Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global AI governance market size was valued at USD 89,900 thousand in 2022 and is projected to grow from USD 125,886 thousand in 2023 to USD 1,434,786 thousand by 2030, exhibiting a CAGR of 41.6% during the forecast period. Increasing Need for Transparency and Trust Building in AI Technologies to Drive Market Growth. Fortune Business Insights presents this information in their report titled "Global AI Governance Market Forecast, 2023-2030."
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AI governance includes a widespread framework of protocols, regulations, methodologies, and advanced technologies to ensure an organization’s utilization of AI technologies align with its strategies, legal obligations, objectives, and values.
Key Industry Development:
April 2022: Credo AI revealed Responsible AI platform. This SaaS product enables organizations with scalable and standardized tools to report Responsible AI concerns effectively.
Key Takeaways
- AI governance market size in North America was USD 34519 thousand in 2022
- Surging Awareness of AI Governance Technology to Propel the Market Growth during the Projected Period
- Cloud Segment to Lead Market Growth Owing to Benefits Provided
- Surging Use of Artificial Intelligence (AI) to Augment Retail Industry Segment
Discover the Leading Players Featured in the Report:
“Companies leading the global AI governance market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), FICO (U.S.), H2O.ai, Inc. (U.S.), Informatica LLC (U.S.), OneTrust, LLC (U.S.), Accenture (Ireland), Salesforce.com, Inc. (U.S.), Credo AI (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 41.6% |
| 2030 Value Projection | USD 1,434,786 thousand |
| Base Year | 2022 |
| AI Governance Market Size in 2022 | USD 89,900 thousand |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise Type, End-user and Geography |
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Drivers & Restraints:
Quick and Easy Access to Historical Dataset to Hinder the Market Growth
The accessibility of historical datasets plays a crucial role in driving the pace of AI innovation. With decreasing data storage and recovery cost, government and institutional agencies produce huge amounts of unstructured data that researchers can readily access. In various industries, the solution augments capabilities such as online and offline data storage, automated checkout systems, real-time offer management, and advanced behavior analytics.
The shortage of expertise to navigate and understand AI's complex ethical, societal, and legal surroundings is anticipated to hamper the AI governance market growth.
Segmentation
By Deployment
- Cloud
- On-premise
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By End-user
- Healthcare
- Retail
- IT and Telecom
- BFSI
- Automotive
- Media and Entertainment
- Manufacturing
- Others (Transportation, Education)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate the Market Share Owing to the Need for Policies to Address AI Technologies
North America dominates the AI governance market share owing to increasing momentum and attention. Regulatory bodies, governments, and industry stakeholders in the region have documented the need for policies and frameworks to address AI technologies’ ethical and responsible use.
Asia Pacific is anticipated to record rapid growth and development due to several countries in the region, including Singapore, China, and Japan, actively working on establishing regulatory frameworks and guidelines to govern AI’s ethical and responsible use.
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Competitive Landscape:
Prominent Players Launch New Products to Support their Position in the Market
Key players of AI governance actively create advanced solutions to cater to customer demands. They also focus on augmenting their existing product portfolio to deliver flexible solutions with innovative and unique attributes.
The key market players, such as IBM Corporation, Accenture, and Credo AI, are anticipated to witness market growth for AI governance during the projected period.
FAQs
How big is the AI governance market?
The AI governance market size was USD 89,900 thousand in 2022. It is expected to reach USD 1,434,786 thousand by 2030.
How fast is the AI governance market growing?
The AI governance market will exhibit a CAGR of 41.6% during the forecast period, 2023-2030.
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