Artificial intelligence governance provides framework to develop and deploy AI systems safely and responsibly. It helps organizations address issues around AI bias, data privacy and transparency. Governance solutions enable monitoring of AI models to ensure alignment with organizational goals and values. The global AI Governance Market is estimated to be valued at US$ 193.37 Mn in 2023 and is expected to exhibit a CAGR of 46 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: With growing capabilities of AI applications, the risks associated with advanced technologies have also increased. Organizations across industries are focusing more on responsible development of AI to avoid unintended outcomes and mitigate risks. AI governance solutions help assess how algorithms make decisions and identify potential biases. They also support explainability of complex models. This has boosted the adoption of governance platforms to ensure AI systems behave ethically throughout their lifecycle as per organizational and regulatory standards.
Segment Analysis
The global AI governance market is segmented on the basis of component, type, technology and application. The component segment is further divided into solutions and services. Among these, the solutions segment currently dominates the market and is expected to continue its dominance during the forecast period. This is because enterprises are increasingly adopting AI governance solutions to ensure their AI systems are trustworthy, fair and help humans.
Key Takeaways
The Global AI Governance Market Size is expected to witness high growth over the forecast period due to the increasing need for businesses to ensure ethical and responsible use of AI.
Regional analysis:
North America is currently the largest and fastest growing region in the AI governance market. This is attributed to presence of major AI governance vendors and early adoption of AI technologies by enterprises in the region. Additionally, initiatives by governments in the US and Canada to leverage benefits of AI while minimizing risks is also fueling market growth.
Key players:
Key players operating in the AI governance market are Facebook, Inc. (Meta Platforms Inc), IBM Corporation, Integrate.ai Inc., Google LLC (Alphabet Inc.), H2O.ai, Inc., SAP SE, SAS Institute Inc., Microsoft Corporation, Pymetrics Inc., FICO Inc., and Salesforce.com, Inc. IBM holds the largest market share currently due to its early focus on developing AI governance products and solutions. However, other players like Google and Microsoft are also making sizeable investments to strengthen their AI governance portfolios and gain market share.
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