Selbyville, Delaware, June 28, 2023 (GLOBE NEWSWIRE) --
The AI governance market valuation is estimated to reach USD 5.4 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rapid adoption of AI technologies across several industries and the rising concerns about ethical, legal, and societal implications to ensure responsible and accountable AI adoption will drive the market growth. Several regulatory bodies and governments are increasingly recognizing the importance of AI governance to protect consumer rights, and privacy, and mitigate biases. The growing awareness among multiple organizations about the reputational and financial risks associated with unethical AI practices has prompted the need to prioritize governance measures, further fuelling the industry demand.
The AI governance market from the services segment reached USD 45 million in 2022. The growth can be attributed to the increasing focus of organizations on seeking external expertise to ensure compliance with ethical guidelines and regulatory requirements. Of late, there has been a significant rise in the number of service providers offering AI governance consulting, auditing, and implementation services. The growing recognition of the importance of AI governance in mitigating risks and building trust will also fuel the industry growth.
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The AI governance market from the cloud-based segment is anticipated to record over 52% CAGR from 2023 to 2032, attributed to rising demand from SMEs with insufficient resources and infrastructure to support on-premises installations. Cloud-based solutions are cost-effective as they help organizations to avoid upfront infrastructure expenditures and pay for AI governance solutions on subscription or use basis. Subsequently, the increasing popularity of cloud-based solutions will anchor the market development.
Europe AI governance market will surpass USD 1 billion by 2032. Several government bodies in the region are aggressively implementing AI technology across different industries, including healthcare, manufacturing, banking, and transportation, contributing to the adoption of AI governance solutions. Furthermore, Europe is at the forefront of AI regulation, with the EU taking substantial measures to build ethical and legal frameworks for AI. The emergence of several regulations, including the General Data Protection Regulation and the upcoming AI Act will also boost the regional market outlook.
Some of the major players in the AI governance industry are BigID, Alphabet Inc., Capgemini, Everis, EY, Facebook Inc., IBM corporation, Sovrin Foundation, KPMG, Mircosoft Corporation, Maxwell IT, Deloitte, Oracle Corporation, SAP SE, PwC, SAS, Stefanini and Looker
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AI Governance Market News:
- In April 2023, BigID launched BigAI, its newest AI engine designed to speed governance, data security, and risk management projects.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 AI governance market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Deployment mode trends
2.6 Organizational size trends
2.7 Application trends
Chapter 3 AI Governance Market Industry Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Product launch and innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 High rate of cybersecurity events across North America
3.10.1.2 Growing data security and privacy concerns
3.10.1.3 Integration of ethical AI and IoT technology
3.10.1.4 Proliferating interest towards ethical hacking and penetration testing
3.10.1.5 Growing investment in on-premises solution from large enterprise
3.10.2 Industry pitfalls & challenges
3.10.2.1 Lack of trained and skilled personals
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
