Global AI Governance Market Size is Estimated to Reach USD 1,712.85 million by 2031, Growing at a CAGR of 32.1%: Straits Research

AI Governance Market Size, Share & Trends Analysis Report By Component (Solution, Service), By Deployment (On-Premise, Cloud), By Enterprise Type (Large Enterprises, Small & Medium Enterprises (SMEs)), By End-User Vertical (Healthcare, Government and Defense, Automotive, Retail, BFSI, Other End-user Vertical) and By Region (North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

New York, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) -- AI governance promotes the development of legal frameworks to support the deployment of machine learning (ML) and other AI-based technologies in an ethical manner. Companies are becoming increasingly aware of the advantages of incorporating artificial intelligence (AI) into their operations to boost operational efficiency and reduce costs by automating process flows. Hence, firms have begun implementing autonomous procedures to enhance productivity and revolutionize customer service (for instance, through AI-powered chatbots). Even though technological advances have implemented AI systems more accessible and more widespread than ever before, there are growing concerns surrounding their use, particularly regarding issues such as algorithmic bias. Developing new AI capabilities, such as the ability to make images and films, raises ethical concerns.

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Increasing Demand for Transparency in AI Decision Making Drives the Global Market

According to Straits Research, “The global AI governance market was valued at USD 130.10 million in 2022. It is projected to reach USD 1,712.85 million by 2031, growing at a CAGR of 32.1 during the forecast period (2023-2031).” A survey of global CEOs by IBM predicts that the average spending on AI would more than treble in the ensuing three years (Institute for Business Value). Fairness, trust, and discrimination are all concerns that have received increasing attention recently, and transparency is considered a crucial facilitator to lessen these problems. Data stewardship carries a higher risk than greater AI use does. For instance, a survey by IBM found that 81% of consumers said they have grown more concerned over the past year about how corporations use their data and that 75% of consumers are less likely to trust businesses with their personal information.

The surge in consumer worries about privacy, abuse, and bias is one of the main factors pushing the demand for AI regulation. Delivering moral and transparent AI is one of the critical objectives of AI governance to ensure accountability, monitoring, and responsibility. Furthermore, due to the expanding use of artificial intelligence (AI) in many businesses, problems like prejudice caused by automated decision-making algorithms are becoming more urgent. Demanding greater transparency makes sense to decrease the problems caused by opacity.

Growing Implementing by Government Creates Tremendous Opportunities

Two of the most innovative computing technologies, artificial intelligence and machine learning are changing the world. As governments worldwide struggle to manage restricted budgets and meet public finance obligations despite the downturn, AI is redefining what is achievable today by effectively employing limited resources and tackling complicated problems. A study by Oxford Insights and the International Development Research Centre on how ready national governments are to use AI found that countries with strong economies, wise public policies, and innovative corporate sectors dominate the field.

The Singaporean government established "data.gov.sg" as a one-stop shop for publicly accessible datasets from 70 governmental agencies. It can be accessed through several application programming interfaces (API) choices. The portal provides information and straightforward visualizations demonstrating the data's use. When assessing applications for moral AI use, the second iteration of Singapore's Model AI Governance Framework emphasizes stakeholder management, operations management, and human participation levels in addition to governance.

Regional Analysis 

North America AI Governance Market Share is anticipated to grow at a CAGR of 31.40% over the forecast period. Over the past few years, strategies and regulations for artificial intelligence and automated systems (AI) have been developed to balance protecting the general public from potential risks associated with AI technology and promoting innovation and competition. Businesses in North America, particularly those in the US, have used AI, ML, and deep learning to stay one step ahead of the competition. AI and governance sellers can invest in cutting-edge technology because of the country's sound economic foundation.

Asia-Pacific is anticipated to grow at a CAGR of 31.85% during the forecast period. Adopting open sourcing-by more significant Chinese AI companies is expected to increase AI research in China and open the way for more substantial innovation. Engineers can focus on the high-level structure of their model without getting bogged down in the details of underlying techniques with the help of a ready-made and optimized framework. The government is speeding up the construction of "new infrastructure" projects, such as 5G networks and data centers, to support information services for the expanding market. The government has encouraged China's internet juggernauts to create artificial intelligence.

Key Highlights

• Based on components, the global AI governance market is bifurcated into solutions and services. The solution segment is the major contributor to the market and is estimated to exhibit a CAGR of 31.90% during the forecast period.
• Based on deployment, the global AI governance market is bifurcated into cloud and on-premise. The cloud segment is the major contributor to the market and is estimated to exhibit a CAGR of 32.30% during the forecast period.
• Based on end-user, the global AI governance market is bifurcated into healthcare, government and defense automotive, retail BFSI, and other end-user verticals. The BFSI segment is the major contributor to the market and is estimated to exhibit a CAGR of 31.80% during the forecast period.
• North America is the major revenue contributor and is expected to exhibit a CAGR of 31.40% during the forecast period.

Competitive Players

The global AI governance market's major key players are IBM Corporation, Google LLC (Alphabet Inc.), SAP SE, Microsoft Corporation, FICO Inc., Salesforce.com, InC., Pymetrics Inc., and SAS Institute Inc.

Market News

• In February 2022, Data2vec, a single framework for self-supervised deep learning on text, pictures, and spoken audio data, was open-sourced by Meta AI (formerly Facebook AI), according to a company announcement.
• In February 2022, the technical firm Virtanen in California declared that it had created a platform for hybrid cloud management solutions to allow its clients to plan, implement, and manage their hybrid cloud implementations. To enable observability for managing app workloads across public, private, hybrid, and multi-cloud settings, the company also claimed to have combined AI, ML, and data analytics.

Global AI Governance Market: Segmentation

By Component

• Solution
• Service

By Deployment

• On-Premise
• Cloud

By End-User Vertical

• Healthcare
• Government and Defense
• Automotive
• Retail
• BFSI
• Other End-user Vertical

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/ai-governance-market/segmentation

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