Dublin, November 25, 2021 (GLOBE NEWSWIRE) – The report “Explainable AI Market by Offering, by Deployment, by Technology, by End-use Industry, by Application – Global Opportunity Analysis and Industry Forecast, 2021-2030” has been published added To ResearchAndMarkets.com offer.
The global Explainable AI (XAI) market size is estimated to be $ 3.50 billion in 2020 and is expected to reach $ 21.03 billion by 2030 with a CAGR of 18.95% from 2021-2030.
Explainable AI is a method / technique in the artificial intelligence space, where the solution can be analyzed and understood by humans. This is different from traditional machine learning techniques, where developers often fail to understand why the system came to a specific decision. Explainable AI is gaining traction in industries such as healthcare, retail, media and entertainment, aerospace, and defense.
For example, the use of an explainable AI or XAI in the retail industry is imperative to predict future fashion trends with reason, and it would allow retailers to store and display the latest merchandise in their store. Additionally, the concept of recommendation engines in the e-commerce industry is an example of explainable AI, where the system recommends products to the customer based on their search history. In addition, recommendation engines also suggest additional accessories / products as well as the product selected for purchase. This is done using an explainable AI, where the system suggests useful products to the customer.
Market dynamics and trends
Explainable AI offers significant benefits such as higher customer retention rates and better inventory management. Understanding the weakness of a model is a major way to maximize its performance. A better understanding of models and the reasons for their failure makes it easier to improve them. Using explainable AI is a powerful way to detect system flaws and remove bias in data, which increases user confidence. Explainable AI helps verify predictions to refine models and gain new insights to solve the problem at hand.
Fraud detection is a major field of explicable AI application. Explainable AI is useful for predicting fraudulent attacks and determining which attack has a higher degree of threat. Cyber ââattacks have gotten smarter over the years. For example, in April 2019, around 540 million Facebook profiles were leaked and were posted to Amazon’s cloud service by third-party application developers. This is an example where Explainable AI can be used to understand why and how this incident happened, in order to protect user information in the future.
Additionally, on July 3, 2020, the National Highways Authority of India (NHAI) was hit by a cyber attack resulting in the loss of a huge amount of data stored on its server. This attack was the result of weak cyber infrastructure. Such a growing number of attacks all over the world is creating a demand for explainable AI in areas such as fraud detection, among others. The growing demand for explainable AI has attracted major investments in recent times. For example, in 2019, Fiddler Labs successfully secured US $ 10.2 million in funding from Lightspeed Ventures and Lux ââCapital. This funding has enabled the company to increase its total funding to $ 13.2 million since 2018.
However, higher deployment costs for explainable AI is a major factor hindering the growth of the market. High capital investment is one of the main reasons why most companies struggle to implement such technologies in their systems.
Market segments and scope of the study:
The global explainable AI market is segmented on the basis of offering in solutions and services. On the basis of deployment, the explainable AI market is segmented into cloud and on-premises. Based on technology, the explainable AI market is segmented into machine learning, natural language processing, context awareness, and others. Based by application, the explainable AI market is segmented into fraud detection, drug discovery, predictive maintenance, social media advertising, identity and access management, recommendation engines and supply chain management, among others.
Further, on the basis of end-use industry, the explainable AI market is segmented into telecommunications, healthcare, BFSI, public sector, retail, logistics, aerospace and defense, and media and entertainment. , among others. Additionally, based on region, the explainable AI market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America and Europe dominate the global explainable AI market and are also expected to maintain their positions during the forecast period. A strong IT infrastructure in developed countries such as United States, Germany, United Kingdom, France, Japan and Canada is a major factor supporting the growth of the explainable AI market in these country.
In addition, the strong support from the governments of these countries to develop the IT infrastructure is another factor driving the growth of the explainable AI market in these countries. However, developing countries such as China and India are expected to show higher growth during the forecast period. The favorable economic growth in these countries attracts many investments in these countries which are suitable for the expansion of the explainable AI market.
The global explainable AI market is marked by intense competition from the main players operating in this space. Tactical mergers and acquisitions, joint ventures and partnerships, technological innovations are some of the key strategies adopted by the main players in order to ensure the sustainability of this industry. DataRobot, Factmata, DarwinAI, IBM Corporation, Google LLC, Microsoft Corporation and Ditto.ai, among others, are some of the major players operating in this space.
In May 2020, DawrinAI announced a strategic collaboration with Lockheed Martin to improve customers’ understanding of AI solutions.
Main topics covered:
2. Explainable AI Market (XAI) – Executive Summary
3. Market overview
3.1. Definition and scope of the market
3.2. Market dynamics
4. Covid-19 analysis
4.1. Impact on market size
5. Market share analysis
5.1. Top Explainable AI (XAI) Vendor Market Share Analysis, 2020
6.Global Explainable AI (XAI) Market, By Offer
7. Global Explainable AI (XAI) Market, By Deployment
7.3. On the site
8. Global Explainable AI (XAI) Market, By Technology
8.2. Machine learning
8.3. Natural language processing
8.4. Contextual awareness
9. Global Explainable AI (XAI) Market, By Application
9.2. Fraud detection
9.3. Drug discovery
9.4. Predictive maintenance
9.5. Social media advertising
9.6. Identity and access management
9.7. Recommendation engines
9.8. Supply chain management
9.9. Other applications
10. Global Explainable AI (XAI) Market, By End-Use Industry
10.3. Health care
10.5. Public sector
10.8. Aerospace and Defense
10.9. Media and entertainment
10.10. Other sectors
11. Global Explainable AI (XAI) Market, By Region
11.2. North America
11.4. Asia Pacific
11.5. Rest of the world
12. Company profiles
12.1. International Business Machines Corporation
12.2. Microsoft Corporation
12.3. Google LLC
12.4. Datarobot, Inc.
12.7. Digite, Inc.
12.8. Kyndi Inc.
12.9. Hacarus Inc.
12.10. Fiddler ai
12.11. Robot Techman Inc.
12.12. Precise automation
For more information on this report, visit https://www.researchandmarkets.com/r/ucrdcw
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