Press release
AI Governance Market is Expected to reach the value of $1.28 billion by 2028 at a CAGR of 44.9% within Forecast Period 2024-2033
AI Governance Market Report
The AI governance market size is expected to see exponential growth in the next few years. It will grow to $1.28 billion in 2028 at a compound annual growth rate (CAGR) of 44.9%. The growth in the forecast period can be attributed to expanding government initiatives to leverage the ai technology, increasing use of AI in retail. Major trends in the forecast period include advacements in artificial intelligence, enterprise ai lifecycle management platforms, building ethical AI platform, product innovations, hybrid cloud management solutions.
Market Overview -
Artificial intelligence (AI) governance refers to the framework of policies, procedures, and practices put in place to ensure responsible and ethical development, deployment, and use of AI technologies. AI governance aims to establish guidelines and mechanisms to govern the lifecycle of AI systems, from data collection and model training to deployment and ongoing monitoring, with the goal of maximizing the benefits of AI while minimizing potential risks and ensuring ethical use.
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Government Initiatives Driving Growth In AI Governance Market
An increase in government initiatives to leverage artificial intelligence (AI) technology is expected to propel the growth of the artificial intelligence (AI) governance market going forward. A government initiative is an important act or statement that a government undertakes to address a specific issue or challenge. Government initiatives are used to shape the governance of AI by providing the framework and guidance needed to ensure that AI technologies are developed and used in ways that benefit society while minimizing risks and potential harms. For instance, in June 2023, the Ministry of Innovation, Science, and Industry, a Canada-based government agency, initiated the second phase of the Pan-Canadian artificial intelligence program. Further, this rollout is supported by a substantial investment exceeding US$ 443 million, underscoring the government's commitment to enhance the integration and commercialization of AI across various sectors of the country's economy. Therefore, the increase in government initiatives to leverage AI technology is driving the growth of the artificial intelligence (AI) governance market.
Competitive Landscape -
Major companies operating in the ai governance market report are Amazon.com Inc., Alphabet Inc., Google LLC, Microsoft Corporation, Robert Bosch GmbH, International Business Machines Corporation, Oracle Corporation, SAP SE, ABB Ltd., Tata Consultancy Services Limited, DXC Technology Company, Atos S.E., McAfee Corp., AVEVA Group plc, TIBCO Software Inc., Hexaware Technologies Limited, QlikTech International AB, Altair Engineering Inc., Scale AI Inc., Arthur, MOSTLY AI, Protopia AI, Impact AI, H2O.ai, Credo.AI Corp.
Developing Regulatory Frameworks In The AI Governance Market To Address Ethical, Legal, And Societal Challenges
Major companies operating in the artificial intelligence (AI) governance market are developing innovative solutions, such as AI governance toolkits, to provide reliable services to customers. An AI governance toolkit is a collection of resources and practices designed to help organizations responsibly develop, deploy, and manage artificial intelligence (AI) systems. For instance, in November 2023, according to The International Business Machines Corporation, a US-based technology corporation, launched watsonx.governance. It's an AI governance toolkit designed to help businesses and governments manage the risks and complexities associated with generative AI, particularly large language models (LLMs). It helps in proactively detecting and mitigating risks, monitoring for fairness, bias, drift, and new LLM metrics. This platform is part of the IBM Watsonx AI and data platform, which includes Watsonx.data, watsonx.ai, and watsonx.governance, all aimed at scaling and accelerating the impact of AI across various businesses
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Key Segments -
The ai governance market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Type : On-Premises, Cloud
3) By Organization Size: Large Enterprise, Small And Medium-sized Enterprises(SMEs)
4) By Vertical: Banking, Financial Services, and Insurance(BFSI), Government And Defense, Healthcare And Life Sciences, Media And Entertainment, Retail, Information Technology And Telecommunication, Automotive, Others Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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