AI Governance Market
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AI governance market size is estimated to grow at a CAGR 41.87% rate during the forecast period. The increasing government initiatives to leverage the benefits of AI technology and increasing need for building trust in AI systems and growing demand for transparency in AI decisions are some of the major factors that are expected to drive the market growth.
Services segment to grow at a higher CAGR. The services segment plays an integral part in the software life cycle while implementing platforms and executing activities related to it. These services include consulting, integration, and support and maintenance, which are required to deploy, execute, and maintain AI governance solutions.
Automotive segment to grow at the highest rate. Autonomous transportation is one of the areas in the automotive industry where the AI governance solutions are expected to be playing a major role because if autonomous vehicle makes a mistake in decision-making, it can directly lead to the loss of life. Therefore, as self-driving cars can have major role in making life and death-related decisions, they are expected to become major adopter of AI governance solution.
North America is expected to hold the largest market size in the global AI governance market, while Europe is expected to grow at the highest CAGR during the forecast period. North America is expected to be the leading region in terms of adopting and developing AI governance solutions. There are various developments happening in the European region owing to AI governance, which is why Europe is projected to grow at the fastest rate during the forecast period.
The adoption of AI-powered services is expected to grow in the region, owing to the growing ethical issues across AI technology and increasing need to build legal framework to ensure the ML algorithm is developed for the good cause of humanity.
Key market players include IBM (US), Google (US), Facebook (US), AWS (US), Microsoft (US), Salesforce.com (US), SAS Institute (US), SAP (Germany), FICO (US), 2021.AI (Denmark), ZestFinance (US), Pymetrics (US), H2O.AI (US), and integrate.ai (Canada).
Critical Questions the Report Answers
- What are the current trends that are driving the market?
- Where will all these developments take the industry in the mid to long term?
- Who are the top vendors in the market, and what is their competitive analysis?
- What are the key driving factors and challenges impacting the market?
- Which region is at the forefront of various initiatives that would increase the adoption of AI governance solutions?
2. Research Methodology
Limitation and Assumptions
3. Executive Overview
4. Market Overview
5. AI Governance Market, By Vertical
Government and defense
Media and Entertainment
Healthcare and Life Sciences
Banking, financial services and insurance
6. AI Governance Market, By Component
7. AI Governance Market, By Region
Rest of Europe
Rest of APAC
Rest of Middle East
Rest of the World
8. Company Profiles
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