The Causal AI Market is being driven by Growing innovation of causal AI in healthcare and finance
The Causal AI Market is expected to grow at a CAGR of 39.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 110.9 million. Causal inference is a vital advancement in artificial intelligence (AI) technology, empowering systems to discern intricate cause-and-effect relationships within intricate systems. By transcending mere correlations, AI is enabled to make more informed decisions and execute interventions with greater precision. This capability is invaluable in industries where the consequences of actions and interventions are significant, such as finance, healthcare, and marketing. In healthcare, causal AI can uncover the root causes of diseases, rather than merely identifying patterns in patient data. By integrating causal inference techniques into predictive models, we can enhance the accuracy of predictions, accounting for confounding variables and isolating true causal relationships.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Deployment (Cloud, On-premises) End-user (Healthcare and life sciences, BFSI, Retail and e-commerce, Transportation and logistics, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Causal AI Market Research Report
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The Causal AI market is experiencing significant growth due to the availability of vast data and increased computing power. Interpretable AI solutions are in high demand in sectors like healthcare for patient care and personalized medicine, as well as in finance for portfolio optimization and fraud detection. Regulatory compliance and data privacy are key concerns, leading to investments and acquisitions in on-premises deployment. Customization, maintenance services, and advanced data analytics are also driving market growth. Technological advancements and research & development are addressing the challenges of interpretability and standardization, making Causal AI a lucrative market.
The global causal AI market is a segment of the expansive IT software industry, specifically the system software market, according to Technavio's market research. The system software market encompasses organizations specializing in application development and management, cloud computing, data centers, hosting, IT management, mobility, networking, security, and storage software. Causal AI, a subset of artificial intelligence, focuses on identifying the causal relationships between variables, which is crucial for businesses seeking to optimize portfolios, detect fraud, ensure regulatory compliance, enhance patient care, and manage data collection and storage. With the increasing demand for interpretable AI and cloud-based solutions, the causal AI market is poised for significant growth within the global system software market. Technavio's market analysis is based on the consolidated revenue generated by companies providing various types of system software, including cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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