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AI Governance Market

AI Governance Market Size, Share & Segmentation 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), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/2506 | July 2022 | Region: Global | 128 Pages

Report Scope & Overview:

The AI Governance Market size was valued at USD 120.28 Million in 2021 and is expected to reach USD 1951.05 Million by 2028, and grow at a CAGR of 54.26% over the forecast period 2022-2028.

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.

AI Governance Market

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.

MARKET DYNAMICS:

KEY DRIVERS:

  • 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.

RESTRAINTS:

  • Establishment of broad ethical norms for AI.

OPPORTUNITY:

  • AI-assisted reduction of gender prejudice and discrimination.

CHALLENGES:

  • 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.

MARKET ESTIMATION:

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

  • Solution

  • Services

On The Basis of Deployment Mode

  • Cloud

  • On-premises

On The Basis of Organization Size

  • Large enterprises

  • Small and medium-sized enterprises

On The Basis of Vertical

  • BFSI

  • Government and Defense

  • Healthcare and Life Sciences

  • Media and Entertainment

  • Retail

  • IT and Telecom

  • Automotive

  • Other Verticals

AI Governance Market

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

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.

AI Governance Market Report Scope
Report Attributes Details
Market Size in 2021 USD 120.28 Million
Market Size by 2028 USD 1951.05 Million
CAGR CAGR 54.26% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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 (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)
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.


Frequently Asked Questions (FAQ) :

Ans: - The estimated market size for the AI Governance market for the year 2028 is USD 1951.05 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. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. AI Governance Market Segmentation, by Component

8.1 Solution

8.2 Services

 

9. AI Governance Market Segmentation, by Deployment Mode

9.1 Cloud

9.2 On-premises

 

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

11.1 BFSI

11.2 Government and Defense

11.3 Healthcare and Life Sciences

11.4 Media and Entertainment

11.5 Retail

11.6 IT and Telecom

11.7 Automotive

11.8 Other Verticals

 

12. AI Governance  Market Segmentation, by End-user

12.1 BFSI

12.2 Healthcare

12.3 IT and Telecom

12.4 Retail and eCommerce

12.5 Education

12.6 Media and Entertainment

12.7 Automotive

12.8 Others

 

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3 Europe

13.3.1 Germany

13.3.2 UK

13.3.3 France

13.3.4 Italy

13.3.5 Spain

13.3.6 The Netherlands

13.3.7 Rest of Europe

13.4 Asia-Pacific

13.4.1 Japan

13.4.2 South Korea

13.4.3 China

13.4.4 India

13.4.5 Australia

13.4.6 Rest of Asia-Pacific

13.5 The Middle East & Africa

13.5.1 Israel

13.5.2 UAE

13.5.3 South Africa

13.5.4 Rest

13.6 Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Rest of Latin America

 

14. Company Profiles

14.1 Alphabet Inc.

14.1.1 Financial

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

 

16. Conclusion

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Secondary Research

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