BANGALORE, India, March 1, 2022 /PRNewswire/ -- AI Governance Market is Segmented By Type - Software, Service, Others, Market By Application - BFSI, Healthcare and Life Sciences, Government and Defense, Retail and Car. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under theSoftware Category.
The global AI Governance market size is projected to reach USD 116.3 million by 2028, from USD 23 million in 2021, at a CAGR of 25.1% during 2022-2028.
Major factors driving the growth of the AI governance market are
The adoption of the AI governance market is expected to be driven by increased adoption of AI in multiple fields, increased government initiatives to leverage AI technology, increased need for building trust in AI systems, increased need to mitigate risks of malfunction and misusage, and increased demand for transparency in AI decisions, as well as increased regulatory compliances around the technology.
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TRENDS INFLUENCING THE GROWTH OF THE AI GOVERNANCE MARKET
As businesses expand their use of AI in various applications, they must do so in a responsible and regulated manner. Many complementary forces are at work here, including brand reputation, anticipated regulations, AI complexity, and social justice. Each of these factors would be sufficient to justify the need for AI governance on its own, but the combination of these factors demonstrates that AI governance is a critical capability for all businesses deploying AI. AI projects are doomed to fail without proper AI governance. As part of AI governance processes, capturing and managing metadata on AI models provides transparency into how AI systems are built and deployed, which is a key requirement for most regulatory concerns. This factor is expected to drive the growth of the AI Governance market.
Companies that use AI in Smart Tech applications can reduce the risk of malfunction and misuse by emphasizing a comprehensive approach to AI governance, while users and society as a whole benefit from the gradual adoption of effective Smart Tech applications. This, in turn, is expected to propel the AI governance market forward.
An increase in government initiatives to leverage AI technology is expected to increase the growth of the AI governance market. With the growing benefits of AI, businesses and governments around the world are taking a variety of steps to adopt AI and machine learning technologies and establish themselves as market leaders. As a result, government organizations from a variety of countries are forming councils, developing new standards and guidelines, and designing frameworks to implement AI governance solutions.
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AI GOVERNANCE MARKET SHARE ANALYSIS
Based on region, North America is expected to be the most lucrative. Organizations in North America, particularly in the United States, have taken advantage of AI, machine learning, and deep learning technologies to stay ahead of the competition. The region's economies are well-established, allowing AI governance vendors to invest in new technologies.
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AI Governance Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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AI Governance Market By Company
- IBM
- AWS
- Microsoft
- Salesforce.com
- SAP
- FICO
- 2021.AI
- ZestFinance
- SAS Institute
- Pymetrics
- H2O.AI
- integrate.ai
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