What Does The Industry Outlook Reveal About Revenue And CAGR Projections For The Explainable AI Market Through 2029?
What Are The Estimated Market Size And CAGR For The Explainable AI Market Between 2025 And 2029?
The explainable ai market size has grown exponentially in recent years. It will grow from $8.1 billion in 2024 to $9.73 billion in 2025 at a compound annual growth rate (CAGR) of 20.2%. The growth in the historic period can be attributed to rising adoption of AR and VR, demand for the XR displays, growth for displays, high demand for AR devices, economic growth.
The explainable ai market size is expected to see exponential growth in the next few years. It will grow to $20.65 billion in 2029 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to increasing adoption in educational games, increasing implementation of gesture-based computing, rising usage of smartphones, increased usage of connected devices, growing adoption by healthcare and educational sector. Major trends in the forecast period include technological development in micros displays, adoption of new technology, development of extended reality technologies, develop a new in-vehicle display imaging system, integration of advanced technology in ERD.
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What Essential Growth Drivers Are Pushing The Explainable AI Market Forward?
The growing adoption of the Internet of Things (IoT) is expected to propel the growth of the explainable AI market going forward. The Internet of Things (IoT) refers to a network of interconnected physical devices embedded with sensors, software, and other technologies that collect, exchange data, and communicate with each other over the Internet or other communication networks. Explainable AI (XAI) is used in the Internet of Things (IoT) to enhance end-users trust in machines, make AI models more interpretable and transparent, and ensure transparency, trustworthiness, and effective decision-making in IoT systems. For instance, in 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, total IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to 38.8 billion connections by 2029. Therefore, the growing adoption of the Internet of Things (IoT) is driving the growth of the explainable AI market.
Which Segment Groups Play A Crucial Role In Outlining The Explainable AI Market’s Structure?
The explainable aimarket covered in this report is segmented –
1) By Software Type: Standalone Software, Integrated Software, Automated Reporting Tools, Interactive Model Visualization
2) By Methods: Model-Agnostic Methods, Model-Specific Methods
3) By Vertical: Banking, Financial Services, And Insurance, Retail And E-Commerce, Information Technology Or Information Technology Enabled Services, Healthcare And Life Sciences, Government And Public Sector, Media And Entertainment, Manufacturing, Energy And Utilities, Telecommunications, Other Verticals
Subsegments:
1) By Standalone Software: Individual Explainability Tools, Model-Agnostic Explainability Solutions
2) By Integrated Software: Embedded Explainability in AI Platforms, Explainability In Data Analytics Tools
3) By Automated Reporting Tools: Automated Model Evaluation Reports, Compliance And Auditing Reports
4) By Interactive Model Visualization: Dashboard Visualization Tools, Interactive Data Exploration Tools
What Key Market Trends Are Contributing To The Ongoing Development Of The Explainable AI Market?
Major companies operating in the explainable AI market are adopting strategic partnership approaches to strengthen their offerings and expand their presence in the market. A strategic partnership is a collaborative arrangement between two or more entities, usually businesses that come together to achieve mutually beneficial and long-term objectives. For instance, in July 2023, Fujitsu Limited, a Japan-based information and communications technology company, partnered with Informa D&B, a Spain-based marketing and information company. The collaboration aims to enhance decision-making by leveraging Fujitsu's explainable AI to process and analyze data transparently. This move addresses the need for evolved AI to tackle risks, especially in areas like financial fraud. XAI provides insights into decision-making, increasing transparency and trust while minimizing biases.
Which Companies Represent The Key Strategic Forces Within The Explainable AI Market?
Major companies operating in the explainable ai market report are Amazon Web Services, Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Salesforce Inc., Equifax Inc., SAS Institute Inc., Mphasis Limited, Fair Isaac Corporation, Databricks Inc., Alteryx Inc., Amelia US LLC, Temenos Headquarters SA, BuildGroup LLC, C3.ai Inc., Data Robot Inc., Tredence Analytics Solutions Pvt. Ltd., ArthurAI Inc., DarwinAI Corp., ISSQUARED Inc., H2O.ai Inc., Fiddler Labs Inc., Ditto Labs Inc.
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What Are The Fastest-Expanding Regions Contributing To The Growth Of The Explainable AI Market?
North America was the largest region in the Explainable AI market in 2024. The regions covered in the explainable ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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