Report Scope & Overview:
The AI Governance Market size was valued at USD 185.48 Million in 2022 and is expected to reach USD 5949 Million by 2030, and grow at a CAGR of 54.26% over the forecast period 2023-2030.
AI governance is predicated on the premise that a legal framework should be in place to enable appropriate research and development of machine learning technologies to assist humanity in navigating AI systems properly. In addressing issues surrounding the right to be informed and potential breaches, AI governance seeks to bridge the accountability-ethics gap that has emerged in technological innovations. As artificial intelligence becomes more widely used in fields such as transportation, economics, healthcare, business, education, and public safety, the necessity of AI governance grows.
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These businesses may employ AI governance to enhance online and offline capabilities such as real-time offer management, automated checkout systems, and improved behavior analytics. The key factor driving the growth of the global AI governance market is an increase in government attempts to harness AI technology. With the expanding benefits of AI, enterprises and governments all over the world are launching various programs to use AI and ML technology.
Increased government attempts to use AI technology.
The growing need to develop confidence in AI systems, as well as the growing desire for openness in AI choices.
Increase in regulatory compliances related to technology.
Establishment of broad ethical norms for AI.
AI-assisted reduction of gender prejudice and discrimination.
Inadequate AI knowledge and skills.
Clean and relevant data is essential to train machine learning algorithms.
IMPACT OF COVID-19:
With persistent geopolitical tensions, worldwide trade battles, and hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was difficult enough. The present pandemic crisis has compelled chief risk officers and their teams to reevaluate past assumptions and risk management methodologies. The worldwide impact of COVID-19 has demonstrated the importance of interconnection in international collaboration, as well as how obsolete technology impedes effective governance. As a result, several governments began hurrying to locate, evaluate, and procure viable AI-powered solutions.
Healthcare institutions throughout the world are turning to AI systems to detect illnesses via people's voices or chest x-rays. Several countries have suggested monitoring systems to trace the virus's transmission from person to person. Several governmental and business sector institutions from Asia to Europe have partnered to use AI-based technologies to track the virus's spread. COVID-19 has heightened the urgency of implementing Ethical AI standards. The World Economic Forum's AI and ML platform developed the Procurement in a Box package to assist practitioners in navigating these difficulties. This package intends to unleash public sector use of AI through government procurement.
The Global AI Governance Market has been divided into two components: solutions and services. In 2021, Solutions will account for the biggest market share. The solutions section is predicted to increase throughout the estimated timeline due to a variety of causes such as rising reliance, user demand for AI-based systems, and so on. The AI governance solution refers to the platform and software tools that give end-to-end AI governance solutions to AI developers, data scientists, business users, and IT architects in a variety of industries. These aid in the collaboration, development, and operation of AI solutions, and allow businesses to combine various AI and associated capabilities for their application.
The automotive industry has the highest market share, followed by government and defense. One of the areas where AI governance solutions are likely to play a significant role is autonomous vehicles. A significant element driving this industry is the presence of several projects underway in the development of self-driving automobiles. Similarly, the introduction of AI-enabled hardware has sparked a significant spike in the ability to allow and improve self-driving technologies and AI algorithms via specialized AI-enabled GPUs. Furthermore, essential AI properties like increased self-control, self-regulation and self-actuation have boosted the use of AI in the defense, military, and government sectors due to improved processing and decision-making skills. Some advantages of AI approaches include their development to improve the accuracy of target detection in complicated battle scenarios.
KEY MARKET SEGMENTS:
On The Basis of Component
On The Basis of Deployment Mode
On The Basis of Organization Size
Small and medium-sized enterprises
On The Basis of Vertical
Government and Defense
Healthcare and Life Sciences
Media and Entertainment
IT and Telecom
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North America dominates the artificial intelligence (AI) governance market and will maintain its dominance during the projected period owing to an increase in partnerships, well-established economies, and the presence of large IT businesses in this area. The US government is also proactively implementing AI Governance initiatives. The government announced the adoption of AI ethical guidelines in accordance with the Department of Defense AI strategic goal, supporting the ethical and lawful use of AI systems by the US military and allied companies. Due to the use of artificial intelligence (AI) driven services, Europe will have the greatest CAGR during this time.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Alphabet Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., QlikTech International AB, TIBCO Software Inc., SAS Institute Inc., Facebook, Inc., SAP SE, Salesforce.com, Inc. & Other Players
SAS Institute Inc - Company Financial Analysis
|Market Size in 2022
|USD 185.48 Million
|Market Size by 2030
|USD 5949 Million
|CAGR 54.26% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• by Component (Solution and Services)
• by Deployment Mode (Cloud and On-premises)
• by Organization Size (Large Enterprises, and Small and medium-sized enterprises)
• by Vertical (BFSI, Government and Defense, Healthcare and Life Sciences, Media and Entertainment, Retail, IT and Telecom, Automotive, and Other Verticals)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, +D11UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Alphabet Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., QlikTech International AB, TIBCO Software Inc., SAS Institute Inc., Facebook, Inc., SAP SE, Salesforce.com, Inc.
|•The growing need to develop confidence in AI systems, as well as the growing desire for openness in AI choices.
•Increase in regulatory compliances related to technology.
|•Establishment of broad ethical norms for AI.
Ans: - The estimated market size for the AI Governance market for the year 2030 is USD 5949 Million.
Ans: - Inadequate AI knowledge and skills and clean and relevant data is essential to train machine learning algorithms.
Ans: - North America dominates the artificial intelligence (AI) governance market and will maintain its dominance during the projected period.
Ans: - The major key players are Alphabet Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., QlikTech International AB, TIBCO Software Inc., SAS Institute Inc., Facebook, Inc., SAP SE, Salesforce.com, Inc.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. AI Governance Market Segmentation, by Component
9. AI Governance Market Segmentation, by Deployment Mode
10. AI Governance Market Segmentation, by Organization Size
10.1 Large enterprises
10.2 Small and medium-sized enterprises
11. AI Governance Market Segmentation, by Vertical
11.2 Government and Defense
11.3 Healthcare and Life Sciences
11.4 Media and Entertainment
11.6 IT and Telecom
11.8 Other Verticals
12. AI Governance Market Segmentation, by End-user
12.3 IT and Telecom
12.4 Retail and eCommerce
12.6 Media and Entertainment
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Alphabet Inc.
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Microsoft Corporation
14.3 IBM Corporation
14.4 Amazon Web Services, Inc.
14.5 QlikTech International AB
14.6 TIBCO Software Inc.
14.7 SAS Institute Inc.
14.8 Facebook, Inc.
14.9 SAP SE
14.10 Salesforce.com, Inc
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
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Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
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