The AI Governance market is forecasted to grow at a high rate owing to the significant growth in regulatory compliance around the technology
The Global AI Governance Market was valued at USD 53.2 Mn in 2020 is expected to reach USD 1,345.2 Mn by 2027, with a growing CAGR of 58.6% during the forecast period(2021-2027)
The global AI governance market is anticipated to grow rapidly during the forecast period owing to the significant growth in precedence of AI. As AI technology provides various benefits, government bodies and organizations present across the globe are undertaking several initiatives to adopt artificial intelligence and machine learning technologies aimed to get registered as leaders in the global AI governance market. These government agencies and organizations in so many countries are adopting AI governance market solutions through the establishment of councils, the design of frameworks for the development of new standards and guidelines.
The main objectives of governments behind the adoption of AI governance market solutions are to protect privacy and civil liberties and to build trust among people for AI technologies. Some organizations are working with AI solution providers, universities, and research institutes to form committees to identify risk factors for AI technologies. For instance, in February 2018, the Indian ministry of electronics and IT has announced the four committees to prepare roadmaps to incorporate artificial intelligence for the country. Furthermore, Artificial Intelligence technology has changed the present era of machine learning and analytical thinking ability, which in turn is expected to propel the global AI governance market in the forecast period.
AI technology is currently in the development stage, it learns from different kinds of data patterns to provide positive or negative to fulfill the need for governing such adapting technology, AI governance is used in varied sectors. AI governance solutions allow developers to develop and monitor ML algorithms and educate them with relevant data to avoid unwanted consequences. Using an AI governance solution is the only option that can prevent AI-related loss of reputation, finance, and confidential data. For instance, in July 2021, the National Institute of Standards and Technology has announced its plan to develop artificial risk management guidance to fulfill the need to secure AI technologies. This will develop a good quality of technical standards and will allow the companies to increase their trustworthiness in AI usages.
Global AI Governance Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the North American region is accounted to hold the largest AI governance market size in the forecast period owing to the adoption and the advancing AI governance solutions. For instance, in August 2021, NVIDIA, a California based American multinational technology company, announced that the NVIDIA Base Command Platform is made available in the North American region which is a hosted artificial intelligence development hub that renders instant access to the enterprises with powerful computing infrastructure wherever their data resides.
Moreover, the AI governance market is witnessing a lot of progress in Europe as it is increasingly involved in consolidating the AI technologies, rules are generated to regulate AI usages and foster trust among people, etc. Therefore, Europe is projected to grow at the fastest rate during the forecast period for the global AI governance market. The growth is attributed to the increasing ethical issues across AI technologies and thus the necessity to establish a legal framework to ensure that machine learning algorithms are developed for the legitimate purposes of humanity. Recruitment of services utilizing AI is expected to expand in the region. For instance, in April 2021, in Europe, the commission announced a new set of rules, regulations, and actions to make Europe a global hub for worthy artificial intelligence (AI). The combination of a very new legal framework for AI technology governance along with new coordination initiatives in member states ensures the safety and fundamental rights of people and businesses while strengthening AI import, investment, and innovation across Europe.
The Global AI Governance Market Segmentation:
Global AI Governance Market by Component Outlook (Revenue, USD Billion, 2021-2027)
Global AI Governance Market by Technology Outlook (Revenue, USD Billion, 2021-2027)
Global AI Governance Market by Application Outlook (Revenue, USD Billion, 2021-2027)
Global AI Governance Market by Deployment Type Outlook (Revenue, USD Billion, 2021-2027)
Global AI Governance Market by End Use Industry Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the AI governance market are: