Press release
AI Governance Market Size Forecasted To Achieve $1.85 Billion By 2029 With Steady Growth
AI Governance Market
What Is the AI Governance Market Size and Projected Growth Rate?
The market size of AI governance has seen an explosive increase in the past few years. The market is predicted to rise from a valuation of $0.29 billion in 2024 to $0.42 billion in 2025, maintaining a compound annual growth rate (CAGR) of 45.5%. The notable growth during the historic period has been driven by increasing demand for clarity and faith in AI systems, easier availability of historical datasets and data storage convenience, along with a burgeoning interest in ethical hacking and penetration testing.
In the subsequent few years, the market size for AI governance is predicted to experience a significant surge. The value is projected to reach $1.85 billion by 2029, with a compound annual growth rate (CAGR) of 44.6%. The growth during this projected period can be ascribed to the growing governmental drive to utilize AI technology and the escalating application of AI in retail. Foreseen trends during this period incorporate advancements in artificial intelligence, platforms for managing the AI enterprise lifecycle, construction of ethical AI platforms, product innovation, and solutions for managing hybrid clouds.
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What Are the Major Segments in the AI Governance Market?
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
Subsegments:
1) By Solution: Compliance Management Tools, Risk Assessment And Management Software, Policy Management Solutions, Audit And Monitoring Systems
2) By Services: Consulting Services, Training And Education Programs, Implementation And Integration Services, Ongoing Support And Maintenance Services
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What Are The Driving AI Governance Market Evolution?
The advancement of the artificial intelligence (AI) governance market is anticipated to be fueled by an escalation in governmental activities aimed at harnessing AI technology. Governmental initiatives, crucial actions or declarations made by a government to address particular issues or hardships, serve to form AI governance. They offer the necessary framework and advice to ensure the responsible development and application of AI technologies, maximizing societal benefits while mitigating potential dangers. For example, in June 2023, the Ministry of Innovation, Science, and Industry, a governmental body from Canada, embarked on the second stage of the Pan-Canadian artificial intelligence program. This implementation is backed by a significant investment of over US$ 443 million, highlighting the government's dedication to boosting the adoption and commercialization of AI across numerous sectors of the country's financial system. Consequently, the escalation in governmental activities aimed at harnessing AI technology is propelling the growth of the artificial intelligence (AI) governance market.
Which Firms Dominate The AI Governance Market Segments?
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.
What Trends Are Expected to Dominate the AI Governance Market in the Next 5 Years?
Leading enterprises within the AI governance market are pioneering unique products like AI governance toolkits, offering trustworthy services to their clientele. An AI governance toolkit is a consolidated set of tools and best practices that enables entities to responsibly create, implement, and control AI systems. To illustrate, The International Business Machines Corporation, a prominent US technology firm, launched watsonx.governance in November 2023. This AI governance toolkit is designed to facilitate businesses and governments in efficiently handling the risks and complexities linked to generative AI, especially large language models (LLMs). It provides proactive risk detection and mitigation, ensures fairness, reduces bias, drift, and introduces new LLM metrics. This scheme is a part of IBM's Watsonx AI and data suite, which consists of Watsonx.data, watsonx.ai, and watsonx.governance, all of which aim to enhance and hasten the influence of AI on assorted businesses.
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Which Is The Largest Region In The AI Governance Market?
North America was the largest region in the AI governance market in 2024. The regions covered in the AI governance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI Governance Market?
2. What is the CAGR expected in the AI Governance Market?
3. What Are the Key Innovations Transforming the AI Governance Industry?
4. Which Region Is Leading the AI Governance Market?
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