AI Trust, Risk and Security Management (AI TRISM) Market Size & Overview:

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AI Trust, Risk, and Security Management (AI TRISM) Market Size was valued at USD 1.98 Billion in 2023 and is expected to reach USD 8.7 Billion by 2032, growing at a CAGR of 17.9% over the forecast period 2024-2032.

The AI Trust, Risk, and Security Management market growth is driven by the rapid integration of AI across industries, and increasing concern to manage AI-related risks such as bias, security breach, or ethical issues. In line with this development, the U.S. government released the National AI Strategy in 2023, to spearhead AI-age innovation ensuring risk mitigation and ensuring trustworthiness and oversight. This strategy emphasizes developing AI governance frameworks and mandates for industries adopting AI.

AI trust, risk, and security management encompass various components throughout the lifecycle of artificial intelligence (AI). These components encompass the creation, introduction, and continuous utilization of AI applications. The field of AI has experienced rapid growth, empowering companies to enhance event forecasting accuracy, automate procedures, and make decisions with unprecedented speed and precision. However, this immense power of AI also brings forth potential risks such as data leakage, tampering, and malicious assaults. To ensure the secure and ethical employment of AI, businesses must establish technologies and practices that surpass conventional security safeguards. This is where AI trust, risk, and security management come into play. By implementing these measures, organizations can guarantee the secure and effective application of AI. The primary objective of AI trust, risk, and security management is to bridge the gap between ethical responsibility and technical advancement. It is crucial for businesses to not only harness the potential of AI but also ensure its responsible and secure implementation. The main objective of Al trust, risk, and security management is to bridge the gaps between ethical responsibility and technical advancement. This field aims to ensure that artificial intelligence (AI) systems are developed and deployed in a manner that upholds ethical standards while leveraging technological progress.

AI TRISM Market Dynamics

Drivers

• The main factors projected to drive market expansion include increased government efforts to utilize AI technology

• The growing demand for trustworthy AI systems, and the increasing need for transparent AI decision-making.

To elaborate, governments worldwide are increasingly recognizing the potential of AI technology and are actively seeking ways to incorporate it into various sectors. This heightened interest and support from governments are expected to fuel the expansion of the market. there is a significant rise in the demand for AI systems that can be trusted. As AI becomes more integrated into our daily lives, users must have confidence in the reliability and accuracy of these systems. This demand for trustworthy AI solutions is expected to drive market growth as companies strive to develop and provide robust and dependable AI technologies. There is an increasing need for AI decisions that are clear and transparent. As AI systems become more sophisticated and make complex decisions, users need to understand the reasoning behind these choices. This demand for transparency in AI decision-making is anticipated to contribute to the expansion of the market. 

Restrains

• lack of knowledge in AI may hinder market expansion.

• Rigorous ethical standards

Opportunities

• AI may significantly reduce gender prejudice and is expected to offer lucrative market opportunities.

• Raising Advancements in AI and ML algorithms are also expected to drive revenue growth in the AI TRiSM market during the forecast period.

Technological breakthroughs have the potential to revolutionize the industry, propelling it toward unprecedented levels of success. With the continuous development and refinement of AI and ML algorithms, businesses can harness the power of intelligent systems to enhance their operations, improve efficiency, and gain a competitive edge in the market. The integration of AI and ML algorithms into various industries has opened up a world of possibilities. These cutting-edge technologies enable businesses to automate complex tasks, analyze vast amounts of data, and make informed decisions in real-time. As a result, companies can streamline their processes, reduce costs, and optimize resource allocation, leading to increased productivity and profitability. 

Challenges

• The absence of comprehensive ethical norms as a fundamental framework for Artificial Intelligence (AI).

• The inadequate awareness surrounding AI is impeding market growth.

AI Trust, Risk, and Security Management Market Segment analysis

By Component

The solution segment dominated the market and held 69% share of the revenue share. This dominance is a result of the growing demand for AI governance tools, frameworks, and platforms that help organizations guarantee the transparency, fairness, and safety of AI systems. Moreover, the U.S. National AI Strategy encourages businesses to adopt comprehensive AI governance solutions, one that offers automated risk assessments, AI model monitoring, and real-time compliance checks, especially in industries that are evaluated and regulated by governments. An increase in cyber-attacks on AI systems additionally drives the need for comprehensive and sophisticated security solutions.

The services segment is expected to grow with the highest growth rate during the forecast period. This tendency is driven by the rise of consulting, integration, and ongoing support services that help organizations effectively implement AI TRISM frameworks. For example, the recent implementation of the European Union’s new ‘Artificial Intelligence Act’ will require companies to seek expert advice and use auditing services to avoid facing penalties. In fact, the survey conducted demonstrates that companies are increasingly appealing to these external service providers for critical AI governance tasks, such as risk management and compliance auditing. Given the emergence of strictly regulated markets, the services segment has the highest potential to experience explosive growth as it helps businesses deal with complex and evolving requirements.

By Deployment

The on-premise segment led the global AI trust, risk, and security management market. This is because trust, risk, and security management enable business continuity. Trust, risk, and security also help in implementing confidential operational data and personal intelligence and data privacy assets. It contributes to protecting against insider threats, and meeting compliance and regulatory requirements of organizations. In addition, the segment of on-premises is important when it comes to trust, risk, and security management. It does so by using such concepts as algorithmic transparency, interpretability, and auditability. This means that organizations can understand what their systems do to implement and validate the behaviour of these systems. In the cloud component, the fast growth of the forecast period is expected to take place. This is because cloud-based AI systems and data provide integrity, confidentiality, and availability.

By End-Use

In 2023, the IT and the telecommunications segment dominated the AI TRISM. The sector being one of the most significant users of AI for automation, network support, as well as customer service, AI governance, and security solutions has enjoyed a high demand. For instance, the U.S. Federal Communications Commission reported a study in 2023 that established that over 80% of telecommunications companies were using AI solutions to handle net operations. With such a large percentage of the companies in the sector depending on AI systems for operations, the firms are under significant pressure to guarantee that these solutions are safe, fair, and effective. Further, over the years, there has been an increasing number of cyberattacks targeting telecommunications systems and as such, the sector has necessitated the deployment of AI TRISM solutions to protect customers’ data and support network integrity. They are also some of the first institutions to adopt new AI regulations introduced by different government institutions, which further favors the growth of the solutions in the segment. For instance, the U.S. FCC also reports that by 2025 all 95% of IT and telecommunications companies will roll out AI risk management solutions.

Regional Analysis

North America dominated the market in 2023 with a share of 32%. The growth of the market can be attributed to the strong presence of AI-driven industries, particularly in the U.S., wherein the government focuses on AI governance and a trust framework. As stated by the U.S. National Institute of Standards and Technology, AI-related security incidents grew by 22% in 2023. Hence, businesses invest in AI risk management solutions on a large scale. Furthermore, the U.S. government initiatives such as the National AI Research Resource Task Force received $2.5 billion in 2023 and its efforts to build AI systems that are secure and trustworthy make the region a lucrative market for AI TRISM technologies. North America’s dominance is the increased adoption and growth of novel technologies such as cloud computing, machine learning, and artificial intelligence. These technological advancements have significantly transformed the IT sector thereby compelling the stakeholders and partners to put an increased impetus and emphasis on adopting efficient and safer AI solutions.

Asia-Pacific is growing at the fastest rate, the region is also experiencing an increased adoption of AI. This is attributed to the set concerns of the data and privacy properties and the evolving nature of cyberspace in regard to the information technology and cybersecurity strategies and programs instituted. The developed smart processes and the most innovative and technical breakthroughs have also played a key role in the maximization of the region's performance. The region has witnessed a significant increase in the adoption of AI technologies. This can be attributed to the recognition of the immense potential and benefits that AI can bring to various industries. Data sensitivity and privacy concerns have become paramount in today's digital age. As a result, organizations in Asia-Pacific are increasingly investing in AI trust, risk, and security management solutions to safeguard their valuable data and protect their customers' privacy. The cybersecurity threat landscape is constantly evolving, posing significant challenges to organizations worldwide. Asia-Pacific, being a major hub for technological advancements, is particularly vulnerable to cyber threats. This has further fuelled the demand for robust AI solutions that can effectively mitigate these risks. 

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Key Players

• IBM Corporation (IBM Watson OpenScale, IBM Cloud Pak for Security)

• Microsoft Corporation (Microsoft Azure AI, Microsoft Responsible AI Toolkit)

• Google LLC (Google AI Platform, Google Cloud AI Explainability)

• Amazon Web Services (AWS) (AWS SageMaker Clarify, AWS Identity and Access Management)

• Palantir Technologies (Palantir Foundry, Palantir Apollo)

• Salesforce, Inc. (Einstein AI, Salesforce Shield)

• SAP SE (SAP AI Core, SAP Business Technology Platform)

• Oracle Corporation (Oracle AI, Oracle Identity Governance)

• Accenture plc (Accenture Applied Intelligence, Accenture Cyber Intelligence Platform)

• Hewlett Packard Enterprise (HPE) (HPE InfoSight, HPE GreenLake AI)

• Cisco Systems, Inc. (Cisco SecureX, Cisco AI Network Analytics)

• Darktrace plc (Darktrace Enterprise Immune System, Darktrace Antigena)

• CrowdStrike Holdings, Inc. (CrowdStrike Falcon, CrowdStrike AI-Powered Threat Graph)

• Fortinet, Inc. (FortiAI, FortiGuard AI-driven Security Services)

• McAfee Corp. (McAfee MVISION Insights, McAfee Total Protection)

• Splunk Inc. (Splunk AI, Splunk Enterprise Security)

• SAS Institute Inc. (SAS Viya, SAS Model Risk Management)

• FireEye, Inc. (FireEye Helix, FireEye Endpoint Security)

• Bitdefender (Bitdefender GravityZone, Bitdefender AI Security Layer)

• Zebra Technologies Corporation (Zebra Savanna, Reflexis AI Workforce Management) and others.

Latest News

In January 2024, the NSIT has released its AI Risk Management Framework, which is designed to increase trustworthiness of and responsibility for AI. It is mostly focused on identifying, mitigating, and managing the IT risks. This means that this framework provides specific approaches for the industries to improve the quality and security as well as ethical standard of their AIs, in a way, implementing the national AI strategy.

On April 25, 2023, Google made an exciting announcement regarding the implementation of Large Language Models (LLMs) to enhance cybersecurity. Introducing the Google Cloud Security AI Workbench, a cutting-edge platform driven by the Sec-PaLM security LLM. This platform not only identifies affected assets and recommends necessary actions but also simplifies complex attack graphs into easily comprehensible explanations for humans. Moreover, it will provide partner plug-in interfaces to offer users threat intelligence, workflow management, and other crucial security functionalities. This groundbreaking development by Google promises to revolutionize the field of cybersecurity and empower users with advanced protection measures.