AI Governance Market to Hit USD 5949 Million by 2030 as a Result of Growing Importance of AI Governance as a Means of Ensuring Responsible and Ethical AI Development and Use | Research by SNS Insider
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SNS Insider pvt ltd
Based on SNS Insider analysis, the increasing adoption of AI technologies and the need for responsible and transparent governance frameworks are driving the growth of the AI governance market. As businesses seek to harness the full potential of AI, they are turning to AI governance solutions to mitigate risks and ensure ethical and responsible use of these technologies.
Pune, May 12, 2023 (GLOBE NEWSWIRE) -- “As per SNS Insider, the AI Governance Market was assessed at USD 185.48 million in 2022, and it is projected to attain USD 5949 million by 2030, with a Compound Annual Growth Rate (CAGR) of 54.26% during the forecast period of 2023-2030.”
Market Overview
AI Governance refers to the set of policies, regulations, and ethical principles that govern the development, deployment, and use of Artificial Intelligence (AI) systems. It is a crucial aspect of AI that ensures the responsible and ethical use of AI to minimize the risks associated with its usage, such as bias, privacy infringement, and safety concerns. The market offers various solutions such as AI ethics, risk management, fairness, and accountability, which cater to the specific needs of the organizations.
Market Analysis
The rapid advancements in AI technology have led to an increasing need for building trust in AI systems and ensuring transparency in AI decision-making processes. As a result, the demand for AI governance solutions has risen significantly in recent years. AI governance vendors are now focused on incorporating machine learning algorithms and deep learning frameworks to improve the accuracy and reliability of their offerings. One of the key drivers of the AI governance market is the continuous development and implementation of AI governance solutions. These solutions are designed to identify the most effective ways to achieve business goals while ensuring compliance with ethical and regulatory standards.
The major key players are Alphabet Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., QlikTech International AB, TIBCO Software Inc., SAS Institute Inc., Facebook, Inc., SAP SE, and Salesforce.com, Inc. & More
Impact of Recession on AI Governance Market Share
While a recession may lead to short-term challenges for the AI governance market, the long-term impact is likely to be positive. As the adoption of AI systems continues to grow, the importance of AI governance will become increasingly evident, and organizations will invest in AI governance solutions to ensure responsible and ethical AI practices.
AI Governance Market Report Scope:
Report Attributes
Details
Market Size in 2022
USD 185.48 Million
Market Size by 2030
USD 5949 Million
CAGR
CAGR 54.26% From 2023 to 2030
Base Year
2022
Forecast Period
2023-2030
Historical Data
2020-2021
AI Governance Market: Key Segmentation
• By Component (Solution and Services) • By Deployment Mode (Cloud and On-premises) • By Organization Size (Large Enterprises, and Small and medium-sized enterprises) • By Vertical (BFSI, Government and Defense, Healthcare and Life Sciences, Media and Entertainment, Retail, IT and Telecom, Automotive, and Other Verticals)
Key Regional Coverage
North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, +D11UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Key Regional Developments
North America is expected to have the largest AI governance market share due to its significant investment and development of AI governance solutions. However, Europe is also experiencing rapid growth in this market due to its advancements in AI governance policies and guidelines and is expected to grow at the fastest CAGR during the forecast period. One significant factor driving the growth of the market is the rise of regulatory frameworks and industry standards in response to the growing importance of AI governance issues.
The market is expected to see a rise in the dominance of cloud-based solutions in the coming years. With the increasing adoption of artificial intelligence (AI) across various industries, the need for effective governance and regulation of AI is becoming more crucial than ever before.
The large enterprise segment is projected to dominate the in the coming years. With the increasing adoption of artificial intelligence technologies in industries such as healthcare, finance, and retail, organizations are becoming more aware of the importance of effective governance to ensure ethical and responsible use of AI.
Recent Developments Related to AI Governance Market
An AI management firm in Canada has recently unveiled its latest solution aimed at facilitating effective governance of artificial intelligence systems. The solution aims to empower boards of directors with the necessary tools and insights to oversee AI technologies and mitigate risks associated with their deployment.
Monitaur, an AI governance platform, is revolutionizing the insurance industry by providing accelerated AI governance solutions. With the increasing adoption of AI technology in the insurance sector, there is a growing need for effective AI governance to ensure the ethical and responsible use of AI.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. AI Governance Market Segmentation, by Component
9. AI Governance Market Segmentation, by Deployment Mode
10. AI Governance Market Segmentation, by Organization Size
11. AI Governance Market Segmentation, by Vertical
12. AI Governance Market Segmentation, by End-user
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