Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "AI Governance Market by Component, Deployment Mode, Enterprise Size, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report the AI governance market was valued at $80.78 million in 2021, and is estimated to reach $2.7 billion by 2031, growing at a CAGR of 42.1% from 2022 to 2031.
Key Market Players
- Microsoft Corporation
- Amazon Web Services, Inc.
- QlikTech International AB
- TIBCO Software Inc.
- Meta
- SAP SE
- International Business Machines Corporation
- SAS Institute Inc.
- Salesforce, Inc.
- Alphabet Inc.
Artificial intelligence (AI) is currently a technology with practical applications in contemporary life. AI technology can have a positive impact on economies and society when it is adopted and used properly. The expanding use of AI across a variety of industries, including healthcare, transportation, education, and others, has raised worries about public safety and security, driving the need for AI governance.
The idea behind AI governance is that a legal framework should exist to guarantee that Machine Learning (ML) technologies are thoroughly investigated and methodically developed to help humanity accept AI technology fairly. Algorithm effectiveness, ROI (return on investment) risk, and bias are evaluated and monitored as part of AI (Artificial Intelligence) governance. The main objective of AI governance is to close the gap between ethical responsibility and technological advancement.
Surge in governmental efforts to use the Al technology and quick and easy access to historical dataset and convenience of data storage primarily drive the growth of the AI governance market.
However, the foundation of thorough ethical standards for Al and inadequate expertise in Al are expected to hamper the market growth. Moreover, AI can significantly reduce discrimination based on gender and a higher level of adherence to technological regulation is expected to provide lucrative opportunities for the market growth during the forecast period.
Depending on component, the solution segment dominated the AI governance market share in 2021 and is expected to continue this trend during the forecast period, owing to enormous increase in deployment of AI governance solutions among different industries, which is supplementing the growth of the AI governance market. However, the services segment is anticipated to experience the highest growth, owing to increase in adoption of these services to help analysts identify useful insights, and aid natural language processing to automatically extract pertinent data from intelligence sources and establish links.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ai governance market analysis from 2021 to 2031 to identify the prevailing ai governance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ai governance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ai governance market trends, key players, market segments, application areas, and market growth strategies.
Market Dynamics
Drivers
- Increase in governmental efforts to use the Al technology
- Quick and easy access to historical dataset and convenience of data storage
Restraints
- Foundation of thorough ethical standards for Al
- Inadequate expertise in Al
Opportunities
- AI can significantly reduce discrimination based on gender
- A higher level of adherence to technological regulation
Key Market Segments
By Component
- Solution
- Services
By Deployment Mode
- On-Premise
- Cloud
By Enterprise Size
- Large enterprises
- Small and medium-sized enterprises (SMEs)
By Industry Vertical
- BFSI
- Government and Defense
- Healthcare and Life Sciences
- Media and Entertainment
- Retail
- IT and Telecom
- Automotive
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/a2ou5v
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