Explainable AI Market By Component (Solution, Services) , By Deployment (Cloud, Ob-Premise) By Application (Fraud and Anomaly Detection, Drug Discovery & Diagnostics, Predictive Maintenance, Supply Chain Management, Identity and Access Management, Others) By End-Use (Healthcare, BFSI, Aerospace & Defense, Retail and Ecommerce, Public Sector & Utilities, IT & Telecommunication, Automotive) : Global Opportunity Analysis and Industry Forecast, 2024-2033

August 2024 | 200 pages | ID: E1A9037B654FEN
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Explainable AI Market

The explainable AI market was valued at $6.2 billion in 2023 and is projected to reach $39.6 billion by 2033, growing at a CAGR of 20.3% from 2024 to 2033.

Explainable AI (XAI) is a process that elaborates on the output provided by AI or ML algorithms, along with their potential impact or biases. It helps users to characterize the precision and transparency of AI models. Organizations utilize XAI to address the challenges and limitations associated with the AI models integrated into their operations. XAI is crucial to enhance the trust of users toward AI/ML algorithms and reduce potential risk & liabilities for the organizations.

Increase in the penetration of AI into crucial public sectors such as finance and healthcare is boosting the adoption of XAI, thereby driving the growth of the explainable AI market. In addition, rise in concerns pertaining to data privacy is promoting the utility of XAI for users to understand the potential use cases of data. The trend of integrating interactive models within XAI is anticipated to acquire notable traction in coming years. This integration is expected to enable users to connect with AI systems to ask questions, offer feedback, and ask for further details in the provided explanation. The interactive feature is poised to enhance the potential of AI algorithms by enhancing the trust of users upon the underlying logical explanations.

However, susceptibility of the critical information present in AI algorithms regarding unauthorized access deters several organizations from assimilating the models into their operations. This reduces the applicability of XAI and hampers the growth of the explainable AI market. Furthermore, limited awareness among several small-scale organizations regarding the potential of XAI restrains the market development. On the contrary, the rapidly expanding AI infrastructure is anticipated to present remunerative opportunities for the explainable AI market in the future. As per “The State of AI Infrastructure at Scale 2024” survey conducted by ClearML—an open-source model for AI/ML and LLM models—approximately 96% of the participants planned to expand their AI infrastructure. This result is an indicator of the bright future of the explainable AI market.

Segment Review

The explainable AI market is segmented into component, deployment, application, end use, and region. On the basis of component, the market is bifurcated into solution and services. Depending on deployment, it is classified into cloud and on-premise. As per application, it is divided into fraud & anomaly detection, drug discovery & diagnostics, predictive maintenance, supply chain management, identity & access management, and others. According to end use, it is categorized into healthcare, BFSI, aerospace & defense, retail & e-commerce, public sector & utilities, IT & telecommunication, and automotive. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

On the basis of component, the solution segment held a high share of the market in 2023.

Depending on deployment, the cloud segment acquired a high stake in the market in 2023.

As per application, the fraud & anomaly detection segment accounted for a high market share in 2023.

According to end use, the IT & telecommunication segment dominated the market in 2023.

Region wise, North America was the highest revenue generator in 2023.

Competition Analysis

The major players of the global explainable AI market include IBM Corporation, Microsoft Corporation, Amelia US LLC, Google LLC, Arthur.ai, Ditto.ai, Intel Corporation, Amazon Web Services Inc., NVIDIA Corporation, Mphasis Limited, and Alteryx, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.

Additional benefits you will get with this purchase are:
  • Quarterly Update and* (only available with a corporate license, on listed price)
  • 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
  • Free Upcoming Version on the Purchase of Five and Enterprise User License.
  • 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
  • 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
  • Free data Pack on the Five and Enterprise User License. (Excel version of the report)
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  • 24-hour priority response*
  • Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
  • End user preferences and pain points
  • Industry life cycle assessment, by region
  • Product Benchmarking / Product specification and applications
  • Product Life Cycles
  • Scenario Analysis & Growth Trend Comparison
  • Supply Chain Analysis & Vendor Margins
  • Technology Trend Analysis
  • Go To Market Strategy
  • Market share analysis of players by products/segments
  • New Product Development/ Product Matrix of Key Players
  • Pain Point Analysis
  • Regulatory Guidelines
  • Strategic Recommendations
  • Additional company profiles with specific to client's interest
  • Additional country or region analysis- market size and forecast
  • Brands Share Analysis
  • Criss-cross segment analysis- market size and forecast
  • Expanded list for Company Profiles
  • Historic market data
  • Key player details (including location, contact details, supplier/vendor network etc. in excel format)
  • List of customers/consumers/raw material suppliers- value chain analysis
  • Market share analysis of players at global/region/country level
  • SWOT Analysis
Key Market Segments

By Component
  • Solution
  • Services
By Deployment
  • Cloud
  • Ob-Premise
By Application
  • Fraud and Anomaly Detection
  • Drug Discovery Diagnostics
  • Predictive Maintenance
  • Supply Chain Management
  • Identity and Access Management
  • Others
By End-Use
  • Healthcare
  • BFSI
  • Aerospace Defense
  • Retail and Ecommerce
  • Public Sector Utilities
  • IT Telecommunication
  • Automotive
By Region
  • North America
  • U.S.
  • Canada
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • IBM Corporation
  • Microsoft Corporation
  • Amelia US LLC
  • Google LLC
  • Arthur.ai
  • Ditto.ai
  • Intel Corporation
  • Amazon Web Services Inc.
  • NVIDIA Corporation
  • Mphasis Limited
  • Alteryx, Inc.
CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
  1.4.1. Primary Research
  1.4.2. Secondary Research
  1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
  3.2.1. Top Investment Pockets
  3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
  3.3.1. Bargaining Power of Suppliers
  3.3.2. Threat of New Entrants
  3.3.3. Threat of Substitutes
  3.3.4. Competitive Rivalry
  3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
  3.4.1. Drivers
  3.4.2. Restraints
  3.4.3. Opportunities

CHAPTER 4: EXPLAINABLE AI MARKET, BY COMPONENT

4.1. Market Overview
  4.1.1 Market Size and Forecast, By Component
4.2. Solution
  4.2.1. Key Market Trends, Growth Factors and Opportunities
  4.2.2. Market Size and Forecast, By Region
  4.2.3. Market Share Analysis, By Country
4.3. Services
  4.3.1. Key Market Trends, Growth Factors and Opportunities
  4.3.2. Market Size and Forecast, By Region
  4.3.3. Market Share Analysis, By Country

CHAPTER 5: EXPLAINABLE AI MARKET, BY DEPLOYMENT

5.1. Market Overview
  5.1.1 Market Size and Forecast, By Deployment
5.2. Cloud
  5.2.1. Key Market Trends, Growth Factors and Opportunities
  5.2.2. Market Size and Forecast, By Region
  5.2.3. Market Share Analysis, By Country
5.3. Ob-Premise
  5.3.1. Key Market Trends, Growth Factors and Opportunities
  5.3.2. Market Size and Forecast, By Region
  5.3.3. Market Share Analysis, By Country

CHAPTER 6: EXPLAINABLE AI MARKET, BY APPLICATION

6.1. Market Overview
  6.1.1 Market Size and Forecast, By Application
6.2. Fraud And Anomaly Detection
  6.2.1. Key Market Trends, Growth Factors and Opportunities
  6.2.2. Market Size and Forecast, By Region
  6.2.3. Market Share Analysis, By Country
6.3. Drug Discovery Diagnostics
  6.3.1. Key Market Trends, Growth Factors and Opportunities
  6.3.2. Market Size and Forecast, By Region
  6.3.3. Market Share Analysis, By Country
6.4. Predictive Maintenance
  6.4.1. Key Market Trends, Growth Factors and Opportunities
  6.4.2. Market Size and Forecast, By Region
  6.4.3. Market Share Analysis, By Country
6.5. Supply Chain Management
  6.5.1. Key Market Trends, Growth Factors and Opportunities
  6.5.2. Market Size and Forecast, By Region
  6.5.3. Market Share Analysis, By Country
6.6. Identity And Access Management
  6.6.1. Key Market Trends, Growth Factors and Opportunities
  6.6.2. Market Size and Forecast, By Region
  6.6.3. Market Share Analysis, By Country
6.7. Others
  6.7.1. Key Market Trends, Growth Factors and Opportunities
  6.7.2. Market Size and Forecast, By Region
  6.7.3. Market Share Analysis, By Country

CHAPTER 7: EXPLAINABLE AI MARKET, BY END-USE

7.1. Market Overview
  7.1.1 Market Size and Forecast, By End-use
7.2. Healthcare
  7.2.1. Key Market Trends, Growth Factors and Opportunities
  7.2.2. Market Size and Forecast, By Region
  7.2.3. Market Share Analysis, By Country
7.3. BFSI
  7.3.1. Key Market Trends, Growth Factors and Opportunities
  7.3.2. Market Size and Forecast, By Region
  7.3.3. Market Share Analysis, By Country
7.4. Aerospace Defense
  7.4.1. Key Market Trends, Growth Factors and Opportunities
  7.4.2. Market Size and Forecast, By Region
  7.4.3. Market Share Analysis, By Country
7.5. Retail And Ecommerce
  7.5.1. Key Market Trends, Growth Factors and Opportunities
  7.5.2. Market Size and Forecast, By Region
  7.5.3. Market Share Analysis, By Country
7.6. Public Sector Utilities
  7.6.1. Key Market Trends, Growth Factors and Opportunities
  7.6.2. Market Size and Forecast, By Region
  7.6.3. Market Share Analysis, By Country
7.7. IT Telecommunication
  7.7.1. Key Market Trends, Growth Factors and Opportunities
  7.7.2. Market Size and Forecast, By Region
  7.7.3. Market Share Analysis, By Country
7.8. Automotive
  7.8.1. Key Market Trends, Growth Factors and Opportunities
  7.8.2. Market Size and Forecast, By Region
  7.8.3. Market Share Analysis, By Country

CHAPTER 8: EXPLAINABLE AI MARKET, BY REGION

8.1. Market Overview
  8.1.1 Market Size and Forecast, By Region
8.2. North America
  8.2.1. Key Market Trends and Opportunities
  8.2.2. Market Size and Forecast, By Component
  8.2.3. Market Size and Forecast, By Deployment
  8.2.4. Market Size and Forecast, By Application
  8.2.5. Market Size and Forecast, By End-use
  8.2.6. Market Size and Forecast, By Country
  8.2.7. U.S. Explainable AI Market
    8.2.7.1. Market Size and Forecast, By Component
    8.2.7.2. Market Size and Forecast, By Deployment
    8.2.7.3. Market Size and Forecast, By Application
    8.2.7.4. Market Size and Forecast, By End-use
  8.2.8. Canada Explainable AI Market
    8.2.8.1. Market Size and Forecast, By Component
    8.2.8.2. Market Size and Forecast, By Deployment
    8.2.8.3. Market Size and Forecast, By Application
    8.2.8.4. Market Size and Forecast, By End-use
8.3. Europe
  8.3.1. Key Market Trends and Opportunities
  8.3.2. Market Size and Forecast, By Component
  8.3.3. Market Size and Forecast, By Deployment
  8.3.4. Market Size and Forecast, By Application
  8.3.5. Market Size and Forecast, By End-use
  8.3.6. Market Size and Forecast, By Country
  8.3.7. France Explainable AI Market
    8.3.7.1. Market Size and Forecast, By Component
    8.3.7.2. Market Size and Forecast, By Deployment
    8.3.7.3. Market Size and Forecast, By Application
    8.3.7.4. Market Size and Forecast, By End-use
  8.3.8. Germany Explainable AI Market
    8.3.8.1. Market Size and Forecast, By Component
    8.3.8.2. Market Size and Forecast, By Deployment
    8.3.8.3. Market Size and Forecast, By Application
    8.3.8.4. Market Size and Forecast, By End-use
  8.3.9. Italy Explainable AI Market
    8.3.9.1. Market Size and Forecast, By Component
    8.3.9.2. Market Size and Forecast, By Deployment
    8.3.9.3. Market Size and Forecast, By Application
    8.3.9.4. Market Size and Forecast, By End-use
  8.3.10. Spain Explainable AI Market
    8.3.10.1. Market Size and Forecast, By Component
    8.3.10.2. Market Size and Forecast, By Deployment
    8.3.10.3. Market Size and Forecast, By Application
    8.3.10.4. Market Size and Forecast, By End-use
  8.3.11. UK Explainable AI Market
    8.3.11.1. Market Size and Forecast, By Component
    8.3.11.2. Market Size and Forecast, By Deployment
    8.3.11.3. Market Size and Forecast, By Application
    8.3.11.4. Market Size and Forecast, By End-use
  8.3.12. Rest Of Europe Explainable AI Market
    8.3.12.1. Market Size and Forecast, By Component
    8.3.12.2. Market Size and Forecast, By Deployment
    8.3.12.3. Market Size and Forecast, By Application
    8.3.12.4. Market Size and Forecast, By End-use
8.4. Asia-Pacific
  8.4.1. Key Market Trends and Opportunities
  8.4.2. Market Size and Forecast, By Component
  8.4.3. Market Size and Forecast, By Deployment
  8.4.4. Market Size and Forecast, By Application
  8.4.5. Market Size and Forecast, By End-use
  8.4.6. Market Size and Forecast, By Country
  8.4.7. China Explainable AI Market
    8.4.7.1. Market Size and Forecast, By Component
    8.4.7.2. Market Size and Forecast, By Deployment
    8.4.7.3. Market Size and Forecast, By Application
    8.4.7.4. Market Size and Forecast, By End-use
  8.4.8. Japan Explainable AI Market
    8.4.8.1. Market Size and Forecast, By Component
    8.4.8.2. Market Size and Forecast, By Deployment
    8.4.8.3. Market Size and Forecast, By Application
    8.4.8.4. Market Size and Forecast, By End-use
  8.4.9. India Explainable AI Market
    8.4.9.1. Market Size and Forecast, By Component
    8.4.9.2. Market Size and Forecast, By Deployment
    8.4.9.3. Market Size and Forecast, By Application
    8.4.9.4. Market Size and Forecast, By End-use
  8.4.10. South Korea Explainable AI Market
    8.4.10.1. Market Size and Forecast, By Component
    8.4.10.2. Market Size and Forecast, By Deployment
    8.4.10.3. Market Size and Forecast, By Application
    8.4.10.4. Market Size and Forecast, By End-use
  8.4.11. Australia Explainable AI Market
    8.4.11.1. Market Size and Forecast, By Component
    8.4.11.2. Market Size and Forecast, By Deployment
    8.4.11.3. Market Size and Forecast, By Application
    8.4.11.4. Market Size and Forecast, By End-use
  8.4.12. Rest of Asia-Pacific Explainable AI Market
    8.4.12.1. Market Size and Forecast, By Component
    8.4.12.2. Market Size and Forecast, By Deployment
    8.4.12.3. Market Size and Forecast, By Application
    8.4.12.4. Market Size and Forecast, By End-use
8.5. LAMEA
  8.5.1. Key Market Trends and Opportunities
  8.5.2. Market Size and Forecast, By Component
  8.5.3. Market Size and Forecast, By Deployment
  8.5.4. Market Size and Forecast, By Application
  8.5.5. Market Size and Forecast, By End-use
  8.5.6. Market Size and Forecast, By Country
  8.5.7. Latin America Explainable AI Market
    8.5.7.1. Market Size and Forecast, By Component
    8.5.7.2. Market Size and Forecast, By Deployment
    8.5.7.3. Market Size and Forecast, By Application
    8.5.7.4. Market Size and Forecast, By End-use
  8.5.8. Middle East Explainable AI Market
    8.5.8.1. Market Size and Forecast, By Component
    8.5.8.2. Market Size and Forecast, By Deployment
    8.5.8.3. Market Size and Forecast, By Application
    8.5.8.4. Market Size and Forecast, By End-use
  8.5.9. Africa Explainable AI Market
    8.5.9.1. Market Size and Forecast, By Component
    8.5.9.2. Market Size and Forecast, By Deployment
    8.5.9.3. Market Size and Forecast, By Application
    8.5.9.4. Market Size and Forecast, By End-use

CHAPTER 9: COMPETITIVE LANDSCAPE

9.1. Introduction
9.2. Top Winning Strategies
9.3. Product Mapping Of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Top Player Positioning, 2023

CHAPTER 10: COMPANY PROFILES

10.1. IBM Corporation
  10.1.1. Company Overview
  10.1.2. Key Executives
  10.1.3. Company Snapshot
  10.1.4. Operating Business Segments
  10.1.5. Product Portfolio
  10.1.6. Business Performance
  10.1.7. Key Strategic Moves and Developments
10.2. Microsoft Corporation
  10.2.1. Company Overview
  10.2.2. Key Executives
  10.2.3. Company Snapshot
  10.2.4. Operating Business Segments
  10.2.5. Product Portfolio
  10.2.6. Business Performance
  10.2.7. Key Strategic Moves and Developments
10.3. Amelia US LLC
  10.3.1. Company Overview
  10.3.2. Key Executives
  10.3.3. Company Snapshot
  10.3.4. Operating Business Segments
  10.3.5. Product Portfolio
  10.3.6. Business Performance
  10.3.7. Key Strategic Moves and Developments
10.4. Google LLC
  10.4.1. Company Overview
  10.4.2. Key Executives
  10.4.3. Company Snapshot
  10.4.4. Operating Business Segments
  10.4.5. Product Portfolio
  10.4.6. Business Performance
  10.4.7. Key Strategic Moves and Developments
10.5. Arthur.ai
  10.5.1. Company Overview
  10.5.2. Key Executives
  10.5.3. Company Snapshot
  10.5.4. Operating Business Segments
  10.5.5. Product Portfolio
  10.5.6. Business Performance
  10.5.7. Key Strategic Moves and Developments
10.6. Ditto.ai
  10.6.1. Company Overview
  10.6.2. Key Executives
  10.6.3. Company Snapshot
  10.6.4. Operating Business Segments
  10.6.5. Product Portfolio
  10.6.6. Business Performance
  10.6.7. Key Strategic Moves and Developments
10.7. Intel Corporation
  10.7.1. Company Overview
  10.7.2. Key Executives
  10.7.3. Company Snapshot
  10.7.4. Operating Business Segments
  10.7.5. Product Portfolio
  10.7.6. Business Performance
  10.7.7. Key Strategic Moves and Developments
10.8. Amazon Web Services Inc.
  10.8.1. Company Overview
  10.8.2. Key Executives
  10.8.3. Company Snapshot
  10.8.4. Operating Business Segments
  10.8.5. Product Portfolio
  10.8.6. Business Performance
  10.8.7. Key Strategic Moves and Developments
10.9. NVIDIA Corporation
  10.9.1. Company Overview
  10.9.2. Key Executives
  10.9.3. Company Snapshot
  10.9.4. Operating Business Segments
  10.9.5. Product Portfolio
  10.9.6. Business Performance
  10.9.7. Key Strategic Moves and Developments
10.10. Mphasis Limited
  10.10.1. Company Overview
  10.10.2. Key Executives
  10.10.3. Company Snapshot
  10.10.4. Operating Business Segments
  10.10.5. Product Portfolio
  10.10.6. Business Performance
  10.10.7. Key Strategic Moves and Developments
10.11. Alteryx, Inc.
  10.11.1. Company Overview
  10.11.2. Key Executives
  10.11.3. Company Snapshot
  10.11.4. Operating Business Segments
  10.11.5. Product Portfolio
  10.11.6. Business Performance
  10.11.7. Key Strategic Moves and Developments


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