Press release
Global AI Governance Market Insights, Forecast to 2028
The global AI Governance market size is projected to reach US$ 116.3 million by 2028, from US$ 23 million in 2021, at a CAGR of 25.1% during 2022-2028. Key drivers of the AI governance market include the increasing number of initiatives by government authorities to realize the full benefits of AI technology. The demand for building trust, transparency, and preventing misuse in AI applications will spur the growth of the AI governance market during the forecast period. Moreover, The rise in regulatory compliances will drive the market expansion in the coming years.
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Trends Influencing the Global AI Governance Market
Government-led initiatives for successful deployment of AI technology
The digital age transition has begun in full force. The rapid expansion of Artificial intelligence solutions in government agencies and businesses across the globe has necessitated the need for a robust governance system for AI implementation. The complexity, brand reputation, and protection of private consumer data are involved. Hence different governments are launching initiatives, setting up national guidelines, and a defined governance structure for successful AI configuration. These factors are expected to drive the growth of the AI governance market during the forecast period.
Need for trust, transparency, and Misuse prevention
Artificial intelligence is causing disruption in each and every sector. This gives a rise to the need for gaining people's trust and being transparent in how machine learning algorithms collect and evaluate data. AI transparency becomes a vital issue in highly regulated industries such as BFSI, automotive, and Healthcare sectors where chances of misuse are high. Thus corporates are focusing on building proper governance systems thereby driving the growth of the AI governance market in the coming years.
Regulatory compliance
Regulations are changing rapidly. The continuous need to adjust to increasing audit trails, workflows, frameworks, and policies can be taxing for authorities. The need for maintaining compliance has become difficult with surging costs, misinterpretation, and wastage of resources. Artificial intelligence can help mitigate these issues. The capability to analyze and implement the right structure can help companies to allocate their resources efficiently. Hence AI governance can lead to proper regulatory compliance. This is expected to provide lucrative opportunities for the growth of the AI governance market in the subsequent years.
AI Governance Market Share Analysis
Based on type, the software segment is expected to provide ample opportunities for growth in the AI governance market share due to the growing reliance of users on AI software solutions.
Based on application, the car segment is expected to dominate in the AI governance market share as the advent of self-driving cars will require AI governance solutions for improving efficiency and decision making.
Based on region, North America will provide huge scope for growth in the AI governance market share due to the rapid adoption of AI governance systems, development of frameworks, policies for the same.
AI Governance Market By Type
Software
Service
Others
AI Governance Market By Application
BFSI
Healthcare and Life Sciences
Government and Defense
Retail and Car
AI Governance Market By Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
AI Governance Market By Company
IBM
AWS
Microsoft
Salesforce.com
SAP
FICO
2021.AI
ZestFinance
SAS Institute
Pymetrics
H2O.AI
integrate.ai
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