Governance is Fueling the Growth of AI Governance Market

The global AI Governance Market is estimated to be valued at US$ 193.37 Mn in 2023 and is expected to exhibit a CAGR of 46% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

AI governance software and services help organizations address transparency, fairness and accountability issues related to AI applications. AI governance solutions help ensure AI systems behave ethically and their decisions are explainable.

Market key trends:

With increasing trust and security concerns around how AI systems are designed, developed and implemented, organizations are now focusing more on responsible AI. Ensuring transparency around data collection and usage, mitigating bias and discrimination risks and maintaining human oversight of automated decision making are some key areas AI governance addresses. Adopting universally accepted ethical principles like fairness, safety, transparency and accountability are becoming important to build user trust in AI technologies.

Segment Analysis

The global AI Governance market is segmented by component, type, technology, deployment model, organization size, application, and geography. Based on deployment model, the market is divided into on-premises and cloud. The cloud segment is expected to dominate the market over the forecast period due to the growing adoption of cloud-based services among organizations. Cloud-based AI governance solutions are scalable, easily configurable, and accessible from anywhere, making them ideal for SMEs and large enterprises alike.

Key Takeaways

The Global AI Governance Market Size is expected to witness high growth, exhibiting a CAGR of 46% over the forecast period, due to increasing concerns around algorithmic bias and unfair outcomes in AI systems.

Regional analysis: North America is expected to dominate the AI Governance market over the forecast period. This is attributed to robust investments in AI research and presence of major AI governance solution providers in the region. The Asia Pacific region is expected to exhibit the highest CAGR during the forecast period due to growing adoption of AI technologies in countries like China and India.

Key players related content: Key players operating in the AI Governance market are Facebook, Inc. (Meta Platforms Inc), IBM Corporation, Integrate.ai Inc., Google LLC (Alphabet Inc.), H2O.ai, Inc., SAP SE, SAS Institute Inc., Microsoft Corporation, Pymetrics Inc., FICO Inc., and Salesforce.com, Inc.

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