AI Governance Market Estimated to Worth $646 Million by 2031, Latest Report

To ensure the fair and ethical use of artificial intelligence, machine learning technologies must be rigorously researched and responsibly developed-this is the foundation of AI governance. AI governance seeks to bridge the gap between rapid technological advancement and ethical accountability by tackling concerns such as access to information and the risk of rights violations.

As AI becomes increasingly integrated into vital sectors like finance, transportation, business, healthcare, and public safety, the need for robust governance frameworks grows. Through these frameworks, organizations can enhance both digital and physical services-for instance, real-time offer management, automated checkout systems, and sophisticated behavior analytics.

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Moreover, the surge in government-led AI initiatives is a key factor propelling the global AI governance market forward. Around the world, public and private sectors are launching initiatives to harness the benefits of AI and machine learning technologies.

According to the report, the global AI governance industry generated $80.8 million in 2021, and is estimated to reach $2.7 billion by 2031, witnessing a CAGR of 42.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Factors such as increasing governmental efforts to use the Al technology and quick and easy access to historical dataset and convenience of data storage primarily drive growth of the AI governance market. However, Foundation of thorough ethical standards for Al and Inadequate expertise in Al hamper the market growth to some extent. Moreover, AI can significantly reduce discrimination based on gender and A higher level of adherence to technological regulation is expected to provide lucrative opportunities for the market growth during the forecast period.

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Covid-19 scenario

1. Various countries across the globe are adopting ROS for the healthcare sector to train their future doctors and students for fighting the COVID-19 pandemic.

2. Rise in governmental efforts to use the Al technology across the globe have led to a significant increase in the adoption of AI governance market.

3. However, rise in organic growth strategies by the major key players has helped the market recover post-pandemic.

By region, North America garnered the highest share in 2021, holding nearly one-third of the global AI governance market revenue in 2021, and is projected to retain its dominance by 2031. The Asia-Pacific region would also portray the fastest CAGR of 44.5% during the forecast period, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power aiding the growth of the AI governance market.

By industry vertical, the BFSI segment accounted for nearly two-fifths of the global AI governance market share in 2021, and is expected to rule the roost by 2031. The healthcare and life science segment would also display the fastest CAGR of 46.0% throughout the forecast period, owing to financial institutions are increasingly relying on artificial intelligence (AI) as one of their key instruments for automating procedures, increasing the precision of forecasts and projections, and enhancing customer service.

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By enterprise size, the large enterprise contributed to the highest share in 2021, accounting for around half of the global AI governance market revenue. The SMEs segment would also showcase the fastest CAGR of 44.3% throughout the forecast period, owing to large enterprises deploying AI governance to sustain their performance and efficacy with absolutely no significant losses.

By deployment mode, the on-premise segment accounted for nearly half of the global AI governance market share in 2021, and is expected to rule the roost by 2031. The cloud segment would also display the fastest CAGR of 43.5% throughout the forecast period, owing to organizations who may increase their competitive offerings, foster consumer trust, find business efficiencies, and more through effective cloud-based AI governance.

Leading Market Players:

Amazon Web Services, Inc.
QlikTech International AB
TIBCO Software Inc.
Meta
SAP SE
International Business Machines Corporation
SAS Institute Inc.
Salesforce, Inc.
Microsoft Corporation
Alphabet Inc.

The report analyzes these key players in the global AI governance market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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