AI Governance Market market is expected to grow at a CAGR of 55.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global AI Governance Market size accounted for USD 1.1 Billion in 2023, growing at a CAGR of 55.1% from 2023 to 2033. AI governance refers to the set of policies, procedures, and regulations that organizations put in place to ensure responsible and ethical development, deployment, and use of artificial intelligence (AI) systems. The goal of AI governance is to address the challenges and risks associated with AI, including issues related to privacy, transparency, accountability, bias, and security.

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The increasing use of AI has raised ethical concerns related to issues such as bias in algorithms, discrimination, and the impact of AI on jobs. Organizations are recognizing the need for ethical guidelines and governance frameworks to address these concerns. Governments and regulatory bodies are starting to introduce or enhance regulations related to AI. Organizations need to comply with these regulations to avoid legal consequences and ensure that their AI systems meet specific standards for transparency, fairness, and accountability. AI systems often rely on large amounts of data, and concerns about data privacy are growing. Effective AI governance includes measures to protect individuals' privacy and ensure that data is used responsibly and in compliance with privacy regulations.

Key Players
Some of the major AI Governance Market players holding high market shares include Alphabet Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., and QlikTech International AB. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include TIBCO Software Inc., SAS Institute Inc., Facebook, Inc., Pymetrics Inc., Ataccama Corporation

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Segmental Analysis
Based on components, the AI Governance market is segmented into Solutions and Services. The largest segment of the AI Governance market is solutions. Solutions are software and hardware products that help organizations manage and control their AI systems. They include tools for model development, deployment, monitoring, and compliance.

Based on deployment mode, the AI Governance market is Cloud, On-premises. The largest segment of the AI Governance market is the cloud. Cloud-based AI Governance solutions are becoming increasingly popular because they are easy to deploy, scale, and manage. They also offer several other benefits, such as lower upfront costs and access to the latest features and updates.
Based on services, the AI Governance market is Organization Size, Large enterprises, Small and medium-sized enterprises. The largest segment of the AI Governance market is large enterprises. Large enterprises have the most complex AI systems, and they are therefore most likely to need AI Governance solutions to manage and control them.
Based on verticals, the AI Governance market is BFSI, Government and Defence, Healthcare and Information and Communication Technology, and Other Verticals. The largest segment of the AI Governance market is BFSI. The BFSI sector is heavily regulated, and AI Governance solutions can help organizations comply with these regulations. They can also help organizations improve their risk management and fraud detection capabilities.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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