The increasing regulatory compliance is anticipated to create opportunities for the AI Governance market
The global AI governance market size is projected to reach USD 363 million by 2025. Also, it is projected to gather a CAGR of nearly 43% over the forecast period 2018-2025. The governance is a framework of legal and ethical processes that comprise governing the machine learning algorithms that are being used for decision making. AI governance mainly focuses on areas related to data quality, justice, and autonomy. The increasing need to build generate trust in AI systems to take the benefit of AI technology and need to bring transparency in AI-based decisions are driving the demand for AI governance solutions and services.
The current and future AI governance market advances are defined to state the attractiveness of the market. Key impacting aspects focus on the AI governance of market opportunities during the forecast period. Factors such as increasing regulatory compliance about AI technology are driving the market growth. Also, the growing need to bring transparency in AI decisions is among the factors boosting the global AI governance market growth. However, high initial investment costs are expected to hamper the market growth. Furthermore, the advent of 5G technology and lack of skills and expertise are anticipated to provide growth opportunities for the AI governance market in the upcoming years.
The report also highlights various aspects of the global AI governance industry by analyzing the market through value chain analysis. Besides, the AI governance market report covers different qualitative aspects of the AI governance industry in market drivers, key industry opportunities, and restraints. Furthermore, the report proposes a comprehensive valuation of the market competitiveness along with company profiling of residents as well as global vendors.
The AI governance market has solid competition among the early established and new players. Also, to capture a competitive advantage over the other industry players many industry players are aiming potential markets by forming collaboration and partnerships, agreements, mergers & acquisitions, acquiring new startups & other companies, and escalating their business presence.
In terms of the component segment, the market is divided into platforms and services. The service segment accumulated the highest growth and it is expected to keep its position during the forecast period. On the contrary, the growth of this segment is primarily accredited to the increasing need to achieve and build strategic business goals. The services segment has been further segmented into support & maintenance, consulting, and integration. In the year 2019, the platform segment accounted for the highest market revenue and it is anticipated to hold the major market share throughout the forecast period.
The European region is projected to experience the highest growth throughout the forecast period. However, The North American region dominated the overall market in 2019 and it is expected to keep its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the on-going development and research on building autonomous cars in this region.
The major players of the global AI governance market are Amazon Web Services, Facebook, IBM, FICO, SAP, H2O.ai, SAS Institute, Salesforce, Microsoft, and Intel Corporation. Moreover, the other prospective players in the AI governance market are Pymetrics, integrate.ai, 2021.AI, Fair Isaac Corporation, and ZestFinance. The recognized companies are coming up with innovative and new AI governance solutions. The AI Governance market comprises well established local as well as global players. In addition, the previously recognized market players are coming up with new advanced solutions to stay competitive in the global market.
Segment Overview of Global AI Governance Market
Component Overview, 2018-2025 (USD Million)
- Support & Maintenance
Technology Overview, 2018-2025 (USD Million)
- Natural Language Processing
- Computer Vision
- Machine Learning
Industry Verticals Overview, 2018-2025 (USD Million)
- IT & Telecom
- Government & Defense
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America