Dublin, April 12, 2024 (GLOBE NEWSWIRE) -- The "Global AI Trust, Risk and Security Management Market Size, Share & Trends Analysis Report by Component, Type (Explainability, ModelOps, Data Protection), Deployment, Enterprise Size, Application, End-use, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global AI trust, risk and security management market size is expected to reach USD 7.44 billion by 2030 and is anticipated to grow at a CAGR of 21.3% from 2024 to 2030
As organizations increasingly embrace AI, concerns around bias, explainability, and security vulnerabilities have grown, making AI trust, risk, and security management (TRiSM) solutions essential for managing these risks effectively. The growing focus of regulatory bodies on promoting responsible and trustworthy AI systems also aligns with the growing demand for AI TRiSM solutions.
The growing demand for secure and reliable AI applications across industries is presenting the need for AI TRiSM to mitigate risks and ensure compliance. For instance, in June 2023, Resistant AI, which specializes in protecting financial institutions from fraud and money laundering, raised USD 11 million for its AI security solutions. The funding would reflect the growing demand for AI-powered secur
ty solutions, notably in the financial services industry.
Collaboration between AI TRiSM providers and other technology companies is creating market growth opportunities. This collaboration serves to expand the AI TRiSM ecosystem, fostering a more comprehensive and integrated range of solutions. By working together, AI TRiSM providers and tech companies can incorporate elements such as data security platforms, explainable AI tools, and monitoring systems with existing AI TRiSM frameworks.
Moreover, such collaborations help address specific industry needs related to AI implementation and development. Various sectors, such as healthcare, finance, and manufacturing, face unique challenges in terms of AI solutions related to trust, risk, and security. Through collaboration, tech companies can tailor AI TRiSM solutions to meet the distinct requirements of each industry, providing specialized and effective tools.
Moreover, the emergence of generative AI foundation models has created a unique set of challenges, including the need for advanced tools to manage the nuances of data exchange and processing between users and organizations. Addressing these challenges presents a growing opportunity for AI TRiSM developers to collaborate with policymakers.
The growing need for AI TRiSM solutions creates a promising avenue for developers to innovate and create tools that address specific challenges in data management, privacy assurance, and content filtering within the context of generative AI foundation models.
AI TRiSM Market Report Highlights
- Based on component, the solution segment led the market with a revenue share of 70.7% in 2023. The rising need to automate the software development process and gauge the trustworthiness of underdeveloped ML models is anticipated to drive the segment's growth.
- Based on type, the explainability segment accounted for the largest revenue share in 2023. Healthcare providers and practitioners are adopting explainable AI models to understand the decision-making processes of diagnostic algorithms, treatment recommendation systems, and patient outcome predictions.
- Based on application, the governance & compliance segment accounted for the largest revenue share in 2023. The growing public awareness about AI's societal impact is prompting consumers to advocate for ethical and responsible AI practices.
- Based on end-use, the IT & telecommunication segment accounted for the largest revenue share in 2023. IT & telecom companies are aggressively adopting AI TRiSM solutions as part of the efforts to mitigate potential AI-related risks, secure their data, and ensure adequate privacy protection.
- North America dominated the market and accounted for a 32.6% share in 2023. A fraction of North American companies has already implemented responsible AI practices, and multiple other companies are planning to scale responsible AI frameworks by 2025.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.96 Billion |
| Forecasted Market Value (USD) by 2030 | $7.44 Billion |
| Compound Annual Growth Rate | 21.3% |
| Regions Covered | Global |
Market Dynamics
Market Driver Analysis
- Growing Emphasis On Demonstrating Responsible Ai Practices
- Eminent Need To Ensure Responsible Ai Development And Deployment
Market Restraint Analysis
- High Implementation Costs
Business Environmental Tools Analysis: Ai Trism Market
- Porter's Five Forces Analysis
- Pestle Analysis
- Economic Mega Trend Analysis
Competitive Landscape
- AT&T Inc.
- International Business Machines Corporation
- Logicmanager, Inc.
- Moody's Analytics, Inc.
- Rsa Security Llc.
- SAP Se
- SAS Institute Inc.
- Servicenow Inc.
- Hewlett Packard Enterprise Development
For more information about this report visit https://www.researchandmarkets.com/r/w1q2n8
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