AI Governance Market Research Report & Forecast | Industry Trends & Size USD 2.7 Billion by 2031

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

The growth of the AI governance industry is primarily driven by elements including escalating governmental initiatives to use Al technology, rapid and simple access to historical datasets, and ease of data storage. However, the market expansion is somewhat hampered by the lack of suitable competence in Al and the foundation of rigorous ethical standards for Al. AI can also substantially lessen prejudice based on gender and Throughout the projection period, a higher degree of adherence to technical regulation is anticipated to offer lucrative chances for market expansion.

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Factors driving AI Governance Market:

• Increasing Adoption of AI: With the increasing adoption of AI technologies in various industries, there is a need to govern the use of these technologies to ensure ethical and responsible use.

• Regulations and Compliance: Governments and regulatory bodies are imposing regulations and compliance requirements to ensure that AI is used ethically and responsibly, which is driving the demand for AI governance solutions.

• Data Privacy and Security Concerns: The use of AI technologies often involves the processing of sensitive data, which can raise concerns around data privacy and security. AI governance solutions can help ensure that data is processed in a secure and responsible manner.

• Risk Management: The use of AI technologies can also pose risks to organizations, such as bias in algorithms or unintended consequences. AI governance solutions can help organizations mitigate these risks and ensure responsible use of AI.

• Reputation Management: The public perception of AI is increasingly important, and organizations need to demonstrate that they are using AI ethically and responsibly. AI governance solutions can help organizations build trust with their stakeholders by ensuring responsible use of AI.

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Key Trends in AI Governance Market:

• Increased demand for AI governance solutions: With the rapid growth of AI technology, organizations are increasingly realizing the need for effective AI governance solutions to manage the risks associated with the use of AI.

• Emergence of regulatory frameworks: Governments across the world are starting to develop regulatory frameworks for AI governance. This is driving the development of AI governance solutions that comply with these regulations.

• Focus on transparency and explain ability: There is an increased focus on making AI systems more transparent and explainable. This is driving the development of AI governance solutions that can provide insights into how AI systems make decisions.

• Integration with existing systems: AI governance solutions are being developed to integrate with existing systems, making it easier for organizations to manage AI risks and ensure compliance with regulations.

• Use of AI in AI governance: AI is being used to develop AI governance solutions that can help organizations identify and manage risks associated with the use of AI. This includes the use of AI for monitoring, auditing, and risk management.

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Due to its huge industrial base, government programmes to support innovation, and high purchasing power, North America dominated the global market for AI governance in 2021 and is predicted to continue doing so over the forecast period. Businesses that often utilise AI governance to reduce costs, enhance end users, and increase worker productivity are contributing to the expansion of the AI governance industry, which is predominantly focused in the U.S. However, Asia Pacific is anticipated to experience considerable growth over the course of the projection period due to the region's predicted rise in the market and the rising need for intelligent virtual assistants.

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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