AI Governance Market Surges as Organizations Recognize the Importance of Ethical AI Principles

The AI governance market was valued at $80.78 million in 2021, and is estimated to reach $2.7 billion by 2031, growing at a CAGR of 42.1% from 2022 to 2031.

In order to help humanity navigate AI systems fairly, ML technologies must be properly researched and developed, according to the principle of AI governance. AI governance aims to close the accountability-ethics gap that has developed in technology advancements by addressing issues relating to the right to information and potential violations.

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The importance of AI governance increases as artificial intelligence (AI) is employed more frequently in industries like economics, transportation, business, healthcare, and public safety. The development of online and offline capabilities including real-time offer management, self- checkout procedures, and enhanced behavior analytics can be accomplished in these sectors via AI governance. Moreover, an increase in government endeavors to use AI technology is the main driver fueling the growth of the global AI governance market. Enterprises and governments all over the world are launching several projects to use AI and ML technologies as a result of the expanding benefits of AI.

Furthermore, surge in governmental efforts to use the Al technology and quick and easy access to historical dataset and convenience of data storage primarily drive the growth of the AI governance industry. However, the foundation of thorough ethical standards for Al and inadequate expertise in Al are expected to hamper the market growth. Moreover, AI can significantly reduce discrimination based on gender and a higher level of adherence to technological regulation is expected to provide lucrative opportunities for AI governance market forecast.

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Depending on deployment, on-premises segment dominated the AI governance market in 2021, and is expected to maintain its dominance in the upcoming years, owing to AI on-premise platform supports considerable advantages given the expense and difficulty of administering specialist AI servers and the industry tendency to deploy new apps in the public cloud, which significantly aids in market growth. However, cloud is expected segment is expected to witness highest growth, owing to organizations may increase their competitive offerings, foster consumer trust, find business efficiencies, and more through effective cloud-based AI governance is the major factors that drive the market growth.

Region-wise, the AI governance market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power. The growth is primarily concentrated in the U.S. Companies that use AI governance frequently to cut costs, improve end user, and boost worker productivity aiding the growth of the AI governance market. However, Asia Pacific is expected to witness significant growth during the forecast period, , owing to escalating demand for intelligent virtual assistants and the expanding 5G infrastructure, which is expected to fuel the market growth in this region.

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The key players profiled in the AI governance market analysis are Amazon Web Services, Inc., QlikTech International AB, TIBCO Software Inc., Meta, SAP SE, International Business Machines Corporation, SAS Institute Inc., Salesforce, Inc., Microsoft Corporation and Alphabet Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI governance industry.

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