IMARC Group, a leading market research company, has recently releases report titled “Explainable AI Market by Component, Deployment, Application, End Use, and Region 2023-2028” The study provides a detailed analysis of the industry, including the global explainable AI market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the explainable AI market?

The global explainable AI market size reached US$ 5.32 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.83 Billion by 2028, exhibiting a growth rate (CAGR) of 18.34% during 2023-2028.

What is explainable AI?

Explainable AI refers to the ability of artificial intelligence (AI) systems to offer understandable explanations and justifications for their decisions and actions, enabling humans to comprehend and trust these outcomes. This is achieved through the use of interpretable explanations. Techniques employed in explainable AI include visualizations, natural language explanations, rule-based systems, and feature importance analysis. By providing transparency and insights into the decision-making process of artificial intelligence, this solution promotes accountability, fairness, and ethical use of AI in various sectors, such as healthcare, finance, and autonomous vehicles.

Request for a sample copy of this report:

What are the growth prospects and trends in the explainable AI industry?

The emerging trend of automation across several industries, aiming to save time and resources, and improve decision-making accuracy, is among the primary factors driving the explainable AI market. Besides this, the escalating demand for regulatory scrutiny and compliance toward the transparency and explainability of artificial intelligence processes and outcomes to ensure reliability, accountability, and ethical use is further augmenting the market growth. Moreover, the elevating requirement for explainable AI in risk management to identify and mitigate potential dangers, errors, or biases in models, thereby avoiding negative impacts on business operations and customer experiences, is also catalyzing the global market.

Apart from this, the rising awareness toward the benefits of ethical and responsible artificial intelligence for addressing concerns related to biased decision-making, privacy violations, and potential chances and the development of systems that can provide human-interpretable explanations for their decision-making processes are acting as significant growth-inducing factors. Furthermore, the ongoing product innovations and advancements in machine learning (ML) and natural language processing (NLP) technologies, enhancing the capabilities of this technology, are anticipated to propel the explainable AI market over the forecasted period.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

  • Solution
  • Services

Breakup by Deployment:

  • Cloud
  • On-premises

Breakup by Application:

  • Fraud and Anomaly Detection
  • Drug Discovery and Diagnostics
  • Predictive Maintenance
  • Supply Chain Management
  • Identity and Access Management
  • Others

Breakup by End Use:

  • Healthcare
  • BFSI
  • Aerospace and Defense
  • Retail and E-commerce
  • Public Sector and Utilities
  • IT and Telecommunication
  • Automotive
  • Others

Breakup by Region:

  • North America (U.S. & Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • DarwinAI
  • DataRobot Inc.
  • Google LLC (Alphabet Inc.)
  • International Business Machines Corporation
  • Kyndi Inc.
  • SAS Institute Inc.
  • Seldon Technologies Limited

Ask Analyst for Customization and Browse full report with TOC & List of Figure:

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


See Campaign:

Contact Information:

Contact US IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA USA: +1-631-791-1145 | Asia: +91-120-433-0800 Email: [email protected] Follow us on Twitter: @imarcglobal LinkedIn:

iCN Internal Distribution, IPS, Extended Distribution, Research Newswire, English