Global AI Governance Market- by Component; by Technology; by Application; by Deployment Type; and by Region - Global Forecasts 2021 to 2027

Date : Sep 2021

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Report ID : 773

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Category : Information Technology

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Report Format:  PDF EXCEL PPT WORD

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.

AI Governance Market

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 Component

  • Solutions
    • Platform
    • Software Tools
  • Services
    • Training
    • consulting
    • Integration

By Technology

  • Computer Vision
  • Machine Learning
  • Natural Language Processing
  • Others

By Application

  • Document Management
  • Performance and Outcomes Management
  • Application Tracking
  • Collaboration
  • Grant Discovery

By Deployment Type

  • On-Premises
  • Cloud
  • Hybrid

By End Use Industry

  • Automotive
  • Banking, Financial Services, and Insurance (BFSI)
  • Government and Defense
  • Healthcare and Life Sciences
  • Others (Media and Entertainment, Retail , Telecom)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Company Profiles and Competitive Intelligence

The key players operating in the AI governance market are:

  1. Alphabet Inc.
  2. Microsoft Corporation
  3. IBM Corporation
  4. SAP SE
  5. Salesforce.com, Inc.
  6. Amazon Web Services, Inc.
  7. QlikTech International AB
  8. TIBCO Software Inc.
  9. SAS Institute Inc.
  10. Facebook, Inc.
  11. FICO
  12. Zest AI
  13. Pymetrics Inc.
  14. H2O.ai, Inc.
  15. Informatica LLC.
  16. Ataccama Corporation
  17. DataRobot, Inc.
  18. Dataiku
  19. Kyndi, Inc.
  20. SparkCognition, Inc.
  21. Fiddler Labs, Inc.
  22. DarwinAI
  23. Truera
  24. Genie AI Ltd.
  25. MindsDB Inc.
  26. integrate.ai Inc.
  27. Untangle AI Pte Ltd
  28. AnotherBrain
  29. Diveplane Corporation
  30. 2021.AI

The unique insight provided by this report also includes the following:

  1. In-Depth Value Chain Analysis
  2. Opportunity Mapping
  3. Market Sector Snapshot
  4. Key Players Positioning Matrix
  5. Regulatory Scenario
  6. Strategies Adopted-Benchmarking Heat Map
  7. Market Trends
  8. Covid-19 Impact Analysis
  9. Product Comparison
  10. Pre & Post Covid 19 Impact On Ai Governance Market
  11. Competitive Landscape

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

Drivers

  • Increasing demand for transparency in artificial intelligence decisions
  • Increasing favourable government initiatives to leverage artificial intelligence technology benefits
  • Rising demand for building trust in artificial intelligence systems

Restraints

  • Manifesting comprehensive ethical principles for artificial intelligence
  • High investment expenses
  • lack of skills and expertise in artificial intelligence

Opportunities

  • Decrease in gender bias and discrimination through the usage of AI technology

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

Sr. No. Trends Impact
1 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 Positive
2 The rising demand for building trust in artificial intelligence systems is also estimated to drive the market in forecast year Positive
3 The reduction of gender bias and discrimination by using artificial intelligence is further driving the market growth Positive

The report also provides an in-depth analysis of recent news developments and investments for global AI governance market

  1. In April 2021, Microsoft Corp. has announced its successful acquisition over Nuance Communications, Inc., a trusted cloud and AI software leader representing decades of accumulated healthcare and enterprise AI experience, with purchase value of USD 56.0 per share implying a total in all cash valued at USD 19.7 billion including Nuance’s net debt.
  2. In September 2018, IBM Corporation, a global leader in computer hardware company, launched a complete open-source toolkit of metrics, AI Fairness 360 (AIF360), in order to check for unwanted bias in datasets and machine learning prototype, and state-of-the-art algorithms to mitigate such bias.

Frequently Asked Questions (FAQs)

What is the size of the global AI governance market?

The global AI governance market was valued at USD 53.2 Mn in 2020 and is anticipated to reach USD 1345.2 Mn by 2027.

What is the estimated market growth rate of AI Governance industry?

The AI governance market is estimated to grow at a compound annual growth rate (CAGR) of 58.6% during the forecast period.

Which regional segment is dominating in global AI governance market?

In the base year 2020, North America was accounted for largest market share in the global AI governance market.

Who are the key players in the AI governance industry?

A few key players include, but not limited to: Alphabet Inc., Microsoft Corporation, IBM Corporation, SAP SE, Salesforce.com, Inc., Amazon Web Services, Inc., QlikTech International AB, TIBCO Software Inc., SAS Institute Inc., Facebook, Inc., and FICO

Does the report provide detailed COVID-19 analysis for global AI governance market?

Yes, the report contains detailed COVID-19 analysis for global AI governance market.

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  1. Introduction
    1. Product Outline
    2. Ai Governance Market Definition
    3. Different Types Of Ai Governance  
    4. Analysis Of Ai Governance  Ecosystem
    5. Supply Chain Analysis
    6. Covid -19 Impact
    7. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    8. Technology Overview
    9. Patent Analysis
  2. Technology and Regulatory Landscape for AI Governance    
    1. Regulations and Standards
  3. AI Governance  Market Pricing Analysis
    1. Prices of AI Governance   
  4. AI Governance  Market by Component
    1. Solutions
      1. Platform
      2. Software Tools
    2. Services
      1. Training
      2. consulting
      3. Integration
  5. AI Governance  Market  by Technology
    1. Computer Vision
    2. Machine Learning
    3. Natural Language Processing
    4. Others
  6. AI Governance  Market  by Application
    1. Document Management
    2. Performance and Outcomes Management
    3. Application Tracking
    4. Collaboration
    5. Grant Discovery
  7. AI Governance  Market by Deployment Type
    1. On-Premises
    2. Cloud
    3. Hybrid
  8. AI Governance  Market by End Use Industry
    1. Automotive
    2. Banking, Financial Services, and Insurance (BFSI)
    3. Government and Defense
    4. Healthcare and Life Sciences
    5. Others (Media and Entertainment, Retail , Telecom)
  9. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  10. Key Strategic Insights
    1. New Applications
    2. Emerging Technologies
    3. Opportunity mapping
    4. Critical Success Factors
    5. Environmental Impact and sustainability issues
    6. Consumer preferences
  11. Key Market Trends / Recent Developments
  12. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
  13. Key Global Players
    1. Alphabet Inc.
    2. Microsoft Corporation
    3. IBM Corporation
    4. SAP SE
    5. Salesforce.com, Inc.
    6. Amazon Web Services, Inc.
    7. QlikTech International AB
    8. TIBCO Software Inc.
    9. SAS Institute Inc.
    10. Facebook, Inc.
    11. FICO
    12. Zest AI
    13. Pymetrics Inc.
    14. H2O.ai, Inc.
    15. Informatica LLC.

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