PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358996
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358996
According to Stratistics MRC, the Global Artificial Intelligence (AI) Governance Market is accounted for $196.0 million in 2023 and is expected to reach $3,136.1 million by 2030 growing at a CAGR of 48.6% during the forecast period. AI governance is predicated on the premise that a legislative framework should be in place to ensure proper research and development of machine learning (ML) technologies to assist humanity in navigating AI systems fairly. The importance of AI governance is growing quickly due to the widespread deployment of artificial intelligence (AI) across a variety of industries, including transportation, commerce, healthcare, education, and public safety. AI governance can be used in these sectors to create online and offline features including real-time offer management, automated checkout processes, and improved customer analytics.
According to the Artificial Intelligence and Digital Talent Survey conducted by Willis Towers Watson, currently, there are 22,000 AI-trained professionals in the world.
Increase in demand for AI decision-making transparency and the growing requirement to establish trust in AI systems is driving the segment growth. By adding machine learning algorithms and deep learning frameworks, manufacturers of AI governance are concentrating more on improvements in AI, cloud solutions, and services. Due to the ongoing research and application of AI governance solutions to determine the most practical means of achieving company objectives, the market is growing.
Without consistent governance frameworks, the AI environment will be fragmented with disparities in accountability and transparency. It will therefore be challenging for many enterprises, governments, and regulatory agencies to establish clear standards, enforce compliance, and foster trust in AI systems as a result of this discrepancy. As a result, it is crucial to establish globally acknowledged norms and frameworks in order to assure ethical and fair AI deployment while lowering risks and sustaining public confidence in AI technology. These elements are anticipated to impede market expansion.
A growing number of industries, including healthcare, banking, manufacturing, and transportation, are adopting these AI frameworks as a result of growing worries about bias, data privacy, accountability, and transparency. The market expansion is being considerably fuelled by factors like the expanding use of AI technologies across sectors like aerospace and defence, healthcare, and BFSI, among others. As a result, comprehensive governance mechanisms exist across all enterprises to guarantee ethical and responsible AI practices.
The requirement for good governance and regulation is growing in significance as artificial intelligence develops quickly. Growth in the market is anticipated to be constrained by the lack of knowledge needed to comprehend and handle the intricate ethical, legal, and sociological challenges surrounding AI. Additionally, experts in designing strong legislation and regulations must have a thorough understanding of AI technology, their possible dangers, and the broader societal ramifications. Therefore, it is anticipated that the absence of qualified specialists to reduce these risks will further impede adoption.
Lockdowns and restrictions brought on by the pandemic have sparked an increase in internet activities including telemedicine, remote learning, and virtual social contacts. This change in online activity has sparked worries about online safety, digital well-being, and responsible citizenship. During the pandemic, the AI governance market for digital literacy and education-which is cantered on fostering moral online conduct and tackling the digital divide issues-has been more well-known. The need for ethical AI, responsible technology development, and consulting services in digital ethics is rising as firms work to integrate these technologies in an ethical manner.
The solution segment is expected to be the largest during the forecast period owing to the existence of well-diversified market competitors. Suppliers are focusing on providing innovative, creative solutions consistently in pace with technology improvement in order to meet the growing client demand across numerous end-user industry verticals. The desire for integrating them into customers' IT infrastructures and the complexity of adopting Al governance systems and software will drive the growth of integration services.
The on-premises segment is expected to have the highest CAGR during the forecast period. Data governance, explainable AI, edge computing, integration with DevOps workflows, scalability, and flexibility are some of the main trends that are driving the industry's growth. These developments demonstrate how important AI governance is becoming and how important it is for enterprises to oversee AI governance. The demand for a traditional on-premises environment that offers a single monolithic network with adequate security measures is driving the segment growth.
North America is projected to hold the largest market share during the forecast period due to the increased use of artificial intelligence (Al) by commercial and governmental organizations. Vendors of AI and governance are able to invest in cutting-edge technologies thanks to the country's strong economy. Additionally, it is projected that early adoption of technologies like machine learning by enterprises in developed nations like the U.S. and Canada will stimulate market expansion in the region.
Asia Pacific is projected to hold the highest CAGR over the forecast period. Governments in this region are moving quickly to build cutting-edge infrastructure, such 5G networks and data centers. Due to growing ethical concerns in AI technology, which are leading to the creation of a regulatory framework to guarantee that the ML algorithm works for the good of humanity, adoption of AI-powered services in the region is predicted to decrease. Moreover, the industry is anticipated to rise as governments increasingly deploy AI governance.
Some of the key players in Artificial Intelligence (AI) Governance market include: Alphabet Inc., Amazon Web Services, Inc., AnotherBrain, Ataccama Corporation, DarwinAI , DataRobot, Inc., Facebook, FICO , Fiddler Labs, Inc, IBM Corporation, Informatica LLC, Microsoft Corporation, MindsDB Inc., Pymetrics Inc., QlikTech International AB, SAP SE, SAS Institute Inc., SparkCognition, Inc., TIBCO Software Inc. and Zest AI.
In March 2023, SAS introduced a fantastic machine learning tool. One of the top analytics and AI products for 2023 is SAS Viya.
In February 2022, Meta AI announced opening of sourced data2vec, a unified framework for self-supervised deep learning on speech audio, images, and text data.
In February 2022, Virtana announced the development of a hybrid cloud management solutions platform leveraging ML, AI, and data analytics that allows the customers to plan and execute as well as mange their hybrid cloud implementations.
List of Figures
Figure 1 Artificial Intelligence (AI) Governance - Market Segmentation
Figure 2 Research Methodology
Figure 3 Data Mining
Figure 4 Data Analysis
Figure 5 Data Validation
Figure 6 Research Pipeline
Figure 7 Research Approach
Figure 8 Research Sources
Figure 9 Artificial Intelligence (AI) Governance Market Scenario, Technology (2023) (% Market Share)
Figure 10 Artificial Intelligence (AI) Governance Market Scenario, End User (2023) (% Market Share)
Figure 11 Artificial Intelligence (AI) Governance Market Scenario, Emerging Markets (2023) (% Market Share)
Figure 12 Porter's Five Forces Analysis - Artificial Intelligence (AI) Governance
Figure 13 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Component (2023 VS 2030) (US$MN)
Figure 14 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Solution (2023 VS 2030) (US$MN)
Figure 15 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Platform (2023 VS 2030) (US$MN)
Figure 16 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Software Tools (2023 VS 2030) (US$MN)
Figure 17 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Services (2023 VS 2030) (US$MN)
Figure 18 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Consulting (2023 VS 2030) (US$MN)
Figure 19 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Integration (2023 VS 2030) (US$MN)
Figure 20 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Support & Maintenance (2023 VS 2030) (US$MN)
Figure 21 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Technology (2023 VS 2030) (US$MN)
Figure 22 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Computer Vision (2023 VS 2030) (US$MN)
Figure 23 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Machine Learning (2023 VS 2030) (US$MN)
Figure 24 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Natural Language Processing (2023 VS 2030) (US$MN)
Figure 25 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Other Technologies (2023 VS 2030) (US$MN)
Figure 26 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Deployment Mode (2023 VS 2030) (US$MN)
Figure 27 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Cloud (2023 VS 2030) (US$MN)
Figure 28 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By On-premises (2023 VS 2030) (US$MN)
Figure 29 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Organization Size (2023 VS 2030) (US$MN)
Figure 30 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Small and medium-sized enterprises (SMEs) (2023 VS 2030) (US$MN)
Figure 31 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Large enterprises (2023 VS 2030) (US$MN)
Figure 32 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By End User (2023 VS 2030) (US$MN)
Figure 33 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By BFSI (2023 VS 2030) (US$MN)
Figure 34 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Healthcare & Life Sciences (2023 VS 2030) (US$MN)
Figure 35 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Government & Defence (2023 VS 2030) (US$MN)
Figure 36 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Media & Entertainment (2023 VS 2030) (US$MN)
Figure 37 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Telecom (2023 VS 2030) (US$MN)
Figure 38 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Retail (2023 VS 2030) (US$MN)
Figure 39 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Automotive (2023 VS 2030) (US$MN)
Figure 40 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Manufacturing (2023 VS 2030) (US$MN)
Figure 41 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Other End Users (2023 VS 2030) (US$MN)
Figure 42 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Geography (2023 VS 2030) (US$MN)
Figure 43 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Country (2023 VS 2030) (US$MN)
Figure 44 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By North America (2023 VS 2030) (US$MN)
Figure 45 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Europe (2023 VS 2030) (US$MN)
Figure 46 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Asia Pacific (2023 VS 2030) (US$MN)
Figure 47 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By South America (2023 VS 2030) (US$MN)
Figure 48 Global Artificial Intelligence (AI) Governance Market Analysis & Projection, By Middle East & Africa (2023 VS 2030) (US$MN)
Figure 49 Alphabet Inc. - Swot Analysis
Figure 50 Amazon Web Services, Inc. - Swot Analysis
Figure 51 AnotherBrain - Swot Analysis
Figure 52 Ataccama Corporation - Swot Analysis
Figure 53 DarwinAI - Swot Analysis
Figure 54 DataRobot, Inc. - Swot Analysis
Figure 55 Facebook - Swot Analysis
Figure 56 FICO - Swot Analysis
Figure 57 Fiddler Labs, Inc - Swot Analysis
Figure 58 IBM Corporation - Swot Analysis
Figure 59 Informatica LLC - Swot Analysis
Figure 60 Microsoft Corporation - Swot Analysis
Figure 61 MindsDB Inc. - Swot Analysis
Figure 62 Pymetrics Inc. - Swot Analysis
Figure 63 QlikTech International AB - Swot Analysis
Figure 64 SAP SE - Swot Analysis
Figure 65 SAS Institute Inc. - Swot Analysis
Figure 66 SparkCognition, Inc. - Swot Analysis
Figure 67 TIBCO Software Inc. - Swot Analysis
Figure 68 Zest AI - Swot Analysis