWN APPROACH 39
2.4.2 BOTTOM-UP APPROACH 40
FIGURE 3 APPROACH 1 (SUPPLY SIDE): REVENUE OF SOLUTIONS/SERVICES OF EXPLAINABLE AI VENDORS 40
FIGURE 4 APPROACH 2, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES OF EXPLAINABLE AI VENDORS 41
FIGURE 5 APPROACH 3, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES OF EXPLAINABLE AI VENDORS 42
FIGURE 6 APPROACH 4, BOTTOM-UP (DEMAND-SIDE): SHARE OF EXPLAINABLE AI SOLUTIONS AND SERVICES THROUGH OVERALL SPENDING 42
2.5 RESEARCH ASSUMPTIONS 43
2.6 LIMITATIONS AND RISK ASSESSMENT 45
2.7 IMPLICATIONS OF RECESSION ON EXPLAINABLE AI MARKET 45
3 EXECUTIVE SUMMARY 46
TABLE 4 EXPLAINABLE AI MARKET SIZE AND GROWTH RATE, 2018–2022 (USD MILLION, Y-O-Y GROWTH) 47
TABLE 5 EXPLAINABLE AI MARKET SIZE AND GROWTH RATE, 2023–2030 (USD BILLION, Y-O-Y GROWTH) 47
FIGURE 7 SOLUTIONS TO FORM LARGER EXPLAINABLE AI MARKET IN 2023 47
FIGURE 8 DEPLOYMENT & INTEGRATION SERVICES TO LEAD MARKET FOR EXPLAINABLE AI SERVICES IN 2023 48
FIGURE 9 STANDALONE SOFTWARE TO DOMINATE EXPLAINABLE AI MARKET IN 2023 48
FIGURE 10 ON-PREMISE DEPLOYMENT TO LEAD OVER CLOUD EXPLAINABLE AI MARKET IN 2023 48
FIGURE 11 BFSI VERTICAL TO ACCOUNT FOR LARGEST EXPLAINABLE AI MARKET IN 2023 49
FIGURE 12 NORTH AMERICA TO ACCOUNT FOR LARGEST SHARE IN 2023 49
4 PREMIUM INSIGHTS 50
4.1 ATTRACTIVE OPPORTUNITIES FOR EXPLAINABLE AI MARKET PLAYERS 50
FIGURE 13 RISING INVESTMENTS IN EXPLAINABLE AI RESEARCH & DEVELOPMENT TO DRIVE MARKET GROWTH 50
4.2 OVERVIEW OF RECESSION IN GLOBAL EXPLAINABLE AI MARKET 50
FIGURE 14 EXPLAINABLE AI MARKET TO WITNESS MINOR DECLINE IN Y-O-Y GROWTH IN 2023 50
4.3 EXPLAINABLE AI MARKET, BY VERTICAL 51
FIGURE 15 BFSI TO ACCOUNT FOR LARGEST EXPLAINABLE AI MARKET DURING FORECAST PERIOD 51
4.4 EXPLAINABLE AI MARKET, BY KEY OFFERING AND VERTICAL 51
FIGURE 16 STANDALONE SOFTWARE AND BFSI TO LEAD RESPECTIVE SEGMENTS IN EXPLAINABLE AI MARKET IN 2023 51
4.5 EXPLAINABLE AI MARKET, BY REGION 52
FIGURE 17 NORTH AMERICA TO DOMINATE EXPLAINABLE AI MARKET IN 2023 52
5 MARKET OVERVIEW AND INDUSTRY TRENDS 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 53
FIGURE 18 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: EXPLAINABLE AI MARKET 53
5.2.1 DRIVERS 54
5.2.1.1 Industry 4.0 driving demand for explainable AI 54
5.2.1.2 Adoption of deep learning and neural networks 54
5.2.1.3 Rise in technological advancements and innovations 54
5.2.2 RESTRAINTS 54
5.2.2.1 Shortage of skilled XAI professionals 54
5.2.2.2 Data security concerns 55
5.2.3 OPPORTUNITIES 55
5.2.3.1 Enhanced decision support 55
5.2.3.2 Ethical AI and fairness 55
5.2.3.3 Improved user adoption and collaboration 55
5.2.4 CHALLENGES 56
5.2.4.1 Complexity of AI models 56
5.2.4.2 Concerns related to bias and inaccurately generated output 56
5.3 EXPLAINABLE AI: EVOLUTION 57
FIGURE 19 EVOLUTION OF EXPLAINABLE AI 57
5.4 EXPLAINABLE AI: ECOSYSTEM 58
FIGURE 20 EXPLAINABLE AI MARKET: ECOSYSTEM 58
TABLE 6 EXPLAINABLE AI MARKET: ECOSYSTEM 58
5.5 CASE STUDY ANALYSIS 60
5.5.1 CASE STUDY 1: DARWINAI DELIVERED EXPLAINABLE AI USING OPENVINO TOOLKIT 60
5.5.2 CASE STUDY 2: H20.AI AND WELLS FARGO HELPED TO MANAGE MACHINE LEARNING MODEL 60
5.5.3 CASE STUDY 3: CONJURA REDUCED TIME TO DETECT AND RESOLVE MODEL DRIFT FROM DAYS TO HOURS WITH FIDDLER 61
5.5.4 CASE STUDY 4: FICO HELPED NORTH AMERICAN BANK TO IMPROVE CREDIT RISK DECISIONS 61
5.5.5 CASE STUDY 5: HOW.FM REDUCED TIME TO DETECT MODEL ISSUES FROM DAYS TO MINUTES 62
5.6 TECHNOLOGY ANALYSIS 62
5.6.1 KEY TECHNOLOGIES 62
5.6.1.1 Machine Learning 62
5.6.1.2 NLP 63
5.6.1.3 Computer Vision 63
5.6.1.4 Big Data Analytics 63
5.6.2 ADJACENT TECHNOLOGIES 63
5.6.2.1 IoT 63
5.6.2.2 AutoML 63
5.6.2.3 Blockchain 64
5.6.2.4 Conversational AI 64
5.6.2.5 Knowledge Graph 64
5.7 SUPPLY/VALUE CHAIN ANALYSIS 64
FIGURE 21 SUPPLY/VALUE CHAIN ANALYSIS 64
5.8 PORTER’S FIVE FORCES ANALYSIS 65
FIGURE 22 EXPLAINABLE AI MARKET: PORTER’S FIVE FORCES ANALYSIS 65
TABLE 7 EXPLAINABLE AI MARKET: PORTER’S FIVE FORCES ANALYSIS 66
5.8.1 THREAT OF NEW ENTRANTS 66
5.8.2 THREAT OF SUBSTITUTES 66
5.8.3 BARGAINING POWER OF SUPPLIERS 66
5.8.4 BARGAINING POWER OF BUYERS 67
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 67
5.9 PRICING MODEL ANALYSIS 67
5.9.1 SELLING PRICES OF KEY PLAYERS, BY OFFERING 68
FIGURE 23 SELLING PRICES OF KEY PLAYERS, BY OFFERING 68
TABLE 8 SELLING PRICES OF KEY PLAYERS, BY OFFERING (USD) 68
5.10 PATENT ANALYSIS 68
5.10.1 METHODOLOGY 68
5.10.2 DOCUMENT TYPE 69
TABLE 9 PATENTS FILED, 2013–2023 69
5.10.3 INNOVATION AND PATENT APPLICATIONS 69
FIGURE 24 TOTAL NUMBER OF PATENTS GRANTED ANNUALLY, 2013–2023 69
5.10.3.1 Top applicants 70
FIGURE 25 TOP TEN COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS, 2013–2023 70
TABLE 10 TOP 20 PATENT OWNERS IN EXPLAINABLE AI MARKET, 2013–2023 70
TABLE 11 LIST OF MAJOR PATENTS IN EXPLAINABLE AI MARKET, 2021–2023 71
5.11 KEY CONFERENCES & EVENTS IN 2023–2024 73
TABLE 12 EXPLAINABLE AI MARKET: LIST OF CONFERENCES & EVENTS 73
5.12 TARIFF AND REGULATORY LANDSCAPE 73
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
TABLE 13 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 74
TABLE 14 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 74
TABLE 15 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
TABLE 16 MIDDLE EAST & AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
TABLE 17 LATIN AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
5.13 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS IN EXPLAINABLE AI MARKET 76
FIGURE 26 EXPLAINABLE AI MARKET: TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS 76
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 77
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 77
FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS 77
TABLE 18 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS (%) 77
5.14.2 BUYING CRITERIA 78
FIGURE 28 KEY BUYING CRITERIA FOR TOP THREE VERTICALS 78
TABLE 19 KEY BUYING CRITERIA FOR TOP THREE VERTICALS 78
5.15 BEST PRACTICES IN EXPLAINABLE AI MARKET 78
5.15.1 UNDERSTAND NEED FOR EXPLANATION 78
5.15.2 INTERPRETABLE MODELS 79
5.15.3 ETHICAL CONSIDERATIONS 79
5.15.4 USER-CENTRIC DESIGN 79
5.15.5 TRANSPARENCY AND DOCUMENTATION 79
5.16 TECHNOLOGY ROADMAP OF EXPLAINABLE AI MARKET 80
FIGURE 29 TECHNOLOGY ROADMAP OF EXPLAINABLE AI MARKET, 2023–2030 80
TABLE 20 TECHNOLOGY ROADMAP OF EXPLAINABLE AI MARKET, 2023–2030 80
5.17 PILLARS/PRINCIPLES OF EXPLAINABLE AI 82
5.17.1 INFORM SUBJECT OF ALGORITHM 82
5.17.2 BUILD SOCIETAL TRUST IN AI SYSTEMS 82
5.17.3 SATISFY COMPLIANCE OR REGULATORY REQUIREMENTS 82
5.17.4 ASSIST WITH FURTHER SYSTEM DEVELOPMENT 82
5.17.5 BENEFIT ALGORITHM’S OWNER 82
6 EXPLAINABLE AI MARKET, BY OFFERING 83
6.1 INTRODUCTION 84
6.1.1 OFFERING: EXPLAINABLE AI MARKET DRIVERS 84
FIGURE 30 EXPLAINABLE AI SERVICES TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 84
TABLE 21 EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 84
TABLE 22 EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 85
6.2 SOLUTIONS, BY TYPE 85
FIGURE 31 SOFTWARE TOOLKITS & FRAMEWORKS TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 85
TABLE 23 EXPLAINABLE AI SOLUTIONS MARKET, BY TYPE, 2018–2022 (USD MILLION) 85
TABLE 24 EXPLAINABLE AI SOLUTIONS MARKET, BY TYPE, 2023–2028 (USD MILLION) 86
6.2.1 SOFTWARE PLATFORMS 86
6.2.1.1 Explainable AI software platforms to allow users to continuously monitor behavior of AI models in real time 86
TABLE 25 SOFTWARE PLATFORMS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 86
TABLE 26 SOFTWARE PLATFORMS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 87
6.2.2 SOFTWARE TOOLKITS & FRAMEWORKS 87
6.2.2.1 Software toolkits & frameworks for explainable AI to be more developer-centric 87
TABLE 27 SOFTWARE TOOLKITS & FRAMEWORKS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 87
TABLE 28 SOFTWARE TOOLKITS & FRAMEWORKS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 88
6.3 SOLUTIONS, BY DEPLOYMENT MODE 88
FIGURE 32 CLOUD TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 88
TABLE 29 EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 88
TABLE 30 EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 89
6.3.1 CLOUD 89
6.3.1.1 Cloud-based explainable AI solutions to enable to process large datasets and complex models efficiently 89
TABLE 31 CLOUD: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 89
TABLE 32 CLOUD: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 90
6.3.2 ON-PREMISES 90
6.3.2.1 On-premises explainable AI solutions to be customizable and configurable to align with organization’s unique infrastructure and security policies 90
TABLE 33 ON-PREMISES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 90
TABLE 34 ON-PREMISES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 91
6.4 SERVICES 91
FIGURE 33 DATA ENGINEERING TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 91
TABLE 35 EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION) 92
TABLE 36 EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION) 92
6.4.1 CONSULTING 92
6.4.1.1 Consulting firms to guide businesses in making informed decisions about explainable AI adoption 92
TABLE 37 CONSULTING: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 93
TABLE 38 CONSULTING: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 93
6.4.2 DEPLOYMENT & INTEGRATION 93
6.4.2.1 Deployment & integration services to be crucial for implementing explainable AI solutions seamlessly 93
TABLE 39 DEPLOYMENT & INTEGRATION: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 94
TABLE 40 DEPLOYMENT & INTEGRATION: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 94
6.4.3 TRAINING & EDUCATION 94
6.4.3.1 By providing ongoing education, explainable AI vendors to contribute to transparent and responsible AI ecosystem 94
TABLE 41 TRAINING & EDUCATION: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 95
TABLE 42 TRAINING & EDUCATION: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 95
6.4.4 POST-IMPLEMENTATION SUPPORT 95
6.4.4.1 Post-implementation support to involve monitoring and maintaining models to prevent model drift and data biases 95
TABLE 43 POST-IMPLEMENTATION SUPPORT: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 96
TABLE 44 POST-IMPLEMENTATION SUPPORT: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 96
6.4.5 DATA SCIENCE ADVISORY 96
6.4.5.1 Data science advisory services in explainable AI domain to involve various aspects of AI and machine learning 96
TABLE 45 DATA SCIENCE ADVISORY: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 97
TABLE 46 DATA SCIENCE ADVISORY: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 97
6.4.6 AI/ML RESEARCH 97
6.4.6.1 Companies to frequently engage in AI and ML research to stay at forefront of technological advancements 97
TABLE 47 AI/ML RESEARCH: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 98
TABLE 48 AI/ML RESEARCH: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 98
6.4.7 AI/ML-ENABLED SERVICES 98
6.4.7.1 AI/ML-enabled services to emphasize on transparency and interpretability 98
TABLE 49 AI/ML-ENABLED SERVICES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 99
TABLE 50 AI/ML-ENABLED SERVICES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 99
6.4.8 DATA ENGINEERING 99
6.4.8.1 Effective data engineering to lay foundation for successful AI and explainable AI implementations 99
TABLE 51 DATA ENGINEERING: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 100
TABLE 52 DATA ENGINEERING: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 100
7 EXPLAINABLE AI MARKET, BY SOFTWARE TYPE 101
7.1 INTRODUCTION 102
7.1.1 SOFTWARE TYPE: EXPLAINABLE AI MARKET DRIVERS 102
FIGURE 34 STANDALONE SOFTWARE TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 102
TABLE 53 EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION) 103
TABLE 54 EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION) 103
7.2 STANDALONE SOFTWARE 103
7.2.1 STANDALONE SOFTWARE TO TYPICALLY FOCUS ON POST HOC INTERPRETABILITY 103
TABLE 55 STANDALONE SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 104
TABLE 56 STANDALONE SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 104
7.3 INTEGRATED SOFTWARE 104
7.3.1 INTEGRATED EXPLAINABLE AI SOFTWARE TO WORK SEAMLESSLY WITHIN LARGER AI AND MACHINE LEARNING PLATFORMS OR WORKFLOWS 104
TABLE 57 INTEGRATED SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 105
TABLE 58 INTEGRATED SOFTWARE: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 105
7.4 AUTOMATED REPORTING TOOLS 105
7.4.1 AUTOMATED REPORTING TOOLS TO BE INVALUABLE FOR ORGANIZATIONS THAT NEED TO SHARE AI INSIGHTS WITH REGULATORY BODIES 105
TABLE 59 AUTOMATED REPORTING TOOLS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 106
TABLE 60 AUTOMATED REPORTING TOOLS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 106
7.5 INTERACTIVE MODEL VISUALIZATION 106
7.5.1 INTERACTIVE MODEL VISUALIZATION SOFTWARE TO ALLOW USERS TO VISUALIZE MODEL INPUTS, OUTPUTS, AND INTERMEDIATE LAYERS IN REAL TIME 106
TABLE 61 INTERACTIVE MODEL VISUALIZATION: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 107
TABLE 62 INTERACTIVE MODEL VISUALIZATION: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 107
8 EXPLAINABLE AI MARKET, BY METHOD 108
8.1 INTRODUCTION 109
8.1.1 METHOD: EXPLAINABLE AI MARKET DRIVERS 109
FIGURE 35 MODEL-AGNOSTIC METHODS TO WITNESS HIGHER GROWTH RATE DURING FORECAST PERIOD 109
TABLE 63 EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 109
TABLE 64 EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 110
8.2 MODEL-AGNOSTIC METHODS 110
8.2.1 COMPANIES TO UTILIZE MODEL-AGNOSTIC METHODS TO MAKE AI MODELS MORE INTERPRETABLE AND BUILD TRUST WITH USERS AND STAKEHOLDERS 110
TABLE 65 MODEL-AGNOSTIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 110
TABLE 66 MODEL-AGNOSTIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 111
8.3 MODEL-SPECIFIC METHODS 111
8.3.1 COMPANIES TO USE THESE TECHNIQUES WHEN THEY HAVE IN-DEPTH KNOWLEDGE OF MODEL AND CAN MODIFY IT FOR ENHANCED INTERPRETABILITY 111
TABLE 67 MODEL-SPECIFIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 111
TABLE 68 MODEL-SPECIFIC METHODS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 112
9 EXPLAINABLE AI MARKET, BY VERTICAL 113
9.1 INTRODUCTION 114
9.1.1 VERTICAL: EXPLAINABLE AI MARKET DRIVERS 114
FIGURE 36 HEALTHCARE & LIFE SCIENCES TO WITNESS HIGHEST GROWTH RATE DURING FORECAST PERIOD 114
TABLE 69 EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 115
TABLE 70 EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 115
9.2 BFSI 116
TABLE 71 BFSI: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 116
TABLE 72 BFSI: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 116
9.2.1 CREDIT SCORING AND LOAN APPROVALS 117
9.2.1.1 Explainable AI to play vital role in providing clear understanding of factors influencing customers’ creditworthiness 117
9.2.2 FRAUD DETECTION AND PREVENTION 117
9.2.2.1 Explainable AI models to provide insights into features and patterns that contributed to transactions being labeled as suspicious 117
9.2.3 RISK ASSESSMENT IN INVESTMENTS 117
9.2.3.1 Explainable AI crucial for enabling investors and asset managers to make informed decisions 117
9.2.4 CUSTOMER SERVICE AND QUERIES 118
9.2.4.1 Explainable AI to assist in improving the overall customer experience and satisfaction 118
9.2.5 BIAS DETECTION AND MITIGATION 118
9.2.5.1 Explainable AI to help BFSI organizations mitigate reputational risks associated with biased or unfair practices 118
9.2.6 OTHERS 118
9.3 RETAIL & ECOMMERCE 119
TABLE 73 RETAIL & ECOMMERCE: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 119
TABLE 74 RETAIL & ECOMMERCE: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 119
9.3.1 CUSTOMER BEHAVIOR ANALYSIS 120
9.3.1.1 Explainable AI to play crucial role in retail business by providing interpretable insights on customer behavior 120
9.3.2 DYNAMIC PRICING STRATEGIES 120
9.3.2.1 Explainable AI algorithms to help customers understand rationale behind price changes 120
9.3.3 SUPPLY CHAIN OPTIMIZATION 120
9.3.3.1 Explainable AI to optimize supply chains by providing transparency into decision-making processes 120
9.3.4 PRODUCT RECOMMENDATIONS 121
9.3.4.1 Explainable AI to help by providing clear and understandable justifications for product recommendations made to customers 121
9.3.5 OTHERS 121
9.4 GOVERNMENT & PUBLIC SECTOR 121
TABLE 75 GOVERNMENT & PUBLIC SECTOR: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 122
TABLE 76 GOVERNMENT & PUBLIC SECTOR: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 122
9.4.1 POLICY DECISION SUPPORT 122
9.4.1.1 Explainable AI to be able to identify potential biases in policy recommendations, ensuring fairness and equitability 122
9.4.2 TRAFFIC AND URBAN PLANNING 123
9.4.2.1 Explainable AI to assist in predictive modeling for future urban development by highlighting environmental and societal impact of various scenarios 123
9.4.3 ECOSYSTEM MONITORING 123
9.4.3.1 Explainable AI to help identify factors influencing species population dynamics, supporting more effective conservation strategies 123
9.4.4 PREDICTIVE POLICING 123
9.4.4.1 Explainable AI to enhance predictive policing models 123
9.4.5 OTHERS 124
9.5 HEALTHCARE & LIFE SCIENCES 124
TABLE 77 HEALTHCARE & LIFE SCIENCES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 124
TABLE 78 HEALTHCARE & LIFE SCIENCES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 125
9.5.1 MEDICAL DIAGNOSTICS AND IMAGING 125
9.5.1.1 Explainable AI to reduce errors, improve clinical confidence, and ultimately enhance patient care 125
9.5.2 DRUG DISCOVERY AND DEVELOPMENT 125
9.5.2.1 Explainable AI to optimize process of identifying potential drug candidates 125
9.5.3 PERSONALIZED MEDICINE 126
9.5.3.1 Explainable AI to enhance patient and clinician trust in personalized treatment plans 126
9.5.4 CLINICAL TRIAL ELIGIBILITY 126
9.5.4.1 Explainable AI to demystify black-box nature of machine learning models 126
9.5.5 MODEL TRANSPARENCY AND DEBUGGING 126
9.5.5.1 By enhancing model transparency and facilitating debugging, explainable AI to bolster confidence of healthcare practitioners 126
9.5.6 OTHERS 126
9.6 MANUFACTURING 127
TABLE 79 MANUFACTURING: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 127
TABLE 80 MANUFACTURING: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 127
9.6.1 PRODUCTION LINE OPTIMIZATION 128
9.6.1.1 Explainable AI to identify patterns leading to machine breakdowns or suboptimal performance 128
9.6.2 RESOURCE ALLOCATION 128
9.6.2.1 Explainable AI to explain why energy usage fluctuates and how it is influenced by production volume and machine settings 128
9.6.3 CUSTOM PRODUCT DESIGN 128
9.6.3.1 Explainable AI to facilitate better collaboration between manufacturers and their clients 128
9.6.4 SUPPLIER SELECTION 129
9.6.4.1 Explainable AI to assist in risk assessment and highlight potential red flags in supplier’s track record 129
9.6.5 OTHERS 129
9.7 ENERGY & UTILITIES 129
TABLE 81 ENERGY & UTILITIES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 130
TABLE 82 ENERGY & UTILITIES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 130
9.7.1 GRID MANAGEMENT 130
9.7.1.1 Explainable AI to help investigate root causes, which is crucial for post-incident analysis and continuous improvement in grid management 130
9.7.2 RENEWABLE ENERGY FORECASTING 131
9.7.2.1 Explainable AI to enhance trustworthiness of forecasts by providing clear insights into features and data points 131
9.7.3 ENERGY CONSUMPTION ANALYSIS 131
9.7.3.1 Explainable AI to assist by providing transparency in energy consumption analysis 131
9.7.4 ASSET MAINTENANCE OPTIMIZATION 131
9.7.4.1 AI to help build trust among stakeholders and make it easier to justify maintenance decisions to regulators and public 131
9.7.5 OTHERS 132
9.8 TELECOMMUNICATIONS 132
TABLE 83 TELECOMMUNICATIONS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 132
TABLE 84 TELECOMMUNICATIONS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 132
9.8.1 NETWORK MANAGEMENT 133
9.8.1.1 Explainable AI to help telecom operators better understand and optimize their network performance 133
9.8.2 SERVICE PLAN RECOMMENDATIONS 133
9.8.2.1 Explainable AI to enhance personalization and customer experience 133
9.8.3 CHURN PREDICTION AND RETENTION 133
9.8.3.1 Explainable AI to help craft personalized retention strategies 133
9.8.4 QUALITY OF SERVICE (QOS) OPTIMIZATION 134
9.8.4.1 Explainable AI to provide transparency and insights into decision-making processes behind QoS optimization 134
9.8.5 OTHERS 134
9.9 MEDIA & ENTERTAINMENT 134
TABLE 85 MEDIA & ENTERTAINMENT: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 135
TABLE 86 MEDIA & ENTERTAINMENT: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 135
9.9.1 CONTENT RECOMMENDATIONS 135
9.9.1.1 Explainable AI to provide transparent recommendations to users in media & entertainment space 135
9.9.2 COPYRIGHT INFRINGEMENT DETECTION 136
9.9.2.1 Explainable AI to help educate content creators and users about copyright laws and best practices 136
9.9.3 VIRTUAL REALITY AND GAMING 136
9.9.3.1 Explainable AI to offer players insights into how their in-game decisions affect outcomes and provide them with guidance on strategies or tactics 136
9.9.4 AUDIENCE INSIGHTS 136
9.9.4.1 Explainable AI to help derive meaningful insights from large datasets, shedding light on viewer preferences and behavior 136
9.9.5 OTHERS 137
9.10 IT & ITES 137
TABLE 87 IT & ITES: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 137
TABLE 88 IT & ITES: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 137
9.10.1 CODE REVIEW AND DEBUGGING 138
9.10.1.1 Explainable AI to improve code quality and accelerate debugging process by pinpointing root causes of issues 138
9.10.2 SERVICE LEVEL AGREEMENTS (SLA) MANAGEMENT 138
9.10.2.1 Explainable AI to analyze service performance, offering explanations for any deviations from SLAs 138
9.10.3 DATA SECURITY AND PRIVACY 138
9.10.3.1 Explainable AI to help monitor, detect, and explain potential security breaches or anomalies within data systems 138
9.10.4 USER EXPERIENCE (UX) ENHANCEMENT 138
9.10.4.1 Explainable AI to analyze user interactions and preferences, providing interpretable insights 138
9.10.5 OTHERS 139
9.11 OTHER VERTICALS 139
TABLE 89 OTHER VERTICALS: EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 140
TABLE 90 OTHER VERTICALS: EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 140
10 EXPLAINABLE AI MARKET, BY REGION 141
10.1 INTRODUCTION 142
FIGURE 37 AUSTRALIA & NEW ZEALAND TO ACHIEVE HIGHEST GROWTH DURING FORECAST PERIOD 142
FIGURE 38 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 143
TABLE 91 EXPLAINABLE AI MARKET, BY REGION, 2018–2022 (USD MILLION) 143
TABLE 92 EXPLAINABLE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 143
10.2 NORTH AMERICA 144
10.2.1 NORTH AMERICA: EXPLAINABLE AI MARKET DRIVERS 144
10.2.2 NORTH AMERICA: RECESSION IMPACT 144
FIGURE 39 NORTH AMERICA: MARKET SNAPSHOT 145
TABLE 93 NORTH AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 145
TABLE 94 NORTH AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 146
TABLE 95 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION) 146
TABLE 96 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION) 146
TABLE 97 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION) 147
TABLE 98 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION) 147
TABLE 99 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION) 147
TABLE 100 NORTH AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION) 147
TABLE 101 NORTH AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 148
TABLE 102 NORTH AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 148
TABLE 103 NORTH AMERICA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 148
TABLE 104 NORTH AMERICA: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 148
TABLE 105 NORTH AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 149
TABLE 106 NORTH AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 149
TABLE 107 NORTH AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 149
TABLE 108 NORTH AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 150
10.2.3 US 150
10.2.3.1 Initiatives by tech companies, research institutions, and venture capital firms toward AI technologies to drive market 150
TABLE 109 US: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 151
TABLE 110 US: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 151
TABLE 111 US: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 151
TABLE 112 US: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 151
TABLE 113 US: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 152
TABLE 114 US: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 152
10.2.4 CANADA 152
10.2.4.1 Regulatory frameworks and guidelines to encourage Canadian businesses to invest in explainable AI solutions 152
10.3 EUROPE 153
10.3.1 EUROPE: EXPLAINABLE AI MARKET DRIVERS 154
10.3.2 EUROPE: RECESSION IMPACT 154
TABLE 115 EUROPE: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 154
TABLE 116 EUROPE: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 155
TABLE 117 EUROPE: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION) 155
TABLE 118 EUROPE: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION) 155
TABLE 119 EUROPE: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION) 156
TABLE 120 EUROPE: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION) 156
TABLE 121 EUROPE: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION) 156
TABLE 122 EUROPE: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION) 156
TABLE 123 EUROPE: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 157
TABLE 124 EUROPE: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 157
TABLE 125 EUROPE: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 157
TABLE 126 EUROPE: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 157
TABLE 127 EUROPE: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 158
TABLE 128 EUROPE: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 158
TABLE 129 EUROPE: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 159
TABLE 130 EUROPE: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 159
10.3.3 UK 159
10.3.3.1 Recognition of transformative potential of XAI and its impact of innovation to boost growth 159
TABLE 131 UK: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 160
TABLE 132 UK: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 160
TABLE 133 UK: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 161
TABLE 134 UK: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 161
TABLE 135 UK: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 161
TABLE 136 UK: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 161
10.3.4 GERMANY 162
10.3.4.1 Heavy investments by government to accelerate development and adoption of XAI technologies to fuel growth 162
10.3.5 FRANCE 162
10.3.5.1 Collaboration between global and local players to accelerate XAI adoption of innovation in coming years 162
10.3.6 ITALY 163
10.3.6.1 Commitment to fostering digital skills and research capabilities to encourage adoption of explainable AI solutions in startup ecosystem 163
10.3.7 SPAIN 163
10.3.7.1 Government initiatives to promote AI-driven innovation to spur market growth 163
10.3.8 REST OF EUROPE 164
10.4 ASIA PACIFIC 164
10.4.1 ASIA PACIFIC: EXPLAINABLE AI MARKET DRIVERS 165
10.4.2 ASIA PACIFIC: IMPACT OF RECESSION 165
FIGURE 40 ASIA PACIFIC: MARKET SNAPSHOT 166
TABLE 137 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 166
TABLE 138 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 167
TABLE 139 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION) 167
TABLE 140 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION) 167
TABLE 141 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION) 168
TABLE 142 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION) 168
TABLE 143 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION) 168
TABLE 144 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION) 168
TABLE 145 ASIA PACIFIC: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 169
TABLE 146 ASIA PACIFIC: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 169
TABLE 147 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 169
TABLE 148 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 169
TABLE 149 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 170
TABLE 150 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 170
TABLE 151 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 171
TABLE 152 ASIA PACIFIC: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 171
10.4.3 CHINA 171
10.4.3.1 Focus of government on bolstering research & development efforts to drive market 171
TABLE 153 CHINA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 172
TABLE 154 CHINA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 172
TABLE 155 CHINA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 172
TABLE 156 CHINA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 173
TABLE 157 CHINA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 173
TABLE 158 CHINA: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 173
10.4.4 JAPAN 173
10.4.4.1 Rise in global prominence of generative AI to drive development and integration of explainable AI into local players’ business operations 173
10.4.5 SOUTH KOREA 174
10.4.5.1 Influence of AI technology across healthcare, finance, and defense sectors to spur growth 174
10.4.6 INDIA 174
10.4.6.1 Rapid surge in development and adoption of XAI technologies to drive growth 174
10.4.7 AUSTRALIA & NEW ZEALAND 175
10.4.7.1 AI leveraged for customer service automation, predictive analytics, fraud detection, and supply chain optimization to propel market 175
10.4.8 REST OF ASIA PACIFIC 175
10.5 MIDDLE EAST & AFRICA 176
10.5.1 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET DRIVERS 176
10.5.2 MIDDLE EAST & AFRICA: RECESSION IMPACT 176
TABLE 159 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 177
TABLE 160 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 177
TABLE 161 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION) 177
TABLE 162 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION) 178
TABLE 163 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION) 178
TABLE 164 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION) 178
TABLE 165 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION) 179
TABLE 166 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION) 179
TABLE 167 MIDDLE EAST & AFRICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 179
TABLE 168 MIDDLE EAST & AFRICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 179
TABLE 169 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 180
TABLE 170 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY METHOD, 2023–2028 (USD MILLION) 180
TABLE 171 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 180
TABLE 172 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 181
TABLE 173 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 181
TABLE 174 MIDDLE EAST & AFRICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 181
10.5.3 ISRAEL 182
10.5.3.1 Growth in research and application of artificial intelligence across various verticals to boost market 182
10.5.4 SAUDI ARABIA 182
10.5.4.1 Greater emphasis on artificial intelligence development across key industry verticals 182
10.5.5 UAE 183
10.5.5.1 Implementation of proactive strategies and establishing regulatory frameworks to spur growth 183
10.5.6 EGYPT 183
10.5.6.1 Adoption and utilization of XAI technologies to drive transformative changes across sectors 183
10.5.7 SOUTH AFRICA 184
10.5.7.1 Rapid advancements in field of XAI to encourage market expansion 184
10.5.8 REST OF MIDDLE EAST & AFRICA 184
10.6 LATIN AMERICA 185
10.6.1 LATIN AMERICA: EXPLAINABLE AI MARKET DRIVERS 185
10.6.2 LATIN AMERICA: RECESSION IMPACT 185
TABLE 175 LATIN AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2018–2022 (USD MILLION) 186
TABLE 176 LATIN AMERICA: EXPLAINABLE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 186
TABLE 177 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2018–2022 (USD MILLION) 186
TABLE 178 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SERVICE, 2023–2028 (USD MILLION) 187
TABLE 179 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2018–2022 (USD MILLION) 187
TABLE 180 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOLUTION, 2023–2028 (USD MILLION) 187
TABLE 181 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2018–2022 (USD MILLION) 188
TABLE 182 LATIN AMERICA: EXPLAINABLE AI MARKET, BY SOFTWARE TYPE, 2023–2028 (USD MILLION) 188
TABLE 183 LATIN AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2018–2022 (USD MILLION) 188
TABLE 184 LATIN AMERICA: EXPLAINABLE AI SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2023–2028 (USD MILLION) 188
TABLE 185 LATIN AMERICA: EXPLAINABLE AI MARKET, BY METHOD, 2018–2022 (USD MILLION) 189
TABLE 186 LATIN AMERICA: EXPLAINABLE AI MARKET, BY METHODS, 2023–2028 (USD MILLION) 189
TABLE 187 LATIN AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 189
TABLE 188 LATIN AMERICA: EXPLAINABLE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 190
TABLE 189 LATIN AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 190
TABLE 190 LATIN AMERICA: EXPLAINABLE AI MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 190
10.6.3 BRAZIL 191
10.6.3.1 Rapid shift in technological landscape toward adoption of AI technologies to spur growth 191
10.6.4 MEXICO 191
10.6.4.1 Endeavor to become digitally advanced country, using proximity to US, to drive technology adoption 191
10.6.5 ARGENTINA 192
10.6.5.1 Need for adoption of artificial intelligence to enhance processes and improve decision-making to propel market growth 192
10.6.6 REST OF LATIN AMERICA 192
11 COMPETITIVE LANDSCAPE 193
11.1 OVERVIEW 193
11.2 STRATEGIES ADOPTED BY KEY PLAYERS 193
TABLE 191 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN EXPLAINABLE AI MARKET 193
11.3 HISTORICAL REVENUE ANALYSIS OF KEY PLAYERS 195
FIGURE 41 HISTORICAL REVENUE ANALYSIS OF TOP PLAYERS, 2020–2022 (USD MILLION) 195
11.4 MARKET SHARE ANALYSIS 195
FIGURE 42 EXPLAINABLE AI MARKET SHARE ANALYSIS, 2022 196
TABLE 192 EXPLAINABLE AI MARKET: DEGREE OF COMPETITION 196
11.5 EXPLAINABLE AI BRAND/PRODUCT COMPARATIVE LANDSCAPE 197
11.5.1 EXPLAINABLE AI TRENDING PRODUCTS/BRAND COMPARISON 197
11.6 COMPANY EVALUATION QUADRANT 197
11.6.1 STARS 197
11.6.2 EMERGING LEADERS 197
11.6.3 PERVASIVE PLAYERS 198
11.6.4 PARTICIPANTS 198
FIGURE 43 COMPANY EVALUATION MATRIX, 2022 198
11.6.5 COMPANY FOOTPRINT 199
TABLE 193 KEY COMPANY PRODUCT FOOTPRINT 199
11.7 STARTUP/SME EVALUATION QUADRANT 200
11.7.1 PROGRESSIVE COMPANIES 200
11.7.2 RESPONSIVE COMPANIES 200
11.7.3 DYNAMIC COMPANIES 200
11.7.4 STARTING BLOCKS 200
11.7.5 COMPETITIVE BENCHMARKING 201
TABLE 194 EXPLAINABLE AI MARKET: DETAILED LIST OF KEY STARTUPS/SMES 201
TABLE 195 EXPLAINABLE AI MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES 201
FIGURE 44 STARTUP/SME EVALUATION MATRIX, 2022 202
11.8 COMPETITIVE SCENARIO 203
11.8.1 PRODUCT LAUNCHES 203
TABLE 196 PRODUCT LAUNCHES, 2019–2023 203
11.8.2 DEALS 206
TABLE 197 DEALS, 2020-2023 206
11.9 VALUATION AND FINANCIAL METRICS OF KEY EXPLAINABLE AI VENDORS 209
FIGURE 45 VALUATION AND FINANCIAL METRICS OF KEY VENDORS 209
11.10 YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND STOCK BETA OF KEY EXPLAINABLE AI VENDORS 209
FIGURE 46 YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND STOCK BETA OF KEY VENDORS 209
12 COMPANY PROFILES 210
12.1 INTRODUCTION 210
12.2 KEY PLAYERS 210
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
12.2.1 MICROSOFT 210
TABLE 198 MICROSOFT: BUSINESS OVERVIEW 211
FIGURE 47 MICROSOFT: COMPANY SNAPSHOT 211
TABLE 199 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 212
TABLE 200 MICROSOFT: SERVICES OFFERED 212
TABLE 201 MICROSOFT: PRODUCT LAUNCHES AND ENHANCEMENTS 212
TABLE 202 MICROSOFT: DEALS 213
12.2.2 IBM 215
TABLE 203 IBM: BUSINESS OVERVIEW 215
FIGURE 48 IBM: COMPANY SNAPSHOT 216
TABLE 204 IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED 216
TABLE 205 IBM: SERVICES OFFERED 217
TABLE 206 IBM: PRODUCT LAUNCHES AND ENHANCEMENTS 217
TABLE 207 IBM: DEALS 217
12.2.3 GOOGLE 219
TABLE 208 GOOGLE: BUSINESS OVERVIEW 219
FIGURE 49 GOOGLE: COMPANY SNAPSHOT 220
TABLE 209 GOOGLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 220
TABLE 210 GOOGLE: PRODUCT LAUNCHES AND ENHANCEMENTS 221
TABLE 211 GOOGLE: DEALS 221
12.2.4 INTEL 223
TABLE 212 INTEL: BUSINESS OVERVIEW 223
FIGURE 50 INTEL: COMPANY SNAPSHOT 224
TABLE 213 INTEL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 224
TABLE 214 INTEL: PRODUCT LAUNCHES AND ENHANCEMENTS 225
TABLE 215 INTEL: DEALS 225
12.2.5 SALESFORCE 227
TABLE 216 SALESFORCE: BUSINESS OVERVIEW 227
FIGURE 51 SALESFORCE: COMPANY SNAPSHOT 228
TABLE 217 SALESFORCE: PRODUCTS/SOLUTIONS OFFERED 228
TABLE 218 SALESFORCE: SERVICES OFFERED 229
TABLE 219 SALESFORCE: PRODUCT LAUNCHES AND ENHANCEMENTS 229
TABLE 220 SALESFORCE: DEALS 230
12.2.6 NVIDIA 232
TABLE 221 NVIDIA: BUSINESS OVERVIEW 232
FIGURE 52 NVIDIA: COMPANY SNAPSHOT 233
TABLE 222 NVIDIA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 233
TABLE 223 NVIDIA: DEALS 234
12.2.7 SAS INSTITUTE 235
TABLE 224 SAS INSTITUTE: BUSINESS OVERVIEW 235
TABLE 225 SAS INSTITUTE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 235
TABLE 226 SAS INSTITUTE: DEALS 236
12.2.8 ALTERYX 237
TABLE 227 ALTERYX: BUSINESS OVERVIEW 237
FIGURE 53 ALTERYX: COMPANY SNAPSHOT 238
TABLE 228 ALTERYX: PRODUCTS/SOLUTIONS/SERVICES OFFERED 239
TABLE 229 ALTERYX: PRODUCT LAUNCHES AND ENHANCEMENTS 239
TABLE 230 ALTERYX: DEALS 239
12.2.9 AWS 240
TABLE 231 AWS: BUSINESS OVERVIEW 240
FIGURE 54 AWS: COMPANY SNAPSHOT 240
TABLE 232 AWS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 241
TABLE 233 AWS: PRODUCT LAUNCHES AND ENHANCEMENTS 241
TABLE 234 AWS: DEALS 242
12.2.10 EQUIFAX 243
TABLE 235 EQUIFAX: BUSINESS OVERVIEW 243
FIGURE 55 EQUIFAX: COMPANY SNAPSHOT 243
TABLE 236 EQUIFAX: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244
TABLE 237 EQUIFAX: DEALS 244
12.2.11 FICO 245
TABLE 238 FICO: BUSINESS OVERVIEW 245
FIGURE 56 FICO: COMPANY SNAPSHOT 246
TABLE 239 FICO: PRODUCTS/SOLUTIONS/SERVICES OFFERED 246
12.2.12 TEMENOS 247
TABLE 240 TEMENOS: BUSINESS OVERVIEW 247
FIGURE 57 TEMENOS: COMPANY SNAPSHOT 248
TABLE 241 TEMENOS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 248
TABLE 242 TEMENOS: DEALS 249
12.2.13 MPHASIS 250
TABLE 243 MPHASIS: BUSINESS OVERVIEW 250
FIGURE 58 MPHASIS: COMPANY SNAPSHOT 251
TABLE 244 MPHASIS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 251
TABLE 245 MPHASIS: DEALS 252
12.3 SMES AND STARTUPS 253
12.3.1 C3 AI 253
12.3.2 H20.AI 253
12.3.3 FIDDLER LABS 254
12.3.4 ZEST AI 254
12.3.5 SELDON 255
12.3.6 SQUIRRO 255
12.3.7 KYNDI 256
12.3.8 DATAROBOT 256
12.3.9 DATABRICKS 257
12.3.10 TREDENCE 257
12.3.11 DARWINAI 258
12.3.12 TENSOR AI SOLUTIONS 258
12.3.13 EXPAI 259
12.3.14 ABZU 259
12.3.15 ARTHUR 260
12.3.16 INTELLICO 260
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
13 ADJACENT AND RELATED MARKETS 261
13.1 ADJACENT AND RELATED MARKETS 261
13.1.1 INTRODUCTION 261
13.1.2 GENERATIVE AI MARKET—GLOBAL FORECAST TO 2028 261
13.1.2.1 Market definition 261
13.1.2.2 Market overview 261
TABLE 246 GLOBAL GENERATIVE AI MARKET SIZE AND GROWTH RATE, 2019–2022 (USD MILLION, Y-O-Y) 262
TABLE 247 GLOBAL GENERATIVE AI MARKET SIZE AND GROWTH RATE, 2023–2028 (USD MILLION, Y-O-Y) 262
13.1.2.3 Generative AI market, by offering 262
TABLE 248 GENERATIVE AI MARKET, BY OFFERING, 2019–2022 (USD MILLION) 262
TABLE 249 GENERATIVE AI MARKET, BY OFFERING, 2023–2028 (USD MILLION) 263
13.1.2.4 Generative AI market, by application 263
TABLE 250 GENERATIVE AI MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 264
TABLE 251 GENERATIVE AI MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 265
13.1.2.5 Generative AI market, by vertical 265
TABLE 252 GENERATIVE AI MARKET, BY VERTICAL, 2019–2022 (USD MILLION) 266
TABLE 253 GENERATIVE AI MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 266
13.1.2.6 Generative AI market, by region 267
TABLE 254 GENERATIVE AI MARKET, BY REGION, 2019–2022 (USD MILLION) 267
TABLE 255 GENERATIVE AI MARKET, BY REGION, 2023–2028 (USD MILLION) 267
13.1.3 CONVERSATIONAL AI MARKET—GLOBAL FORECAST TO 2028 268
13.1.3.1 Market definition 268
13.1.3.2 Market overview 268
13.1.3.3 Conversational AI market, by offering 268
TABLE 256 CONVERSATIONAL AI MARKET BY OFFERING, 2018–2022 (USD MILLION) 268
TABLE 257 CONVERSATIONAL AI MARKET BY OFFERING, 2023–2028 (USD MILLION) 269
13.1.3.4 Conversational AI market, by business function 269
TABLE 258 CONVERSATIONAL AI MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION) 269
TABLE 259 CONVERSATIONAL AI MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION) 269
13.1.3.5 Conversational AI market, by channel 270
TABLE 260 CONVERSATIONAL AI MARKET, BY CHANNEL, 2018–2022 (USD MILLION) 270
TABLE 261 CONVERSATIONAL AI MARKET, BY CHANNEL, 2023–2028 (USD MILLION) 270
13.1.3.6 Conversational AI market, by conversational interface 270
TABLE 262 CONVERSATIONAL AI MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION) 270
TABLE 263 CONVERSATIONAL AI MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION) 271
13.1.3.7 Conversational AI market, by technology 271
TABLE 264 CONVERSATIONAL AI MARKET BY TECHNOLOGY, 2018–2022 (USD MILLION) 271
TABLE 265 CONVERSATIONAL AI MARKET, TECHNOLOGY, 2023–2028 (USD MILLION) 271
13.1.3.8 Conversational AI market, by vertical 272
TABLE 266 CONVERSATIONAL AI MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 272
TABLE 267 CONVERSATIONAL AI MARKET BY VERTICAL, 2023–2028 (USD MILLION) 272
13.1.3.9 Conversational AI market, by region 273
TABLE 268 CONVERSATIONAL AI MARKET BY REGION, 2018–2022 (USD MILLION) 273
TABLE 269 CONVERSATIONAL AI MARKET, BY REGION, 2023–2028 (USD MILLION) 273
14 APPENDIX 274
14.1 DISCUSSION GUIDE 274
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 281
14.3 CUSTOMIZATION OPTIONS 283
14.4 RELATED REPORTS 283
14.5 AUTHOR DETAILS 284
