Explainable AI Market to Reach $39.6 Billion, Globally, by 2033 at 20.3% CAGR: Allied Market Research
NEW CASTLE, Delaware, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Explainable AI Market by Component (Solution and Services), Deployment (Cloud and Ob-Premise), Application (Fraud and Anomaly Detection, Drug Discovery & Diagnostics, Predictive Maintenance, Supply Chain Management, Identity and Access Management and Others), and End-Use (Healthcare, BFSI, Aerospace & Defense, Retail and Ecommerce, Public Sector & Utilities, IT & Telecommunication and Automotive): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the explainable ai market was valued at $6.2 billion in 2023, and is estimated to reach $39.6 billion by 2033, growing at a CAGR of 20.3% from 2024 to 2033.
Prime determinants of growth
The global explainable AI market is experiencing growth due to advancements in AI technologies, regulatory compliance & governance and ethical & trustworthy AI. However, data privacy and security hinder market growth to some extent.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $6.2 Billion |
| Market Size in 2032 | $39.6 Billion |
| CAGR | 20.3% |
| No. of Pages in Report | 200 |
| Segments Covered | Component, Deployment, Application, End-use and Region. |
| Drivers | Advancements In AI Technologies |
| Regulatory Compliance and Governance | |
| Ethical and Trustworthy | |
| Opportunities | Ethical AI Development |
| Enhanced AI Performance Monitoring | |
| Restraint | Data Privacy and Security |
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Segment Highlights
The services segment is expected to witness rapid growth during the forecast period.
By component, the solution segment held the highest market share in 2023, owing the increasing demand for AI solutions that provide transparency and accountability in decision-making processes, particularly in industries such as finance, healthcare, and government, which is driving the segment growth. However, the services segment is projected to attain the fastest growing segment from 2023 to 2032, owing to the increasing demand for AI consulting services that help organizations adopt interpretable, transparent, and accountable AI solutions.
The on-premises segment is expected to witness rapid growth during the forecast period.
By deployment, the cloud segment held the highest market share in 2023, due to its scalability, cost-effectiveness, and ease of integration. The cloud offers robust infrastructure for handling large datasets and complex computations, enabling widespread access to explainable AI solutions across various industries and organizations. However, the on-premises segment is projected to attain the fastest growing segment from 2024 to 2032, owing to the increasing demand for on-premises explainable AI solutions that provide improved data security, control, and customization, particularly in industries such as finance, healthcare, and government, where data sensitivity and regulatory compliance are critical.
The drug discovery & diagnostics segment is expected to witness rapid growth during the forecast period.
By application, the fraud and anomaly detection segment held the highest market share in 2023, due to the increasing deployment of explainable AI models for fraud and anomaly detection applications. These models combine machine learning algorithms with human expertise to enhance detection capabilities, fostering collaboration between human analysts and AI systems. However, the drug discovery & diagnostics segment is projected to attain the fastest growing segment from 2024 to 2032, owing to the increasing adoption of AI and machine learning in drug discovery and diagnostics, enhancing the accuracy and efficiency of disease diagnosis and treatment, and driving the development of personalized medicine and precision health
The retail and e-commerce segment are expected to witness rapid growth during the forecast period.
By end-use, the IT & Telecommunication segment held the highest market share in 2023, due to the increasing adoption of advanced technologies such as 5G, IoT, and cloud computing, which drive the demand for robust and reliable telecommunication infrastructure to support data-intensive applications and services. However, the retail and e-commerce segment are projected to attain the fastest growing segment from 2024 to 2032, owing to the increasing adoption of e-commerce platforms by businesses, driven by the convenience and cost-effectiveness of online sales channels, as well as the growing demand for personalized shopping experiences and cross-border trade.
North America to maintain its dominance by 2032
North America leads the market share in 2023, owing to significant demand for lead generation and customer relationship management solutions in industries such as IT & Telecommunication, Retail, BFSI, Healthcare, and Transportation and Logistics. In addition, the region's strong economic growth, high adoption rates of digital technologies, and presence of major CRM providers drive this dominance.
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Major Industry Players: -
- IBM Corporation
- Microsoft Corporation
- Amelia US LLC
- Google LLC
- Arthur.ai
- Ditto.ai
- Intel
- AWS
- NVIDIA
- Mphasis
- Alteryx
The report provides a detailed analysis of these key players in the global explainable AI market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, acquisition and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In June 2023, REPROCELL launched a new commercial service, Pharmacology-AI which follows the completion of one of the first EXCELERATE projects, by the Hartree National Centre for Digital Innovation (HNCDI), the partnership between the Science and Technology Facilities Council (STFC) Hartree Centre and IBM. In addition, through EXCELERATE, REPROCELL has collaborated with HNCDI to create a machine learning (ML) platform that simplifies and accelerates the analysis of big data from drug development studies.
- In February 2021, Fujitsu Laboratories Ltd. and Hokkaido University announced the development of a new technology based on the principle of “explainable AI” that automatically presents users with steps needed to achieve a desired outcome based on AI results about data, for instance, from medical checkups.
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