AI Model Risk Management Market Size, Share & Trends Analysis Report By Offering (Software, Services), By Risk Type, By Application, By Vertical, By Region, And Segment Forecasts, 2024 - 2030

AI Model Risk Management Market Size, Share & Trends Analysis Report By Offering (Software, Services), By Risk Type, By Application, By Vertical, By Region, And Segment Forecasts, 2024 - 2030

AI Model Risk Management Market Trends

The global AI model risk management market size was estimated at USD 5.48 billion in 2023 and is projected to grow at a CAGR of 12.8% from 2024 to 2030. Businesses across industries are increasingly adopting AI to gain competitive advantages, leading to a corresponding increase in model-related risks. The complexity of AI models is rising, making them harder to understand and manage, necessitating specialized risk management solutions. Thus, governments worldwide are enacting stricter regulations to govern the use of AI, particularly in sectors such as BFSI, healthcare, and automotive. Adherence to data privacy and transparency regulations is driving the demand for the market for AI model risk management.

AI models heavily rely on data, and issues with data quality, such as inaccuracies or biases, can lead to faulty models and reputational damage. Concerns about algorithmic bias and fairness are driving the need for rigorous risk assessment and mitigation strategies. In addition, AI models can be targets for cyberattacks, leading to data breaches, model tampering, and intellectual property theft. Thus, safeguarding sensitive data used to train and operate AI models is a critical concern.

Effective AI model risk management can help organizations avoid costly errors, lawsuits, and reputational damage. By ensuring model reliability and performance, organizations can improve operational efficiency and productivity. Demonstrating a strong commitment to AI model risk management can enhance an organization's reputation and trust among customers and stakeholders. Robust risk management practices can foster a culture of innovation by enabling organizations to deploy AI models confidently.

AI Model Risk Management Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global AI model risk management market report based on offering, risk type, application, vertical, and region.

• Offering Outlook (Revenue, USD Million, 2017 - 2030)
• Software
• Software By Type
• Software By Deployment Mode
• Services
• Professional Services
• Consulting & Advisory
• Integration & Deployment
• Support & Maintenance
• Training & Education
• Managed Services
• Risk Type Outlook (Revenue, USD Million, 2017 - 2030)
• Security Risk
• Ethical Risk
• Operational Risk
• Application Outlook (Revenue, USD Million, 2017 - 2030)
• Fraud Detection and Risk Reduction
• Data Classification and Labelling
• Sentiment Analysis
• Model Inventory Management
• Customer Segmentation and Targeting
• Regulatory Compliance Monitoring
• Others
• Vertical Outlook (Revenue, USD Million, 2017 - 2030)
• BFSI
• Retail & E-commerce
• IT & Telecom
• Manufacturing
• Healthcare & Life Sciences
• Media & Entertainment
• Government and Public Sector
• Others
• Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• MEA
• UAE
• South Africa
• KSA

Please note The report will be delivered in 4-8 business days upon order notification.