Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "AI Governance Market by Functionality (Model Lifecycle Management, Risk & Compliance, Monitoring & Auditing, Ethics & Responsible AI), Product Type (End-to-end AI Governance Platforms, MLOps & LLMOps Tools, Data Privacy Tools) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The AI governance market is projected to grow from USD 890.6 million in 2024 to USD 5.77 billion in 2029, with a CAGR of 45.3% during 2024-2029
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the AI governance market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the AI governance market. Competitive analysis of upcoming startups in the AI governance market ecosystem is covered in this report.
The AI governance market is expected to experience substantial expansion in the next few years, fueled by growing recognition of the importance of risk management in AI deployments. Organizations have been investing more in AI governance tools as they realize the criticality of controlling AI risks.
Regulated industries in finance and healthcare are leading the way in creating governance solutions for compliance with strict regulations. Increasing demands for trust, transparency, and accountability in using AI systems drive the market further as organizations emphasize responsible and ethical use of AI in various sectors.
By product type, MLOps tools segment is expected to register the fastest market growth rate during the forecast period.
MLOps tools are expected to mark the highest growth rate during the forecast period as they streamline the entire development, deployment, and monitoring of machine learning models. This, in turn, enables management of the version control and continuous integration of models in a compliant manner with the regulatory standards, adding more transparency to the process.
The sheer complexity of AI models and their requirements has been a giant factor that has moved organizations toward the adoption of MLOps tools, as these tools take care of complete AI lifecycle from data handling to real-time monitoring. Also, increased demand for governance and risk management model accountability in regulated industries fuels their growth.
By functionality, risk management & compliance is expected to register the fastest market growth rate during the forecast period.
Risk management and compliance is expected to register the fastest market growth rate in the AI governance market as regulations continue to pile while the complexity in AI systems increases. Businesses in all industries understand that they need to factor in the risk related to bias, fairness, and transparency in AI models, especially in strictly regulated sectors such as finance, healthcare, and insurance.
For example, AI-based governance solutions are being applied by financial firms to adhere to regulations of GDPR within the European Union, or the Fair Lending Act in U.S., which strictly monitors the usage of data and algorithms used in various decision-making processes. Healthcare organizations apply AI governance frameworks for the purpose of risk minimization and improving patient safety through AI-based diagnostic tools while being HIPAA compliant.
By region, North America to have the largest market share in 2024, and Asia Pacific is slated to grow at the fastest rate during the forecast period.
North America will remain the market leader in 2024, driven by a robust and well-established AI ecosystem, alongside a substantial number of AI related regulations. Early adoption of AI technologies by leading tech companies, such as IBM, Microsoft, and Google, based in the U.S., drives AI governance in this region through embedding strong tools for compliance and risk management into their offerings. Besides, the U.S. government is proactively drafting new regulations regarding AI. For instance, a governance framework is being developed for enterprises, encouraged by the country's National AI Initiative Act.
Meanwhile, the growth in the AI governance market is expected to be the fastest in the Asia Pacific region. Here, AI adoption in China, Japan, and South Korea is occurring at a steep pace. These countries have substantial investments in AI technologies across sectors such as manufacturing, healthcare, and finance. Thus, there is growing demand for governance structures that ensure conformity with locally developing regulations. For instance, the AI regulations which will be implemented by China will focus on the visibility of the transparency and the decrease of biases in AI. This has resulted in investments into the solution for AI governance.
The report provides insights on the following pointers:
- Analysis of key drivers (Increasing regulatory compliance pressures driving organizations to adopt governance frameworks, awareness of risk mitigation efforts prompting investments in AI governance tools, AI governance adoption in regulated industries fuels growth of governance solutions, demand for trust and transparency expanding the AI governance market), restraints (Lack of harmonized global standards for AI governance, high costs of implementing AI governance frameworks, and complexity in monitoring and managing AI models post-deployment), opportunities (Growing demand for ethical AI creates opportunities in bias mitigation solutions, integration with MLOps platforms expands the governance market, growth in AI adoption by SMEs fuels demand for scalable governance solutions, emerging regulatory frameworks open new market segments), and challenges (Resistance to change in established workflows, and limited understanding of AI risks and governance needs).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the AI governance market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the AI governance market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the AI governance market.
- The report also helps stakeholders understand the pulse of the AI governance market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 357 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $890.6 Million |
| Forecasted Market Value (USD) by 2029 | $5776 Million |
| Compound Annual Growth Rate | 45.3% |
| Regions Covered | Global |
Companies Featured
- IBM
- Microsoft
- Salesforce
- SAP
- Aws
- Sas Institute
- Fico
- Meta
- Accenture
- Onetrust
- Qlik
- H20.AI
- Alteryx
- Datarobot
- Dataiku
- Domino Data Labs
- Sparkcognition
- Collibra
- Quest Software
- Monitaur
- Fiddler AI
- Untangle AI
- 2021.AI
- Howso
- Mind Foundry
- Credo AI
- Holistic AI
- Fairly AI
- Enzai
- Validmind
- Fairnow
- Mona Labs
- Arthur AI
- Trustible
- Atlan
- Modelop
- Neptune.AI
- Patronus AI
- Datatron
For more information about this report visit https://www.researchandmarkets.com/r/a73snv
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