AI Governance Market Size, Share, Latest Technology, Industry Trends

AI Governance Market size to grow from USD 50 million in 2020 to USD 1,016 million by 2026, at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. Various factors such as increase in government initiatives to leverage the AI technology, rise in need for building trust in AI systems and growth in demand for transparency in AI decisions, and growth in regulatory compliances around the technology are expected to drive the adoption of the AI governance solutions and services.

Download Report Brochure @ https://www.marketsandmarkets.com/Market-Reports/ai-governance-market-176187291.html

Managing and monitoring credit, market, liquidity, and operational risk across financial markets was hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19's global impact has shown that interconnectedness plays an important role in international cooperation and how outdated technologies are obstacles to effective policymaking. As a result, many governments started rushing towards identifying, evaluating, and procuring reliable solutions powered by AI. Healthcare facilities globally have been turning toward AI systems to identify infections through people's voices or chest x-rays. Various governments have proposed tracking tools to monitor the virus' spread person-to-person. From Asia to Europe, several public sector entities have collaborated with the private sector to utilize AI-based services to monitor the spread of the virus. COVID-19 has accelerated the need to operationalize Ethical AI principles. In order to help practitioners, navigate these challenges, the World Economic Forum's AI and ML platform created the Procurement in a Box package, which aims to unlock public sector adoption of AI through government procurement

The services segment to hold higher CAGR during the forecast period

Based on components, the AI governance market is segmented into solutions and services. The solution segment of the report is subsegmented into software tools and platform, whereas the services segment is segmented into consulting, integration, and support and maintenance. The services segment is expected to account for higher CAGR during the forecast as services play an integral part in the software life cycle while implementing platforms and executing activities related to them. These services include consulting, integration, and support and maintenance, which are required to deploy, execute, and maintain AI governance.

The SMEs segment to hold higher CAGR during the forecast period

The AI governance market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. If AI tools are used optimally, it can completely revolutionize the SME space allowing small business owners and entrepreneurs to create highly successful operations across business functions, including sales, customer service, marketing, and product development, contributing to the adoption of AI governance solutions in SMEs.

Banking, Financial services, and Insurance segment to have the largest marketsize during the forecast period

The AI governance market by vertical has been categorized into 8 different verticals, namely, BFSI, government and defense, healthcare and life sciences, media and entertainment, retail, automotive, telecom, and others (education, travel and tourism, energy and utilities, and manufacturing). These verticals are adopting AI governance solutions to ensure fair outcomes and decisions taken by AI systems. The market size of BFSI segmentis expected to be the largest due to the growing adoption of the AI governance solutions to deliver a personalized experience to end users, automate various processes, and gain a competitive advantage over others. AI governance solutions are expected to become crucial in BFSI to bring more accuracy in decision-making and reduce complexities associated with the bias related to age, gender, and other parameters.

Europe to hold higher CAGR during the forecast period

There is an increase in adherence to compliance policies regarding AI technology to boost the adoption of AI governance solutions in the Europen countries. Various verticals across the region are focusing on incorporating AI governance models, SDKs, and APIs, to monitor the AI algorithm on a real-time basis, to avoid post-development complications and ethical challenges of the AI system contributing to the growth of AI governance market.

Get More Info @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=176187291

Major vendors in the global AI governance market include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), QlikTech International AB (US), TIBCO Software Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (Salesforce), FICO (US), Zest AI (US), Pymetrics Inc. (US), H2O.ai, Inc. (US), Informatica LLC (US), Ataccama Corporation (Canada), DataRobot, Inc. (US), Dataiku (US), Kyndi, Inc. (US), SparkCognition, Inc. (US), Fiddler Labs, Inc. (US), DarwinAI (Canada), Truera (US), Genie AI Ltd. (UK), MindsDB Inc. (US), integrate.ai Inc. (Canada), Untangle AI Pte Ltd (Singapore), AnotherBrain (France), Diveplane Corporation (US), and 2021.AI (Denmark).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.