PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514880
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514880
AI Trust, Risk, and Security Management Market size was valued at USD 1,955.56 million in 2023, expanding at a CAGR of 20.5% from 2024 to 2032.
The widespread adoption of AI technologies in various sectors such as healthcare, finance, and retail increases the need for robust trust, risk, and security management solutions to ensure AI systems are reliable, secure, and trustworthy. Increasing regulatory scrutiny and the need for compliance with laws and standards related to data protection, privacy, and AI ethics are pushing organizations to invest in AI risk and security management solutions. The technical complexity involved in developing and maintaining AI trust and security frameworks can deter organizations from adopting these solutions. Integrating AI trust and security management solutions with existing cybersecurity infrastructure can enhance overall security posture, offering a comprehensive approach to threat management.
AI Trust, Risk and Security Management Market- Market Dynamics
Rising Incidents of Cyber Threats Across the World
The incidence of cyber threats worldwide has been escalating, marked by increasingly sophisticated and frequent attacks. The increase in identity-based and malware-free attacks is one important aspect. To avoid detection, attackers are increasingly using genuine tools and valid credentials. Because of this, it is more difficult for defenders to discern between legitimate user behaviour and malicious conduct. According to the "Global Risks Report 2023" from the World Economic Forum, Cybersecurity will remain a constant concern and there will be continued risk in 2024 from attacks against technology-enabled resources and services, including financial systems and communication infrastructure. The annual average cost of cybercrime is predicted to hit more than $23 trillion in 2027, up from $8.4 trillion in 2022.
AI Trust, Risk and Security Management Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 20.5% over the forecast period (2024-2032)
Based on deployment model segmentation, On-Premises was predicted to show maximum market share in the year 2023
Based on component segmentation, the solution was the leading type in 2023
Based on organization size segmentation, SMEs were the leading type in 2023
Based on end user segmentation, Government & Defense was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global AI Trust, Risk, and Security Management Market is segmented based on Component, Application, Deployment Model, Organization Size, End User, and Region.
The market is divided into two categories based on deployment model: On-Premises, and Cloud Based. The on-premise segment leads the global AI trust, risk, and security management market in terms of deployment mode due to factors including data privacy, compliance with legal and regulatory standards, and defence against insider threats within the company. This is attributable to the implementation of strong backup plans, disaster recovery plans, and resilience measures by trust, risk, and security management, all of which are critical to guaranteeing business continuity.
The market is divided into two categories based on components: solutions, and services. The market was dominated by the governance and compliance category. The segment's growth can be attributed to the widespread application of AI in a variety of industries, which is raising the need for robust governance and compliance frameworks. Other contributing aspects are the rising regulatory environment, the growing awareness of related issues including bias and security flaws, the growing public scrutiny as consumers demand moral and responsible AI practices, and the growing dependence on AI technologies.
AI Trust, Risk, and Security Management Market- Geographical Insights
North America, particularly the United States, leads the market due to its early adoption of AI technologies and significant investments in cybersecurity. The Canadian government supports AI innovation through funding and initiatives such as the Pan-Canadian Artificial Intelligence Strategy. Cities like Toronto, Montreal, and Vancouver are becoming AI hubs. Proximity to the U.S. facilitates cross-border collaboration and market expansion for AI companies, leveraging the larger market while benefiting from favorable Canadian research and innovation policies. The U.S. leads in market size and innovation, Canada supports growth through government initiatives and regulatory frameworks, and Mexico offers emerging opportunities with ongoing digital transformation.
Microsoft offers AI-powered security solutions through its Azure platform, focusing on responsible AI principles. Known for its comprehensive AI and cybersecurity solutions, IBM offers AI governance, risk management, and compliance tools. Its Watson AI platform is a key product in this space. AWS provides AI services with integrated security features. Their focus on compliance, privacy, and security is evident through services like AWS Identity and Access Management (IAM) and AWS Security Hub. Companies are prioritizing the ethical implications of AI, leading to the development of tools that ensure AI systems are fair, transparent, and accountable. Companies are investing in educating their customers about the importance of AI trust and security through webinars, white papers, and training programs.
In May 2024, Palo Alto Networks, the global cybersecurity leader, and IBM, a leading provider of hybrid cloud and AI, announced a broad-reaching partnership to deliver AI-powered security outcomes for customers. The announcement is a testament to Palo Alto Networks and IBM's commitment to each other's platforms and innovative capabilities.
In May 2023, OneTrust, the market-defining leader for trust intelligence, introduced OneTrust Artificial Intelligence (AI) Governance, a comprehensive solution designed to help organizations inventory, assess, and monitor the wide range of risks associated with AI.
GLOBAL AI TRUST, RISK AND SECURITY MANAGEMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
IBM
SAP SE
SAS Institute Inc.
ServiceNow Inc.
Hewlett Packard Enterprise
AT&T Inc.
LogicManager, Inc.
LogicManager, Inc.
Oracle Corporation
Others