As per the report published by Fior Markets, the global AI Governance market is expected to grow from USD 52.5 Million in 2020 to USD 820.18 Million by 2028, at a CAGR of 41% during the forecast period 2021-2028.
This market is growing due to factors like an increase in government attempts to make use of artificial intelligence technology’s advantages, a rising need to create confidence in artificial intelligence systems, as well as a growing urge for clarity in AI judgments, and increasing compliance with technology-related legislation. Also, artificial intelligence is being used to reduce gender prejudice and discrimination, which also drives the market growth. The market’s growth is hindered by the lack of clear ethical guidelines for artificial intelligence. The market’s growth is also hampered by high investment costs. Inadequate artificial intelligence competence and abilities are also a market restraint.
The Al governance method comprises a framework and regulations for developing, designing, and monitoring machine learning (ML) algorithms and models on a continual basis. This is done to guarantee that the findings are not skewed in any way. The government should promote and emphasize the use of Al systems in a responsible, transparent, and ethical manner. Artificial intelligence, or Al, is today’s buzzword. Adopting an Al governance solution bridges the gap between accountability and ethics in modern technology since companies face the risk of violating regulations when dealing with the environment. Furthermore, there has been an increasing need for greater openness in choices involving Al technology. However, to gain the advantages for years to come, a deeper knowledge of Al’s talents and data is required.
Government attempts to use AI technology are driving market growth. With the rising benefits of AI, businesses and governments around the world are adopting a variety of steps to adopt AI and machine learning technology and establish themselves as industry leaders. As a result, government organizations from all over the world are forming councils, defining new norms and rules, and constructing frameworks to implement AI governance solutions. The primary goal of governments adopting AI governance solutions is to safeguard privacy and civil liberties while also fostering public trust and confidence in AI technology. As a result, several corporations have created committees in conjunction with AI solution providers, universities, and research laboratories to identify risk concerns with AI technology. However, developing general ethical standards for AI that include all ethical values might hinder existing AI governance solutions.
Key players operating in the global AI Governance market include Alphabet Inc. (Google), Ataccama Corporation (Ataccama), Amazon Web Services Inc. (AWS), AnotherBrain, DataRobot Inc. (DataRobot), Dataiku, DarwinAI, Diveplane Corporation (Diveplane), Fiddler Labs Inc. (Fiddler Labs), Genie AI Ltd. (Genie AI), Microsoft Corporation (Microsoft), IBM Corporation (IBM), QlikTech International AB (Qlik), TIBCO Software Inc. (TIBCO Software), SAS Institute Inc. (SAS Institute), Facebook Inc. (Facebook), SAP SE (SAP), Salesforce.com Inc. (Salesforce), FICO, Zest AI, Pymetrics Inc. (Pymetrics), H2O.ai Inc. (H2O.ai), Informatica LLC (Informatica), Kyndi Inc. (Kyndi), SparkCognition Inc. (SparkCognition), Truera, MindsDB Inc. (MindsDB), integrate.ai Inc. (integrate.ai), Untangle AI Pte Ltd (Untangle AI).
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The solution segment dominated the market and held the largest market share of 55.45% in the year 2020
Based on components, the global AI Governance market is segmented into solutions and services. The solutions segment is further divided into software tools and platforms. And services segment is further divided into integration, consulting, support and maintenance. The solution segment held the largest market share of 55.45% in the year, owing to a number of factors, including the growing reliance of users on AI-based technologies, among others. The platform and software tools that give end-to-end AI governance solutions to AI developers, data scientists, business users, and IT architects across several verticals are referred to as AI governance solutions. These aid in the collaboration, development, and operation of AI solutions and allow businesses to incorporate various AI and associated capabilities into their applications.
The automotive segment dominated the market and held the largest market share of 19.14% in the year 2020
Based on vertical, the global AI Governance market is segmented into automotive; banking, financial services, and insurance (BFSI); government and defense; media and entertainment; healthcare and life sciences; retail; telecom; and others. The automotive segment held the largest market share of 19.14% in the year 2020, owing to autonomous transportation. A significant element driving this industry is the presence of several efforts aimed at the development of self-driving automobiles. Similarly, the adoption of AI-enabled hardware has sparked a significant increase in the use of specialized AI-enabled GPUs to allow and improve self-driving technologies and AI algorithms.