AI Governance Market: Growth Forecast, Key Segments, and Strategic Analysis of the Competitive Landscape

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

AI Governance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1.28 billion In 2028 At A CAGR Of 44.9% :

The AI governance market size has grown exponentially in recent years. It will grow from $0.2 billion in 2023 to $0.29 billion in 2024 at a compound annual growth rate (CAGR) of 45.1%. The growth in the historic period can be attributed to growing demand for transparency and trust in ai systems, increasing easy access to historical datasets and convenience of data storage, proliferating interest in ethical hacking and penetration testing.

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 .

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AI Governance Market Major 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 Driver - 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.

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Prominent Trend - 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

AI Governance Market Players
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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the AI governance market in 2023. The regions covered in the ai governance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. AI Governance Market Report Structure
3. AI Governance Market Trends And Strategies
4. AI Governance Market - Macro Economic Scenario
5. AI Governance Market Size And Growth
…..
27. AI Governance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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