Artificial Intelligence
Global Explainable AI Market (2021 to 2030) – by Offering, Deployment, Technology, End-use Industry and Application
Dublin, Nov. 25, 2021 (GLOBE NEWSWIRE) — The “Explainable AI Market by Offering, by Deployment, by Technology, by End-use Industry, by Application – Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The Global Explainable AI (XAI) Market size is estimated to be USD 3.50 billion in 2020 and is predicted to reach USD 21.03 billion by 2030 with a CAGR of 18.95% from 2021-2030.
Explainable AI is a method/technique in the space of artificial intelligence, where the solution can be analyzed and understood by humans. It is different than the traditional machine learning techniques, where developers are often fail to understand why the system has arrived at a specific decision. Explainable AI is gaining traction from industries such as healthcare, retail, media & entertainment, and aerospace & defense.
For instance, the use of explainable AI or XAI in the retail industry is imperative for predicting upcoming trends in fashion along with reason, and that would allow the retailers to stock and display the latest merchandise in their store. In addition, the concept of recommendation engines in the e-commerce industry is an example of explainable AI, where the system recommends products to the customer based on his/her search history. Further, recommendation engines also suggest accessories/additional products along with the product being selected for purchase. This is done with the help of explainable AI, where the system suggests products that are useful to the customer.
Market Dynamics and Trends
Explainable AI offers significant benefits such as higher customer retention rate, and better inventory management. Understanding the weakness of a model is a major way to maximize its performance. Better understanding of the models and reason for their failure makes it easier to improve them. Using explainable AI is a powerful way to detect flaws in the system and remove biases in the data, resulting in increased trust among the users. Explainable AI helps in verifying predictions in order to fine tune models, and gain newer insights to solve the problem at hand.
Fraud detection is a major application area of explainable AI. Explainable AI is useful to predict fraudulent attacks and determine which attack has a higher degree of threat. Cyber-attacks have become smarter over the years. For instance, in April 2019, approximately 540 million Facebook profiles were leaked, and were published on Amazon’s cloud computing service by third-party app developers. This is an example where explainable AI can be used to understand why and how this incident happened, in order to protect user information in the future.
Moreover, on 3rd July 2020, National Highways Authority of India (NHAI) was struck with a cyber-attack resulting in the loss of a huge amount of data stored in its server. This attack was a result of a weak cyber infrastructure. Such increasing number of attacks all over the world are creating demand for explainable AI in areas such as fraud detection among others. The growing demand for explainable AI has attracted major investments in recent time. For instance, in 2019, Fiddler Labs managed to bag a funding of USD 10.2 Mn by Lightspeed Ventures and Lux Capital. This funding has helped the company to take its total funding to reach USD 13.2 Mn since 2018.
However, greater deployment costs for explainable AI is a major factor barring the growth of the market. High capital investment is a major reason why most companies find it difficult to implement such technologies in their systems.
Market Segmentations and Scope of the Study:
The global market for explainable AI is segmented on the basis of offering into solutions and services. Based on deployment, the market for explainable AI is segmented into cloud and on-premise. Based on technology, the explainable AI market is segmented into machine learning, natural language processing, contextual awareness and others. Based by application, the explainable AI market is segmented into fraud detection, drug discovery, predictive maintenance, social media advertising, identity and access management, recommendation engines and supply chain management among others.
Further, based on end-use industry, the explainable AI market is segmented into telecom, healthcare, BFSI, public sector, retail, logistics, aerospace & defense, and media & entertainment among others. Moreover, based on region, the explainable AI market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Geographical Analysis
North America and Europe led the global market for explainable AI and is expected to retain their positions during the forecast period as well. Strong IT infrastructure in the developed nations such as the U.S., Germany, U.K., France, Japan, and Canada is a major factor supporting growth of the explainable AI market in these countries.
In addition, strong support from the governments in these countries in order to ramp the IT infrastructure is another factor boosting market growth of explainable AI in these countries. However, developing nations such as China, and India are expected to display a higher growth during the forecast period. Favorable economic growth in these countries are attracting a lot of investments in these countries that are suitable for the expansion of explainable AI market.
Competitive Landscape
The global explainable AI market is marked by intense competition by the major players operating in this space. Tactical mergers & acquisitions, joint ventures & partnerships, technological innovations are some of the key strategies taken up by the major players in order to ensure long term sustenance in this industry. DataRobot, Factmata, DarwinAI, IBM Corporation, Google LLC, Microsoft Corporation, and Ditto.ai among others are some of the key players operating in this space.
In May 2020, DawrinAI announced a strategic collaboration with Lockheed Martin in order to improve the latter’s customer understanding of AI solutions
Key Topics Covered:
1. Introduction
2. Explainable AI (XAI) Market – Executive Summary
3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
4. Covid-19 Analysis
4.1. Impact on Market Size
5. Market Share Analysis
5.1. Market Share Analysis of Top Explainable AI (XAI) Providers, 2020
6. Global Explainable AI (XAI) Market, by Offering
6.1. Overview
6.2. Solutions
6.3. Services
7. Global Explainable AI (XAI) Market, by Deployment
7.1. Overview
7.2. Cloud
7.3. On-Premise
8. Global Explainable AI (XAI) Market, by Technology
8.1. Overview
8.2. Machine Learning
8.3. Natural Language Processing
8.4. Contextual Awareness
8.5. Others
9. Global Explainable AI (XAI) Market, by Application
9.1. Overview
9.2. Fraud Detection
9.3. Drug Discovery
9.4. Predictive Maintenance
9.5. Social Media Advertising
9.6. Identity & Access Management
9.7. Recommendation Engines
9.8. Supply Chain Management
9.9. Other Applications
10. Global Explainable AI (XAI) Market, by End-Use Industry
10.1. Overview
10.2. Telecom
10.3. Healthcare
10.4. Bfsi
10.5. Public Sector
10.6. Retail
10.7. Logistics
10.8. Aerospace & Defense
10.9. Media & Entertainment
10.10. Other Industries
11. Global Explainable AI (XAI) Market, by Region
11.1. Overview
11.2. North America
11.3. Europe
11.4. Asia-Pacific
11.5. Rest of World
12. Company Profiles
12.1. International Business Machines Corporation
12.2. Microsoft Corporation
12.3. Google LLC
12.4. Datarobot, Inc.
12.5. Factmata
12.6. Darwinai
12.7. Digite, Inc.
12.8. Kyndi Inc.
12.9. Hacarus Inc.
12.10. Fiddler AI
12.11. Techman Robot Inc.
12.12. Precise Automation
For more information about this report visit https://www.researchandmarkets.com/r/ucrdcw
Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.
Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/first-comprehensive-report-on-public-web-data-released-by-bright-data-302124673.html
ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).
The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor. More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
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View original content:https://www.prnewswire.co.uk/news-releases/osia-becomes-an-official-international-telecoms-union-itu-standard-302124668.html
STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.
On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
View original content:https://www.prnewswire.co.uk/news-releases/scibase-will-present-at-the-redeye-medtech-event-on-april-24th-302124656.html
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