Dublin, May 08, 2023 (GLOBE NEWSWIRE) -- The "Global AI Governance Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization size, By Deployment Mode, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global AI Governance Market size is expected to reach $562.9 Million by 2028, rising at a market growth of 34.5% CAGR during the forecast period.
Key Market Players
- Microsoft Corporation
- Google LLC (Alphabet Inc.)
- IBM Corporation
- SAP SE
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Salesforce.com, Inc.
- Meta Platforms, Inc.
- SAS Institute, Inc.
- Tibco Software, Inc. (Vista Equity Partners)
- QlikTech International AB
Artificial intelligence (AI) technology has practical uses in modern life. When AI technology is accepted and utilized well, it may benefit economies and society. However, concerns concerning public safety and security have been raised by the growing usage of AI across a range of sectors, including transportation, healthcare, education, and others, necessitating the need for AI governance.
Therefore, a legislative framework should exist to ensure that Machine Learning (ML) technologies are correctly examined and systematically developed to support humanity's fair acceptance of AI technology, according to the philosophy underlying AI governance.
In the context of AI (Artificial Intelligence) governance, bias, ROI (return on investment) risk, and algorithm efficacy are assessed and tracked. AI governance's primary goal is to bridge the ethical responsibility and technical progress gaps. The expansion of the AI governance business is driven mainly by the increase in government initiatives to employ Al technology, rapid and simple access to historical datasets, and the convenience of data storage.
Therefore, a legislative framework should exist to ensure that Machine Learning (ML) technologies are adequately examined and systematically developed to support humanity's fair acceptance of AI technology, according to the philosophy underlying AI governance. AI (Artificial Intelligence) governance includes evaluation and monitoring of algorithm performance, ROI risk, and bias. AI governance's primary goal is to bridge the ethical responsibility and technical progress gaps.
The workforce will need a high level of trust in AI governance to close gaps and boost their confidence in automated systems while making routine, life-altering choices. Because of AI's rising advantages, organizations and governments from all over the globe are adopting a range of steps to embrace AI and machine learning technology and position themselves as market leaders. Councils, new norms and legislation, and AI governance solutions are now being developed by governments all around the globe.
As a result, a better degree of adherence to technology regulation is anticipated to give profitable chances for the AI governance market projection. AI may also drastically eliminate gender-based discrimination.
Market Growth Factors
Fast and convenient access to the historical dataset and ease of data storage
An important aspect influencing AI advancement is the accessibility of previous datasets. Healthcare facilities and governmental organizations are creating unstructured data that is available to the research community now that data storage and recovery are more economical.
As a result, researchers now have access to enormous databases covering anything from historical rainfall patterns to clinical imaging. By granting access to massive datasets, next-generation computer architectures let academics and information scientists develop more swiftly. These elements have fueled the market for AI governance.
Growing government usage of the Al technology
Due to the growing advantages of Al, organizations, and governments throughout the globe are starting initiatives to embrace Al and ML technologies and position themselves as market leaders. Government entities from several countries establish councils, new laws and regulations, and frameworks to adopt Al governance solutions.
Increasing public trust in Al technology and protecting civil liberties and private information are the key objectives of governments deploying Al governance solutions. In addition, to identify risk problems for Al technology, several companies have formed committees in collaboration with providers of Al solutions, academic institutions, and research centers.
Market Restraining Factors
Establishing comprehensive AI ethical standards.
Over the past few years, numerous principles and guidelines have been established by various governmental agencies, professional organizations, regulatory systems, and AI companies. These guidelines serve as a foundation for developing robust AI regulations and aid in identifying the most important ethical concerns that need to be addressed. However, there are no all-inclusive rules, even if some ideas have been widely accepted.
For instance, if laws are created to safeguard one significant value protected by principles, another value may suffer, which might be detrimental to social ethics. Establishing comprehensive ethical standards for AI that consider all ethical principles might thus be a constraining factor for the state of AI governance solutions today.
Scope of the Study
By Component
- Solution
- Services
By Vertical
- BFSI
- Healthcare & Lifesciences
- Media & Entertainment
- IT & Telecom
- Retail
- Government
- Automotive
- Others
By Organization size
- Large Enterprises
- SMEs
By Deployment Mode
- On-premise
- Cloud
For more information about this report visit https://www.researchandmarkets.com/r/9lehp7
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