Pune, Oct. 16, 2024 (GLOBE NEWSWIRE) -- AI Governance Market Size Analysis:
“The SNS Insider report indicates that the AI governance Market was valued at USD 160.4 million in 2023 and is expected to grow to USD 2761.3 million by 2032, reflecting a compound annual growth rate (CAGR) of 37.21% over the forecast period from 2024 to 2032.”
The widespread use of artificial intelligence drives the growth of the demand for appropriate AI governance solutions. Today, organizations operating in various industries realize the necessity of frameworks that promote ethical usage of AI, as well as ensure transparency, accountability, and the adherence to regulations. Among the organizations that realize the importance of AI governance frameworks most are those in healthcare, finance, and government, with AI decisions having a significant impact on people and society. The use of AI solutions by an increasing number of organizations facilitates the demands for strategies aimed at addressing the associated issues such as data privacy and security, as well as bias, among others. These and other factors are among the main drivers of the growth of the AI governance market. Another factor that can contribute to the further development of the market is the interaction between private companies and relevant government bodies. These private-public partnerships can give rise to standards and guidelines to be followed with regard to governance frameworks.
Today, as regulators in different countries and regions issue guidelines related to AI applications, adopting AI governance solutions can enable companies to stay up-to-date with the relevant requirements. This approach minimizes the risks associated with the deployment of AI technologies and contributes to the promotion of AI technologies. For instance, Report indicated that 80% of global organizations are actively monitoring regulatory developments related to AI, with many reporting that regulatory compliance is a significant driver for their AI governance initiatives.
The market is full of players ranging from the world-known technology giants to newly introduced startups. All of them are gradually exploring different AI governance solutions applicable to diverse fields of industries, generating demand and thereby contributing to the growth of the analyzed market. To conclude, the AI governance market is expected to expand, driven by the rising demand for AI solutions of high ethical standards and growing complexities related to their deployment.
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Major Players Analysis Listed in this Report are:
- IBM - IBM Watson
- Microsoft - Microsoft Azure AI
- Google - Google Cloud AI
- Amazon Web Services (AWS) - AWS SageMaker
- SAP - SAP AI Core
- DataRobot - DataRobot Automated Machine Learning
- Datatron - Datatron MLOps Platform
- SAS Institute - SAS Viya
- Accenture - myConcerto
- Deloitte - Deloitte AI and Data Analytics Solutions
- PwC - PwC AI Platform
- McKinsey & Company - McKinsey Analytics
- Oracle - Oracle AI Platform
- EY (Ernst & Young) - EY AI and Data Analytics
- H2O.ai - H2O Driverless AI
- Trifacta - Trifacta Data Preparation
- Algorithmia - Algorithmia Marketplace
- Dataiku - Dataiku DSS (Data Science Studio)
- Zegami - Zegami Data Visualization Platform
- Sumo Logic - Sumo Logic Cloud SIEM
AI Governance Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 160.4 million |
| Market Size by 2032 | USD 2761.3 million |
| CAGR | CAGR 37.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Lack of clear and consistent global regulations hinders AI adoption and governance efforts. •Strict data privacy laws and concerns about data misuse slow down AI development and governance initiatives •The intricacy of AI algorithms makes it difficult to design effective governance policies |
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Segmentation Analysis
By Organization Size
The large enterprise segment dominated the market and accounting for 73.2% in 2023. Companies in the sector are focusing on ensuring that they preserve the privacy of data to protect AI systems from unauthorized access of sensitive information. However, the same companies are becoming vulnerable to risks, such as cyber-attacks focusing on a data breach, thereby adopting AI governance to protect potential threats. Consulting companies have related with AI governance technology companies to provide governance services to companies that are served by consulting providers. In addition, large enterprises are acquiring AI governance start-ups to improve their services and offer services to other similar companies.
The SMEs segment is expected to grow at the fastest CAGR rate during the forecast period. The first driver for the trend is the increased demand for cost-effective, efficient, and scalable solutions to enhance responsible, transparent, and ethical use of AI in companies. SMEs have limited resources to establish their AI governance systems. However, the growth of AI Governance as a Service providers will increasingly make it possible for use of the best practices on AI governance in today’s business world.
AI Governance Market Segmentation:
By Components
- Solution
- Services
By Deployment
- On-Premises
- Cloud
By Organization Size
- Large Enterprise
- SMEs
By Vertical
- BFSI
- Government and Defense
- Healthcare and life sciences
- Media and Entertainment
- Retail
- IT and Telecommunication
- Automotive
- Others (Education, Travel and Tourism, Manufacturing and Etc)
Regional Landscape
In 2023, North America secured the largest market share at 32.95%, primarily due to the increasing adoption of artificial intelligence (AI) by commercial enterprises and government agencies. In recent years, U.S. lawmakers and governmental bodies have been crafting plans and regulations for AI and automated systems to mitigate the negative impacts of AI technology while fostering healthy competition and innovation. Furthermore, the early adoption of technologies like machine learning in developed nations, particularly the U.S. and Canada, is anticipated to further accelerate market growth in North America.
Europe also plays a crucial role in AI regulation, emphasizing data privacy and ethical AI practices. Recent regulations from the EU, such as the General Data Protection Regulation (GDPR) and the proposed AI Act, aim to tackle issues related to data privacy, bias, discrimination, and algorithmic transparency. Additionally, there is an increasing focus on establishing frameworks and standards for AI ethics, spearheaded by organizations like the European Alliance and the High-Level Expert Group on AI. Several European countries have adopted ethical governance frameworks for AI.
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Recent Developments
In February 2023, Accenture and Google Cloud joined forces to support merchants in optimizing their operations. This partnership is designed to enhance data organization and give customers real-time access to essential supply chain metrics, such as sales, inventory, logistics, and procurement.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. AI Governance Market Segmentation, by Component
8. AI Governance Market Segmentation, by Deployment
9. AI Governance Market Segmentation, by Organization Size
10. AI Governance Market Segmentation, by Vertical
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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