The increasing demand for AI-driven decision-making transparency across industries is fueling the Explainable AI market growth. Businesses are actively integrating AI models with enhanced interpretability to comply with regulations and improve stakeholder trust.
Pune, March 21, 2025 (GLOBE NEWSWIRE) — Explainable AI Market Size Analysis:
“The SNS Insider report indicates that the Explainable AI Market size was valued at USD 6.82 billion in 2023 and is estimated to reach USD 33.20 billion by 2032, growing at a CAGR of 19.29% during the forecast period of 2024-2032.”
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Major Players Analysis Listed in this Report are:
- Microsoft (Azure Machine Learning, Azure Cognitive Services)
- IBM (Watson OpenScale, Watson Studio)
- Google (Google Cloud AI Platform, What-If Tool)
- Salesforce (Einstein AI, Salesforce Tableau)
- Intel Corporation (Intel AI Analytics Toolkit, OpenVINO)
- NVIDIA (NVIDIA Clara, Deep Learning AI)
- SAS Institute (SAS Viya, SAS AI and Machine Learning)
- Alteryx (Alteryx Designer, Alteryx Intelligence Suite)
- AWS (AWS SageMaker, AWS Deep Learning AMIs)
- Equifax (Equifax Ignite, Equifax DataX)
- FICO (FICO Xpress Optimization Suite, FICO Decision Management Suite)
- Temenos (Temenos Transact, Temenos Infinity)
- Mphasis (Mphasis XAI, Mphasis Digital Risk)
- C3.ai (C3 AI Suite, C3 AI Ex Machina)
- H2O.ai (H2O.ai Driverless AI, H2O-3)
- Fiddler (Fiddler AI, Fiddler Explainable AI Platform)
- Zest AI (Zest Automated Machine Learning, Zest AI Platform)
- Seldon (Seldon Deploy, Seldon Cortex)
- Squirro (Squirro AI, Squirro Insights)
- Kyndi (Kyndi AI Platform, Kyndi Explainable AI)
- DataRobot (DataRobot AI Cloud, DataRobot Automated ML)
- Databricks (Databricks Lakehouse Platform, Databricks MLflow)
- Tredence (Tredence AI, Tredence Smart Analytics)
- DarwinAI (DarwinAI Explainable AI Platform, DarwinAI Deep Learning Optimization)
- Tensor AI Solutions (TensorFlow, Tensor AI)
- EXPAI (EXPAI Explainable AI, EXPAI Insights)
Explainable AI Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 6.82 Billion |
| Market Size by 2032 | USD 33.20 Billion |
| CAGR | CAGR of 19.29% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increasing Demand for Personalized Recommendations Drives the Explainable AI Market
• Advancements in AI Technology Accelerate the Growth of the Explainable AI Market |
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By Component: Solutions Lead While Services Register Fastest Growth
The Solution segment dominated the market and accounted for the largest market share in 2023, due to the increased adoption across various industries that require interpretable AI models. The enterprises are using such solutions, as they ensure compliance with regulations and enhance decision-making transparency. Advancements in AI governance and risk management further propel the segment growth.
The Services segment is expected to register the fastest CAGR during the forecast period, Driven by Increasing demand for consulting, training and support services. Service providers are making efforts to help enterprise leaders to implement this innovative technology and introduce XAI to the existing AI framework.
By Deployment: On-Premises Dominate While Cloud Gains Momentum
The On-Premises segment dominated the market and accounted for the largest market share in 2023, because of security hurdles and regulatory compliance in sectors like BFSI and healthcare. On-Premises: Organizations have on-prem solutions due to on-prem setups that allow users to maintain control over the stored data and enhance the confidentiality associated with AI-driven insights.
The Cloud segment is expected to register the fastest CAGR during the forecast period, owing to growing uptake of AI-as-a-Service and cloud-based AI models. Moving towards scalable, cost-efficient, and deployable AI solutions will further expedite a cloud adoption for the enterprises.
By Software Type: Standalone Software Leads, While Automated Reporting Tools Grow Fastest
The Standalone Software segment dominated the market and accounted for a significant revenue share in 2023, owing to the growing demand for dedicated and highly personalized XAI platforms. These solutions offer organizations advanced tooling for model interpretability, particularly valuable in industries where the complexity of an AI model makes it tough to dissect or understand.
The Automated Reporting Tools segment is estimated to witness the fastest CAGR, owing to the rising adoption of AI-powered insights by enterprises with pre-built explainability supported and integrated with their existing environment. These tools improve transparency for AI models while streamlining regulatory reporting and compliance.
By Methods: Model-Agnostic Methods Dominate, Model-Specific Methods Grow Fastest
The Model-Agnostic Methods segment dominated the market and is expected to continue its lead because they are capable of generating explanations across various AI models and algorithms. These solutions are currently popular across industries in the quest for regulatory compliance and delivering non-biased AI insights.
The Model-Specific Methods segment is anticipated to grow at the fastest rate in the Explainable AI market, owing to the surging demand for tailor-made explainability techniques for particular types of AI models. Proprietary AI is fast-moving, so organizations building their own solutions are making use of model-specific XAI tools for optimal transparency and performance.
By End-Use: Healthcare Leads, BFSI Registers Fastest Growth
Healthcare dominated the market and held the largest share of the Explainable AI market in 2023 as the Healthcare sector is a major application area for Explainable AI, as it is essential for diagnostics, patient monitoring, and medical decision-making. There is rapidly increasing regulatory scrutiny around the use of AI-driven health technology that generates interpretable insights.
The BFSI segment is expected to register the fastest CAGR during the forecast period, as organizations in this sector increasingly need AI-based tools for risk assessment, fraud detection, and regulatory compliance. Financial institutions are investing in XAI to guarantee transparency in credit scoring and investment decisions made by AI.
Explainable AI Market Segmentation:
By Component
- Solution
- Services
By Deployment
- Cloud
- On-premises
By Software Type
- Standalone Software
- Integrated Software
- Automated Reporting Tools
- Interactive Model Visualization
By Methods:
- Model-Agnostic Methods
- Model-Specific Methods
By End-use
- Healthcare
- BFSI
- Aerospace & Defense
- Retail and E-commerce
- Public Sector & Utilities
- IT & Telecommunication
- Automotive
- Others
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Key Regional Development: North America Leads While Asia-Pacific Grows Fastest
North America dominated the market and accounted for 41% of the revenue share in 2023, due to high technological adoption, regulatory initiatives, and massive investments in AI enterprises. Market growth is also driven by the presence of significant AI developers like Google, IBM, and Microsoft.
The Asia-Pacific is anticipated to register the fastest CAGR throughout the forecast period, owing to the rapid adoption of AI in developing economies, including China, India, and Japan. Governments across the region are already investing in AI-driven infrastructure and developing the necessary regulatory frameworks, which is creating demand for XAI solution.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Explainable AI Market Segmentation, By Component
8. Explainable AI Market Segmentation, By End-use
9. Explainable AI Market Segmentation, By Software Type
10. Explainable AI Market Segmentation, By Deployment
11. Explainable AI Market Segmentation, By Methods
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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