AI Model Risk Management Industry Outlook 2025-2029: Market Set to Cross $12.95 Billion Milestone

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How Large Will the AI Model Risk Management Market Size By 2025?
In recent times, there has been a considerable increase in the market size of AI model risk management. The market is projected to surge from $6.17 billion in 2024 to $7.17 billion in 2025, marking a compound annual growth rate (CAGR) of 16.2%. This historic period growth is largely due to the application of AI models on a global scale, escalating worries over insurance coverage and liability linked to failures of AI models, heightened awareness among stakeholders about the possible risks tied to AI models, and the necessity of strong risk management frameworks because of the industry-wide adoption of AI. Together, these factors are paving the way for more effective management of AI model risks and governance, thereby optimizing operational efficiency.

How Big Is the AI Model Risk Management Market Size Expected to Grow by 2029?
The market for AI model risk management is anticipated to experience swift expansion in the upcoming few years, elevating to $12.96 billion by 2029 at a CAGR of 16.0%. This surge during the forecast duration can be credited to an increase in regulatory scrutiny and requirements associated with the management of AI models, a rise in board and executive oversight regarding the methods of AI model risk management, an amplified understanding of AI's ethical consequences, and the risks posed by cybersecurity threats towards AI models. The forecast period is set to witness significant trends including quick progress in AI technologies, the incorporation of AI model risk management into comprehensive enterprise risk management frameworks, the inception of methodologies to measure and evaluate risks related to AI models, and the unending enhancement and modification of AI model risk management strategies.

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Which Key Market Drivers Powering AI Model Risk Management Market Expansion and Growth?
The rising realization of dangers posed by cyber threats is anticipated to boost the advancement of AI model risk management in the future. Cyber threats, which include harmful activities aimed at computer systems to steal, disrupt, or harm data such as malware, phishing, and DoS attacks, pose risks to digital security. The increase in cyber threats can be attributed to a growing reliance on digital technologies and a broadening attack surface for cybercriminals. AI model risk management for cyber threats serves to pinpoint vulnerabilities, foresee possible attacks, and fortify protective measures. For example, the UK Department for Digital, Culture, Media, and Sport disclosed in July 2022 that 39% of UK businesses were victims of cyber-attacks in the preceding year, with an average projected cost of $5,369.68 for medium and large businesses and $24,878.68 when considering solely material outcomes like loss of funds or data. Therefore, the rising realization of dangers posed by cyber threats is fueling the progress of the AI model risk management market.

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Which Fast-Growing Trends Are Poised to Disrupt the AI Model Risk Management Market?
Prominent enterprises working within the AI model risk management market are channelling their efforts towards formulating innovative solutions such as advanced AI models, with the aim of securing a pivotal position in the market. Advanced AI models are highly evolved artificial intelligence systems built to undertake complicated tasks with superior precision and efficacy. These models employ state-of-the-art approaches in machine learning, deep learning as well as natural language processing to dissect colossal volumes of data, make prognostications and mechanize decision-making procedures. To illustrate, Zendata, an American security platform developer, unveiled an advanced AI model and data usage scanning platform in July 2024, thereby improving governance, bias detection, and adherence to regulations across commercial AI systems. This ground-breaking product ensures exhaustive governance, bias identification and compliance across all AI and data systems, answering the mounting call for transparent and accountable AI implementation in businesses.

What Are the Emerging Segments in the AI Model Risk Management Market?
The AI model risk managementmarket covered in this report is segmented -

1) By Component: Solution, Service
2) By Deployment Mode: Cloud-Based, On-Premise
3) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Application: Model Documentation, Model Governance, Model Monitoring, Model Validation
5) By Industry Vertical: Financial Services, Healthcare, Insurance, Telecommunications

Subsegments:
1) By Solution: AI Model Validation Tools, AI Model Monitoring and Performance Tracking, Risk Assessment and Analytics Software, Explainability and Transparency Tools, Model Governance and Compliance Solutions
2) By Service: AI Model Risk Consulting Services, Model Risk Assessment and Evaluation Services, AI Model Auditing and Compliance Services, AI Model Training and Optimization Services, Ongoing Monitoring and Support Services

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Who Are the Global Leaders in the AI Model Risk Management Market?
Major companies operating in the AI model risk management market are Amazon.com Inc., Google LLC, Microsoft Corporation, accenture* plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young, Oracle Corporation, KPMG International Limited, SAP SE, Moody's Analytics, Sas Institute Inc, DataBricks Inc, Teradata Corporation, Palantir Technologies Inc., Fair Isaac Corporation, The MathWorks Inc, DataRobot Inc, H2O.ai, LogicGate, LogicManager

Which are the Top Profitable Regional Markets for the AI Model Risk Management Industry?
North America was the largest region in the AI model risk management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI model risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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