Global explainable AI market is anticipated to grow at a CAGR of 20.9% during the forecast period (2024-2031). Explainable AI (XAI) plays a crucial role in various industries by providing transparency and accountability, which helps foster trust in AI systems. It is applied in healthcare for diagnostic tools, finance for credit scoring, and law for predictive policing. In autonomous vehicles, XAI ensures fairness and compliance with regulations. In the retail sector, it enables personalized recommendations, demand forecasting, and recruitment. In the energy sector, it facilitates predictive maintenance and energy consumption forecasting. In government and public services, it supports policy decision-making, resource allocation, and claims processing. In insurance, it streamlines claims processing and enhances insurers' understanding of risk factors.
Browse the full report description of “Explainable AI Market Size, Share & Trends Analysis Report by Component (Solutions, and Services), by Methods (Model-Agnostic Methods, and Model-Specific Methods), by Deployment Mode (Cloud, and On-Premises), and by End-User (Healthcare, BFSI, Aerospace & Defense, Retail and E-commerce, Public Sector & Utilities, IT & Telecommunication, Automotive, and Others) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/explainable-ai-market
XAI improves the reliability and acceptance of AI applications by meeting ethical standards and regulatory requirements. Therefore, the major players are launching advanced solutions to meet the demand for XAI solutions. For instance, in May 2024, GyanAI launched the globe's first explainable language model and research engine, based on proprietary technology. The model understands meaning as closely as humans do, providing a mix of extractive and generative text. GyanAI acquires knowledge in real-time from documents and Gyan Knowledge Stores, preventing misinformation generation or biased training data manipulation.
Further, in September 2023, Temenos introduced a secure solution for banks using Generative Artificial Intelligence (AI) to automatically classify customers' banking transactions. The technology helps banks provide personalized insights, offer intuitive digital banking experiences, and enhance customer loyalty.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Component
o By Deployment Mode
o By Methods
o By End-User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape - Accenture PLC, IBM Corp., Google LLC, Microsoft Corp., and SAS Institute Inc. among others.
Key questions addressed by the report.
Global Explainable AI Market Report Segment
By Component
By Deployment Mode
By Methods
By End-User
Global Explainable AI Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/explainable-ai-market