Global Artificial Intelligence (AI) Governance Market 2023-2030

Global Artificial Intelligence (AI) Governance Market 2023-2030

Global Artificial Intelligence (AI) Governance Market Size, Share & Trends Analysis Report by Component (Solution, and Services), by Deployment Mode (Cloud, and On-Premises), by Organization Size (Large Enterprises, and Small and Medium-Sized Enterprises (SMEs)), and by Vertical (BFSI, Government and Defense, Healthcare and Life Sciences, Media and Entertainment, Retail Sector, Automotive, and Others) Forecast Period (2023-2030)

The global AI governance market is anticipated to grow at a CAGR of 41.6% during the forecast period (2023-2030). The market’s growth is attributed to adaptability and competitive advantage. AI Governance encourages innovation while managing risks. Organizations can comfortably experiment with AI and achieve a competitive edge by resolving ethical and regulatory problems. moreover, the major players serving the are continuously focusing on developing innovative and new solutions and services to cater the rising demand of AI governance solutions. For instance, in May 2023, OneTrust, offers OneTrust AI Governance, a comprehensive tool created to assist enterprises in identifying, evaluating, and keeping track of several hazards connected to AI. It provides enterprises visibility and control over the data used and hazards created by AI models as they use ML and AI to handle massive volumes of data and encourage innovation.

Segmental Outlook

The global AI governance market is segmented on the component, deployment mode, organization size and verticals. Based on the component, the market is sub-segmented into solutions and services. Based on the deployment mode, the market is sub-segmented into cloud, and on-premises. Based on the organization size, the market is sub-segmented into large enterprises, and small and medium-sized enterprises (SMEs). Furthermore, on the basis of verticals, the market is sub-segmented into BFSI, government and defense, healthcare and life sciences, media and entertainment, retail sector, automotive, and others. Among the deployment mode, the cloud based sub-segment is anticipated to hold a considerable share of the market owing to its capacity to efficiently manage and govern AI technology while concentrating on the primary goals. This is possible owing to its numerous advantages, including as scalability, flexibility, accessibility, cost effectiveness, and data management capabilities.

The BFSI Sub-Segment is Anticipated to Hold a Considerable Share of the Global AI Governance Market

Among the vertical, the BFSI sub-segment is expected to hold a considerable share of the global programmatic advertisement market. The segmental growth is attributed to enhancing customer experience. Enhancing the client experience is a growing area of attention for banks. This objective, enticing and keeping clients, is aligned with the use of AI to automatically categorize transactions and offer personalized insights. For instance, in September 2023, Temenos launched an innovative, safe banking solution for banks that automatically categorizes consumer financial transactions using generative artificial intelligence (AI).

Regional Outlook

The global AI governance market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the growing 5G infrastructure and the rising requirement for sophisticated virtual assistants.

The North America Region is Expected to Grow at a Significant CAGR in the Global AI Governance Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing demand for regulation compliance. AI governance solutions, such as frameworks (AI RMF), assist firms in adhering to these criteria as AI-related standards and legislation continue to change. Adoption of AI Governance is significantly influenced by compliance with legislation. Consequently, the market players are coming up with new products to cater the demand for AI risk management framework. For instance, in January2023, the US government, the National Institute of Standards and Technology (“NIST”), released the AI Risk Management Framework (AI RMF) 1.0, a framework for AI governance. In order to reduce risks in the design, development, usage, and assessment of AI, a multiyear process comprising workshops and industry participation and input resulted in the creation of the AI RMF such as systems, products, and services.

Market Players Outlook

The major companies serving the AI governance market include Credo AI, Facebook, Inc., FICO, H2O.ai, Inc., IBM Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2023, BIP Group collaborated with Credo AI to assist clients in addressing the rising need to appropriately govern AI technology.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global AI governance market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.