AI governance is a framework that comprises the legal arrangements and polices to supervise, develop, and design, models, and algorithms trading of machine learning (ML). The adoption of AI technology is growing exponentially since the last few years as it has wide applications across numerous industries. Hence, to ensure accountability and transparency of AI systems is becoming necessary to further enhance the outcomes generated from AI technology. Hence, such factors driving the demand for AI governance across the globe.
The global AI Governance market is anticipated to increase at a 38.1 % CAGR to reach value USD 1,811.8 billion in 2030
.jpg "The Global Ai Governance Market 2020-2030 (USD Billion)")
The global AI governance market size is anticipated to reach nearly USD 363 million by 2025. This can be attributed to the increasing regulatory compliance of AI technology. Also, the growing need to bring transparency in AI decisions is boosting the global AI governance market growth.
However, high initial investment costs are expected to hamper the market growth. Furthermore, the advent of 5G infrastructure technology and lack of skills and expertise are anticipated to provide growth opportunities for the AI governance market in the upcoming years.
AI Governance Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 1,811.8 billion |
| Growth Rate | CAGR of 38.1 % during 2020-2030 |
| Segment Covered | Solution, Technology, By End Use, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc, Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai. |
Key Segment Of The AI Governance Market
Solution (USD Billion)
• Hardware
• Software
• Services
Technology, (USD Billion)
• Deep Learning
• Machine Learning
• Natural Language Processing (NLP)
• Machine Vision
End-use, (USD Billion)
o Healthcare
• Robot Assisted Surgery
• Virtual Nursing Assistants
• Hospital Workflow Management
• Dosage Error Reduction
• Clinical Trial Participant Identifier
• Preliminary Diagnosis
• Automated Image Diagnosis
o BFSI
• Risk Assessment
• Financial Analysis/Research
• Investment/Portfolio Management
• Others
o Law
o Retail
o Advertising & Media
o Automotive & Transportation
o Agriculture
o Manufacturing
o Others
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The base year for the report is 2023 in ai governance market.
The market value of ai governance market in 2030 was USD 1,811.8 billion.
The major contenders in the global market areAdvanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc, Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai.
The advancements in AI technology are opening new avenues for various enterprises and industries operating in economics, education, transportation, public safety, healthcare, and others. However, with the advantages and positive effects, AI can be manipulated in such a way that its negative aspects can lead to disasters. The governance typically states a legal framework that ensures that machine learning technologies are well developed and examined to assist humans or businesses. Hence, such factors combined driving the demand for AI governance worldwide.
Component Segment
Based on the component segment, the market is divided into platforms and services. The services segment has been further segmented into support & maintenance, consulting, and integration. In the year 2019, the platform segment accounted for the highest market revenue and it is projected to accumulate the major market share throughout the forecast period. On the contrary, the service segment accumulated the highest growth and it is expected to keep its position during the forecast period. The growth of this segment is primarily accredited to the increasing need to achieve and build strategic business goals.
Technology Segment
Based on technology, the market is segmented into natural language processing, computer vision, machine learning, and others. The natural language processing segment leads the market growth in 2019 and it is projected to hold its position during the forecast years. On the contrary, the computer vision segment accounted for the highest growth and it is expected to maintain its position over the forecast period.
Industry Verticals Segment
In terms of industry verticals, the market is segmented into BFSI, IT & telecom, healthcare, retail, government & defense, automotive, and others. The automotive segment accounted for the major market share in 2019 and it is expected to do so throughout the forecast period. The growth of this segment is primarily accredited to the increasing adoption and implementation of AI technology in connected and autonomous cars.
The North American region dominated the overall market in 2019 and it is expected to keep its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the on-going development and research on building autonomous cars in this region. However, the European region is projected to experience the highest growth throughout the forecast period.
.png "North America AI Governance Market 2018-2025 (USD Million)")
The major players of the global AI governance market are Amazon Web Services, Facebook, IBM, Salesforce, Microsoft, FICO, SAP, H2O.ai, SAS Institute, and Intel Corporation. Moreover, the other prospective players in the AI governance market are Pymetrics, integrate.ai, 2021.AI, Fair Isaac Corporation, and ZestFinance. The recognized companies are coming up with innovative and new AI governance solutions. The AI Governance market comprises well established local as well as global players. Also, the previously recognized market players are coming up with new advanced solutions to stay competitive in the global market.