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Causal AI Market worth $456.8 million by 2030- Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

13 Dec, 2024, 15:01 GMT

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DELRAY BEACH, Fla., Dec. 13, 2024 /PRNewswire/ -- The Causal AI Market is slated to expand from USD 56.2 million in 2024 to USD 456.8 million by the year 2030 at an impressive CAGR of 41.8% over the forecast period, according to a new report by MarketsandMarkets™. 

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MarketsandMarkets

330 – Tables
54 - Figures
331 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=162494083

Scope of the Report

Report Metrics

Details

Market size available for years

2019–2030

Base year considered

2023

Forecast period

2024–2030

Forecast units

USD (Million)

Segments covered

Offering, Application, Vertical and Region

Geographies covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

IBM (US), Google (US), Microsoft (US), Dynatrace (US), Cognizant (US), Logility (US), Datarobot (US), CausaLens (UK), Aitia (US), Taskade (US), Causely (US), Causaly (UK), Causality Link (US), Xplain data (Germany), Parabole.AI (US), Datma (US), Incrmntl (Israel), Scalnyx (France), Geminos (US), Data Poem (US), CausaAI (Netherlands), Causa (UK), Lifesight (US), Actable AI (UK), biotx.ai (Germany), Howso (US), VELDT (Japan), and CML Insight (US)

The Causal AI Market is witnessing sharp expansion as it can address important issues that traditional AI finds difficult to resolve. This need for transparency, trust, and actionable insights is driving the adoption of causal AI. The adoption of causal AI is being driven by the demand for transparency, trust, and actionable insights in critical sectors such as healthcare, finance, and supply chain management. Causal AI is an essential tool for companies wanting to remain competitive in a data-driven world, as it can reveal cause-and-effect relationships and improve decision-making. For example, companies are using causal AI to comprehend the real factors behind customer behavior, improve marketing tactics, or forecast the consequences of operational choices. Moreover, improvements in data accessibility, computing capabilities, and user-friendly interfaces are reducing obstacles for organizations of all sizes to adopt causal AI solutions.

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By offering, causal inference tools segment will register the fastest growth rate over the forecast period owing to enhanced decision making across diverse scenarios

Causal inference tools are becoming the most rapidly expanding segment in the Causal AI Market because of their adaptability and availability in various industries. These tools give organizations the ability to discover cause-and-effect relationships within their data, allowing for accurate decision-making in fields such as marketing, healthcare, and operations. Businesses are starting to realize the drawbacks of AI that relies on correlations, as it only detects patterns without providing explanations for outcomes. Causal inference tools help to close this divide by providing useful information that can be used to shape strategies, like determining which marketing campaigns increase customer engagement or studying the factors that impact patient recovery. Their growth is also fueled by the availability of intuitive, user-friendly interfaces that allow non-technical users to apply complex causal analysis without requiring deep expertise. Causal inference tools are becoming essential as organizations require more accountability and transparency in their decision-making, leading to their quick adoption.

Rising adoption of causal AI to augment financial decision making with cause-and-effect analysis will push BFSI as the largest vertical by market size in 2024

The BFSI vertical is poised to hold the largest market share in the Causal AI Market, fueled by its requirements for clarity, risk control, and practical information. Causal AI helps financial institutions tackle ever-changing, regulated environments where comprehending the reasons behind events is just as important as foreseeing them. For instance, JPMorgan Chase utilizes causal AI to pinpoint the underlying reasons for customer turnover, enabling specific actions to keep valuable customers. In the same way, Citibank employs causal models to evaluate the effects of different credit risk strategies, leading to enhanced loan approval procedures and a decrease in defaults. In the insurance industry, firms such as Allstate have implemented causal AI to enhance the identification of claim fraud by pinpointing actions that are closely linked to fraudulent behavior, resulting in a documented decrease of over 10% in unnoticed fraud. In addition, insurance companies employ causal AI to customize policy suggestions by examining the specific reasons for customer preferences, greatly improving customer contentment. Compliance with regulations continues to drive the increase in adoption. For example, HSBC uses causal AI to comply with AML laws by identifying causal connections in transaction data, simplifying investigations, and avoiding significant penalties. The use of causal AI in precise decision-making, along with its demonstrated effects on profitability and compliance, cements BFSI as the top vertical in the market.

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Asia Pacific is set to become the fastest growing region over the forecast period, fueled by increasing investments in responsible AI deployment for decision-making

Several key factors are driving rapid growth in the Causal AI Market in the Asia Pacific. Governments and businesses in the APAC region, specifically in nations such as China, Japan, and India, are making significant investments in AI innovation to promote the development and utilization of causal AI technologies. Sectors like healthcare and finance in the region are utilizing causal AI to enhance decision-making and operational efficiency. Hospitals in Singapore are using causal AI in healthcare to enhance treatment plans, leading to a substantial enhancement in patient results. Banks in India are using causal AI in the financial industry to improve fraud detection, leading to a significant decrease in fraudulent transactions. Manufacturing hubs in countries like Vietnam and Thailand are adopting causal AI to predict and mitigate disruptions. This trend is also assisted by the regional regulatory landscape, which favors responsible artificial intelligence practices, increasing the market demand for causal models that are both transparent and free from bias.

Top Key Companies in Causal AI Market:

The major players in the Causal AI Market include IBM (US), Logility (US), CausaLens (UK), Aitia (US), Causely (US), Geminos (US), along with SMEs and startups such as Data Poem (US), CausaAI (Netherlands), Causa (UK), Lifesight (US), amd Actable AI (UK).

Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting

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AI as a Service Market- Global Forecast to 2029

Get access to the latest updates on Causal AI Companies and Causal AI Industry

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

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.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/

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