AI Governance Market Expands with Large enterprises Segment at a robust CAGR
The increasing global AI Governance
market is driven by rising concerns about AI ethics and accountability,
regulatory initiatives and compliance requirements during the forecast period
2024-2028.
According to TechSci Research report, “Global AI Governance Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, The
global AI Governance market is undergoing a rapid transformation, fueled by the
widespread adoption of artificial intelligence (AI) technologies across various
industries. AI Governance refers to the comprehensive framework of policies,
practices, and technologies aimed at ensuring the responsible and ethical development,
deployment, and management of AI systems. This market is gaining prominence as
organizations grapple with mounting concerns related to data privacy,
algorithmic bias, transparency, and accountability in AI-driven
decision-making.
One prominent trend in the AI Governance
market is the increasing emphasis on regulatory compliance. Stringent data
protection regulations, such as the General Data Protection Regulation (GDPR)
and industry-specific guidelines, are compelling organizations to seek AI Governance
solutions that facilitate compliance. These solutions are instrumental in
managing data privacy, consent, and adherence to evolving regulations.
Moreover, organizations are taking
proactive measures to embrace AI ethics initiatives. They are committed to
eliminating bias from AI algorithms, enhancing transparency in AI operations,
and ensuring fairness in AI-driven outcomes. This drive towards ethical AI
practices is creating a conducive environment for AI Governance solutions that
can address these complex challenges.
In response to the growing complexity of
AI systems, advanced AI Governance solutions are emerging. These solutions
offer real-time monitoring, explainability, and auditability of AI systems,
enabling organizations to navigate the intricacies of AI deployments. They also
help organizations adapt to the evolving ethical and regulatory landscape.
Consulting and advisory services are
witnessing a surge in demand as organizations seek expert guidance in aligning
their AI strategies with ethical principles and regulatory requirements.
Service providers play a pivotal role in assisting organizations in building
robust AI Governance frameworks that align with their specific needs and
objectives.
Furthermore, international collaboration
and standardization efforts are shaping the AI Governance landscape.
Organizations and governments are increasingly collaborating to establish
global norms and frameworks for responsible AI development. This collaborative
approach fosters an ecosystem where best practices and ethical standards can be
shared and implemented on a global scale.
Overall, the global AI Governance market
is evolving dynamically, driven by regulatory pressures, ethical
considerations, and the need for advanced governance tools. As AI continues to
revolutionize industries, the significance of robust AI Governance practices is
set to grow, making this market a focal point for organizations committed to
ethical and responsible AI innovation.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "AI Governance Market."
The global AI Governance market is segmented
into component, deployment mode, enterprise size, industry vertical, and
region. Based on component, the market is segmented into solution, services. Based
on deployment mode, the market is segmented into On-Premises, cloud. Based on enterprise
size, the market is segmented into large enterprises, Small and medium-sized
enterprises (SMEs). Based on industry vertical, the market is segmented into
BFSI, government, healthcare, media & entertainment, retail, IT & telecom,
automotive, and others. Based on region, the market is further bifurcated into
North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on deployment mode, cloud segment
dominated in the global AI Governance market in 2022. Cloud-based AI Governance
solutions have gained dominance due to their scalability and flexibility. They
allow organizations to easily scale their AI Governance infrastructure up or
down according to their requirements. This flexibility is particularly valuable
for organizations with fluctuating workloads and evolving AI initiatives.
Cloud deployment eliminates the need for
substantial upfront capital expenditures on hardware and infrastructure.
Instead, organizations can pay for AI Governance services on a subscription or
consumption basis, optimizing cost management.
Cloud-based solutions can be quickly
deployed, enabling organizations to accelerate their AI Governance initiatives.
This speed-to-market advantage is crucial in the rapidly evolving AI landscape,
where timely governance is essential.
Key market players in the global AI
Governance market are: -
- Alphabet Inc.
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Salesforce.com, Inc.
- Amazon Web Services, Inc.
- QlikTech International AB
- TIBCO Software Inc.
- SAS Institute Inc.
- Meta Platforms, Inc.
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“The global AI Governance market is
experiencing rapid growth, driven by the increasing adoption of artificial
intelligence technologies across industries. AI Governance involves the
development of policies, practices, and tools to ensure responsible and ethical
AI deployment. Key drivers include regulatory compliance, the need to eliminate
bias in AI algorithms, and a growing demand for advanced governance solutions.
Consulting and advisory services are in high demand as organizations seek
guidance in aligning AI strategies with ethical principles and regulations.
International collaboration efforts are shaping the landscape, as stakeholders
work together to establish global norms for responsible AI development. The
market's significance continues to grow as organizations prioritize responsible
AI innovation.” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“AI Governance Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Component
(Solution, Services), By Deployment Mode (On-Premise, Cloud), By Enterprise
Size (Large enterprises, Small and medium-sized enterprises (SMEs)), By
Industry Vertical (BFSI, Government, Healthcare, Media & Entertainment,
Retail, IT & Telecom, Automotive, Others), By Region, and By Competition,
2018-2028,” has evaluated the future growth potential of Global AI Governance
Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global AI Governance Market.
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