AI Compliance Monitoring Market is projected to reach a value of USD 1,429.36 Million by 2030

According to the report published by Virtue Market Research, the Global AI Compliance Monitoring Market was estimated at USD 129.56 Million in 2022 and is anticipated to be a value of USD 1,429.36 Million by 2030, growing at a fast CAGR of 35% during the forecast period 2023-2030, owing to the growing need for regulatory compliance and data privacy.

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Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computers, that are programmed to think and perform tasks that normally require human intelligence, such as learning, problem-solving, and decision-making. AI involves the development of algorithms and computer programs that can analyse large amounts of data and execute intricate tasks that would otherwise necessitate human intervention. AI compliance monitoring is the utilization of artificial intelligence (AI) and its subset technologies, such as machine learning (ML), to monitor compliance with laws, regulations, and policies. Compliance monitoring refers to the process of detecting possible compliance risks, monitoring transactions and activities to detect any breaches, and taking appropriate measures to address any identified issues. AI compliance monitoring solutions leverage algorithms and data analysis to automate several of these tasks, simplifying the identification and management of compliance risks for organizations. These solutions can evaluate vast amounts of data from various sources, identify patterns and anomalies, and generate immediate alerts when potential compliance issues arise. The growing need for regulatory compliance is fuelling the growth of the global AI compliance monitoring market. This growth is attributed to the increase in the number of regulations across various industries. This is because AI can assist in automating compliance monitoring, which saves time and reduces the likelihood of human error.

The outbreak of the COVID-19 pandemic significantly impacted the global AI compliance monitoring market. The implementation of strict lockdown restrictions across several nations hampered major companies manufacturing capacities and decreased the demand for AI compliance monitoring solutions. The pandemic caused disruptions in supply chains and the distribution of AI compliance solutions, which resulted in manufacturing slowdowns and production shutdowns as well. Manufacturers found it difficult to acquire the hardware and software components they needed to implement AI compliance monitoring solutions as a result of transportation and movement restrictions. They have experienced increased costs and project timeline delays as a result. However, as companies look for ways to streamline their operations and cut costs, the pandemic has also accelerated the adoption of digital solutions, such as AI compliance monitoring. Companies are increasingly relying on digital solutions to monitor compliance and ensure the safety of their employees as remote work arrangements become more common. As businesses look for AI compliance monitoring solutions that can be implemented quickly and easily, this has created new market opportunities. Thus, the global AI compliance monitoring market experienced challenges as well as opportunities for growth and innovation possibilities. The growing importance of data privacy is also contributing to the growth of the global AI compliance monitoring market. AI compliance monitoring solutions can assist in ensuring that privacy regulations are adhered to and that data is handled in a compliant manner.

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Segmentation Analysis:
The Global AI Compliance Monitoring Market includes:

By Component: Solution and Services

Based on Components, the global AI compliance monitoring market is segmented into solutions and services. In 2022, the solution component segment held the highest market share. The solutions component encompasses a variety of AI-based compliance monitoring solutions that automate the monitoring process, minimize errors, and provide alerts in real time for potential compliance issues. These solutions can examine significant volumes of data from various sources, identify patterns and anomalies, and offer suggestions to resolve any problems that arise. Due to the increasing need for regulatory compliance across industries, there is a growing demand for efficient and reliable compliance monitoring solutions, which is driving the growth of the solutions component in the market.

Regional Analysis:

In 2022, the North American region dominated the global AI compliance monitoring market. North America is one of the early adopters of AI technology. The region has the presence of a substantial industrial base in the United States, government initiatives to promote innovation, and large purchasing power aiding the growth of the global AI compliance monitoring market. In this region, the United States has leveraged the advantages of AI, machine learning, and deep learning technology to stay on top of the market. Moreover, the region also consists of well-established economies, which enable AI compliance monitoring solutions vendors to invest in new technologies. In addition, major IT companies are deploying intelligence devices and collaborating with other businesses in the AI compliance monitoring market in the North American region, which is regarded as the innovation hub.
The Asia Pacific region is projected to witness significant growth during the forecasted period, owing to the widespread adoption of AI-powered services and the growing demand for intelligent virtual assistants and 5G infrastructure.

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Latest Industry Developments:

• In February 2023, Napier, a company specializing in technology for financial crime compliance, partnered with Lyra Group, a European payment solutions provider that processes over 20 billion transactions worldwide every year. As part of this collaboration, Napier will offer Lyra advanced transaction monitoring and hosting services, which will allow Lyra to expand its business on a global scale.

• In November 2022, ThetaRay, a company that offers technology for monitoring transactions using artificial intelligence (AI), announced a collaboration with ClearBank, the UK's largest clearing, and embedded banking platform, to work on cloud-native anti-money laundering (AML) monitoring. The partnership will aim to safeguard ClearBank against financial crime by using ThetaRay's reliable and leading AI solution.

• In September 2022, NeuralMetrics, a company that provides commercial lines intelligence for insurance lead generation and underwriting, launched MarketEdge, an AI-driven platform designed to help insurance companies research and filter US-based businesses and markets. This platform is capable of prequalifying leads and identifying desirable insurance customers, as well as evaluating the likelihood of businesses changing insurance providers during upcoming renewal cycles.

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This release was published on openPR.