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 Definition:
AI governance is the concept that the legal system should be overhauled to ensure that machine learning (ML) technologies are sufficiently researched and created to support humankind to function rationally through the implementation of AI systems. AI governance is addressing issues of right to notice and potential violations and is attempting to bridge the skills development gap between accountability and ethics. Since the industry is facing the possibility of breaking the law in collaboration with those around it, the adoption of AI governance solutions minimizes the gap between responsibility and ethics of proactive technology.
The Global AI Governance Market Dynamics:
The market growth for AI governance is accounted to be significantly growing in the forecast period. The global AI governance market is anticipated to grow remarkably owing to several factors such as favorable initiatives taken by the government to strengthen the artificial intelligence technology. The initiatives are taken by governmental bodies such as increased expenses for building up AI infrastructure and making policies for good execution of artificial intelligence are driving the market in the forecast period. Developed and developing countries including China and India are experiencing a huge demand for AI technological advancements.
According to the Hindu Business Lines news portal, India holds a huge potential to build frameworks and support massive datasets, thus with the growing AI incorporations, the need for AI governance is also experienced. The government in India is taking initiatives to regulate AI usage. For instance, in June 2021, in India, the government had published the National Strategy for Artificial Intelligence (NSAI), which can be counted as a primary step towards the governments to develop the ability to employ artificial intelligence, increase service delivery efficiency, and work with the private sector to increase the potential of the public sector and to receive and scale innovation.
The Global AI Governance Market Segmentation:
By Deployment Type
By End Use Industry
Company Profiles and Competitive Intelligence
The key players operating in the AI governance market are:
The unique insight provided by this report also includes the following:
Based on end user industry, the automotive industry segment is attributed to hold the largest market share in AI governance market during the period owing to the increasing demand for autonomous transportation AI technologies
The automotive industry segment is expected to account for the largest market size, while the government and defense services segment is expected to have the highest CAGR over the forecast period in the market. The autonomous transportation sector is witnessing huge initiatives for self-driving vehicles using artificial intelligence, which in turn is paving the way for the AI governance market. For instance, in July 2021, the ford automotive company announced a partnership with Argo AI; a Pennsylvania-based autonomous driving technology company to introduce its very first self-driving car by the end of 2021 in Miami. Self-driving vehicles have several known benefits along with unintended consequences such as accidents and disruptions by self-driven cars. Such incidents have to be addressed with proper governance systems and thus driving the AI governance market in the forecast period.
Based on regions, the market for AI governance in North America region was accounted for the largest share in 2020, owing to the adopting and the advancing AI governance solutions, followed by Europe and Asia Pacific
Geographically, the North American market is anticipated to hold the largest market size for the AI governance market in the forecast period. The North American regions have well-established economies, which accredit the AI governance seller to invest in new technologies. For instance, in August 2021, Volkswagen has announced its plans to introduce new technologies such as intelligent robotics, cloud-based industrial software, and artificial intelligence in North American factories. The investment is estimated to be approximately USD 1 billion in electric mobility and digitalization in North America through 2025. Such rapid advancements in AI technology and its assimilation are paving a way for the increased usage of AI Governance.
The report also provides an in-depth analysis of AI governance market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
COVID-19 Impact on the AI Governance Market Analysis:
The COVID-19 outbreak has greatly affected the global AI governance market. The pandemic has forces the world to work more with the technologies, outburst of the global COVID-19 pandemic effect has shown that the linkage plays an important role in international cooperation, and has shown how outdated technologies are obstacles to experience effective policy. Therefore, many governments had already rushing to recognize, evaluate and incorporate reliable solutions from AI. Health care facilities worldwide have been shifting to AI systems to determine the infection through the person’s voice or X-ray of the chest area. For instance, in April 2021, in India, IIT Kharagpur has released ‘COVIRAP’, the flagship healthcare product for the rapid diagnosis of COVID 19. The diagnostic kits can produce results in just 45 min that too can be performed directly from the human swab sample on a portable device, and the kit adds a free smartphone app to get updates on. With the increased technological integration in various industries, it serves as a base market for AI governance as the policies are necessary to implement the technologies effectively and legally.
The report also provides an in-depth analysis of key trends in AI governance market
|The trend of increasing favorable government initiatives to leverage artificial intelligence technology benefits in developed and developing countries is propelling the market growth in forecast year
|The rising demand for building trust in artificial intelligence systems is also estimated to drive the market in forecast year
|The reduction of gender bias and discrimination by using artificial intelligence is further driving the market growth
The report also provides an in-depth analysis of recent news developments and investments for global AI governance market
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