The AI governance Market Size was valued at USD 167.5 Million in 2023 and is expected to reach USD 1926.2 Million by 2031 and grow at a CAGR of 35.7 % over the forecast period 2024-2031.
Several factors are expected to drive the adoption of AI governance solutions and services. These include an increase in government initiatives to leverage AI technology, a growing need to build trust in AI systems, a rising demand for transparency in AI decisions, and an increase in regulatory compliance surrounding the technology.
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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.
KEY DRIVERS:
The rise in government initiatives to harness AI technology is becoming increasingly prevalent.
The growing need to develop confidence in AI systems, as well as the growing desire for openness in AI choices.
The Efficient and Rapid Access to Historical Data Sets Drives Market Expansion.
As the benefits of AI continue to grow, organizations and governments worldwide are actively looking for ways to incorporate AI and ML technologies into their operations to establish themselves as leaders in the global market. The implementation of AI governance solutions by government organizations in numerous countries has been facilitated by various initiatives. These efforts encompass the establishment of councils, the creation of new standards and guidelines, and the development of frameworks. The primary goal of governments in adopting AI governance solutions is to safeguard privacy and civil liberties, as well as to instill trust and confidence in AI technology among the general population. To achieve this, many companies have established committees to identify potential risk factors associated with AI technology. These committees often collaborate with AI solution providers, universities, and research labs to ensure comprehensive risk assessment and mitigation strategies are in place.
RESTRAINTS:
The Lack of expertise and skills in artificial intelligence will hinder market growth.
The Establishment of broad ethical norms for AI.
OPPORTUNITY:
AI-assisted reduction of gender prejudice and discrimination.
CHALLENGES:
The Inadequate AI knowledge and skills.
The Clean and relevant data is essential to train machine learning algorithms.
The ongoing crisis between Russia and Ukraine is poised to exert a complex influence on the AI Governance Market. Increased Emphasis on AI in National Security, The conflict underscores the critical role of AI in cyber warfare, disinformation campaigns, and the development of autonomous weapons. Governments might allocate more resources towards AI governance solutions to counter these threats and ensure responsible utilization of military AI. Global supply chains could face disruptions due to the conflict, potentially impacting the availability of essential resources for AI development, such as semiconductors. Investor confidence may waver, leading to a potential slowdown in overall AI investment, including in AI governance initiatives. AI technologies can be instrumental in tasks like analyzing satellite imagery for damage assessment, aiding refugees, and bolstering cyber defenses. Uncertainty stemming from the crisis could impede international collaboration on establishing AI governance standards. Nations may prioritize the development of their own AI governance frameworks, potentially diverging from global consensus.
In times of economic strain, companies may tighten their purse strings, resulting in decreased expenditure on new AI initiatives. This could lead to diminished demand for AI governance solutions. Economic uncertainty tends to breed caution among investors, potentially diminishing funding for AI startups, including those specializing in AI governance.
With economic conditions deteriorating, companies may place a higher premium on risk mitigation. This could drive up the need for AI governance solutions aimed at curtailing risks associated with AI deployment. During economic slowdowns, businesses often seek avenues to enhance operational efficiency. AI governance solutions that aid in optimizing AI systems and ensuring responsible usage could garner increased interest. Governments may seize the economic slowdown as an impetus to enact more stringent AI regulations. This would necessitate investments in AI governance solutions to ensure compliance. impact of the economic slowdown on the AI Governance Market hinges on the severity of the downturn.
By Component
Solution
Software Tools
Platform
Services
Consulting
Integration
Support and Maintenance
By Deployment
Cloud
On-premises
By Organization Size
Large enterprises
Small and medium-sized enterprises
The Large enterprises are expected to lead the market with the holding share of More than 71%. Large enterprises are dominating due to their early adoption of technologies, particularly Artificial Intelligence (AI), and the necessity for its regulation. small & medium enterprises are forecasted to see a moderate growth rate in AI governance adoption. This growth is driven by the rising number of SMEs in developing regions like Asia Pacific, the Middle East & Africa, and South America, where AI technologies are becoming more prevalent.
By Vertical
BFSI
Government and Defense
Healthcare and Life Sciences
Media and Entertainment
Retail
IT and Telecom
Automotive
Others
The Government and Défense sector dominate the market with Holding a significant share of More than 18%. A various of trends are driving the expansion of AI across various industries, particularly in healthcare and life sciences, where ensuring ethical and transparent use of AI is paramount. The utilization of AI in healthcare and life sciences introduces challenges related to privacy and data security, given the sensitive nature of patient information. Consequently, there is a growing emphasis on compliance with data privacy regulations and safeguarding against potential cyber threats within these sectors. Healthcare professionals are increasingly turning to AI to enhance diagnostic and therapeutic processes yet concerns regarding bias and accuracy persist. Therefore, it is imperative to rigorously validate and train AI systems before their deployment in clinical settings.
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North America dominates the artificial intelligence (AI) governance market with a holding share of more than 29%, due to increase in partnerships, well-established economies, and the presence of large IT businesses in this area. The growing utilization of artificial intelligence (AI) by both commercial and governmental entities has emerged as a key factor driving the market expansion. American lawmakers and government bodies have been formulating plans and regulations for AI and automated systems to mitigate potential negative impacts of AI technology while fostering healthy competition and innovation. 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.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
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
In December 2023, Meta and IBM joined forces to launch the AI Alliance, a groundbreaking initiative that brought together over 50 founding members and employees from across the globe. This collaboration aimed to promote open innovation in AI, ensuring that advancements in technology are made responsibly and for the benefit of all. The AI Alliance is comprised of a diverse range of organizations dedicated to AI education, research, development, deployment, and governance.
In December 2023, D2L made headlines with the announcement of a new free course titled "Introduction to AI Ethics and Governance." Developed in partnership with AI experts at INQ Consulting, this course is designed to help companies navigate the complex landscape of AI governance and ethics, providing them with the knowledge and tools needed to ensure responsible AI practices.
In May 2023, OpenAI, the creators of ChatGPT, announced grants totaling USD 100,000 for experiments focused on democratic processes. These experiments aim to explore how AI software governance can effectively address bias and other relevant factors, furthering the development of responsible and ethical AI practices.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | USD 167.5 Million |
| Market Size by 2031 | USD 1926.2 Million |
| CAGR | CAGR 35.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • 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) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | 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. |
| Key Drivers | • 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. |
| Market Restraints | • Establishment of broad ethical norms for AI. |
Ans: - The estimated market size for the AI Governance market for the year 2030 is USD 1926.2 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. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.9 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. AI governance Market, By Component
9.1 Introduction
9.2 Trend Analysis
9.3 Solution
9.3.1 Software Tools
9.3.2 Platform
9.4 Services
9.4.1 Consulting
9.4.2 Integration
9.4.3 Support and Maintenance
10. AI governance Market, By Deployment
10.1 Introduction
10.2 Trend Analysis
10.3 Cloud
10.4 On-premises
11. AI governance Market, By Organization size
11.1 Introduction
11.2 Trend Analysis
11.3 Large enterprises
11.4 Small and medium-sized enterprises
12. AI governance Market, By Vertical
12.1 Introduction
12.2 Trend Analysis
12.3 BFSI
12.4 Government and Defense
12.5 Healthcare and Life Sciences
12.6 Media and Entertainment
12.7 Retail
12.8 IT and Telecom
12.9 Automotive
12.10 Others
13. Regional Analysis
13.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Alphabet Inc.
15.1.1 Company Overview
15.1.2 Financials
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Microsoft Corporation
15.2.1 Company Overview
15.2.2 Financials
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 IBM Corporation
15.3.1 Company Overview
15.3.2 Financials
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 Amazon Web Services, Inc.
15.4 Company Overview
15.4.2 Financials
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 QlikTech International AB
15.5.1 Company Overview
15.5.2 Financials
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 TIBCO Software Inc.
15.6.1 Company Overview
15.6.2 Financials
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 SAS Institute Inc.
15.7.1 Company Overview
15.7.2 Financials
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 Facebook, Inc.
15.8.1 Company Overview
15.8.2 Financials
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 SAP SE
15.9.1 Company Overview
15.9.2 Financials
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 Salesforce.com, Inc.
15.10.1 Company Overview
15.10.2 Financials
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. USE Cases and Best Practices
18. Conclusion
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