Causal AI Market worth $119,500 thousand by 2030

Dec 31, 2023

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17 May, 2023, 12:00 ET

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CHICAGO, May 17, 2023 /PRNewswire/ -- With rising usage, algorithmic improvements, integration with AI systems, industry-specific applications, ethical issues, changing regulations, and multidisciplinary research driving its growth, the Causal AI Market has a promising future. Causal AI will be crucial in allowing data-driven decision-making and opening up new opportunities across industries as organisations continue to recognise the significance of understanding causal linkages.

The Causal AI Market is estimated to grow from USD 8010 thousand in 2023 to USD 119,500 thousand by 2030, at a CAGR of 47.1% during the forecast period, according to a new report by MarketsandMarkets™. Causal AI is a rapidly growing field that focuses on establishing cause-and-effect relationships between variables, ensuring the safety and fairness of AI predictions. Causal AI utilizes causality to go beyond narrow machine learning predictions and make choices like humans do. This technology is the future of decision-making, combining AI and causal reasoning to create a more transparent and safer approach to AI. Causal AI and Causal ML has the potential to reshape the world, particularly in the areas of health, development, and marketing.

Browse in-depth TOC on "Causal AI Market" 157 - Tables 41 - Figures195 - Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2020–2030

Base year considered

2023

Forecast period

2023–2030

Forecast units

USD Thousand

Segments covered

Offering, Vertical, and Region

Geographies covered

North America, Europe and Rest of World

Companies covered

IBM (US), CausaLens (England), Microsoft (US), Causaly (England), Google (US), Geminos (US), AWS (US), Aitia (US), INCRMNTAL (Israel), Logility (US), Cognino.ai. (England), H2O.ai (US), DataRobot (US), Cognizant (US), Scalnyx (France), Causality Link (US), Dynatrace (US), Parabole.ai (US), Causalis.ai (Israel), and Omics Data Automation (US).

BFSI to account for higher CAGR during the forecast period

The BFSI (Banking, Financial Services, and Insurance) sector is one of the biggest adopters of causal AI technology. Causal AI is widely used in financial services for risk management, fraud detection, compliance, customer experience, and more. North America dominates the Causal AI Market in BFSI, followed by Europe and Asia-Pacific. The North American market hold the largest share in BFSI during the forecast period, due to the presence of several key players and the high adoption of AI technology in the region. The Causal AI Market in BFSI is highly competitive, with several players operating in the market. Some of the key players in this market include IBM, Microsoft, and Google. These players are focusing on partnerships, collaborations, and acquisitions to expand their market presence and strengthen their product portfolio.

Services Segment to account for higher CAGR during the forecast period

Causal AI services provide expert guidance, consulting, and support for organizations looking to implement causal inference tools and techniques. These services include Consulting Services, Deployment and Integration, Training, support, and maintenance. Causal AI services are particularly useful for organizations that lack the internal resources or expertise to implement causal inference on their own. They can help organizations identify and understand causal relationships in their data, improving the accuracy of predictions and data-driven decision making. Service providers may include data scientists, statisticians, software developers, and domain experts with expertise in causal inference. They may offer services on a project-by-project basis or provide ongoing support and consulting to organizations.

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North America is expected to account for the largest market size in 2023

Causal AI has been gaining traction in North America, with both the United States and Canada making significant investments in AI research and development. The US government has launched several initiatives to promote the development of AI, such as the American AI Initiative, which aims to maintain the country's leadership in AI research and development. Canada has also been contributing to AI research, with several universities and research institutes working on developing AI technologies. The private sector in North America has also been investing heavily in AI research and development, with companies such as Google, Amazon, and Microsoft developing AI technologies for a wide range of applications. The healthcare industry has also been an area of focus for AI research and development, with several companies developing AI technologies to improve patient outcomes and reduce healthcare costs.

Top Key Companies in Causal AI Market:

Major vendors in the global Causal AI Market are IBM (US), CausaLens (England), Microsoft (US), Causaly (England), Google (US), Geminos (US), AWS (US), Aitia (US), INCRMNTAL (Israel), Logility (US), Cognino.ai. (England), H2O.ai (US), DataRobot (US), Cognizant (US), Scalnyx (France), Causality Link (US), Dynatrace (US), Parabole.ai (US), Causalis.ai (Israel), and Omics Data Automation (US).

Recent Developments:

Causal AI Market Advantages:

Report Objectives

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About MarketsandMarkets™

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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