The global AI governance market size is projected to reach USD 1,418.3 million by 2030, according to a study conducted by Grand View Research, Inc., recording a 35.6% CAGR during the forecast period. Owing to the increasing benefits of Al, businesses, and governments across the globe are beginning projects to adopt artificial intelligence (Al) and machine learning (ML) technologies and establish themselves as market leaders. To embrace Al governance solutions, government organizations from many nations are creating councils, new rules and regulations, and frameworks. The main goals of governments using Al governance solutions are to increase public trust in Al technology and to preserve private information and civil rights. Additionally, several businesses have established committees in partnership with suppliers of Al solutions, academic institutions, and research centers to identify risk issues for Al technology.
Cloud providers progressively implement ethical norms and principles to ensure AI workloads, which are developed and utilized responsibly. Cloud providers work with governing bodies, regulatory agencies, and other organizations to create AI governance frameworks. These collaborations pool knowledge from several fields to create comprehensive and efficient AI governance frameworks. For instance, In February 2022, Virtana announced the creation of a platform for managing hybrid cloud installations that use machine learning, artificial intelligence, and data analytics. With this platform's observability, customers can manage app workloads in private, public, multi-cloud, and hybrid environments.
Explainability and transparency are critical components of AI governance in healthcare. Healthcare professionals and patients must comprehend how AI algorithms function to enhance patient care. Healthcare AI governance frameworks strongly emphasize the requirement for concise and open explanations of AI algorithms' operation. All medical technologies are developed by businesses or through public-private partnerships. IoT has several applications in healthcare and can improve physician treatment delivery while keeping patients healthy and safe. As a result, there is an increase in demand for Al governance in healthcare, which is projected to fuel the growth of the segment in the future.
North America is one of the early adopters of AI technologies and is predicted to generate substantial prospects for industry growth. For instance, the U.S. national plan has recommended the creation of an AI research & development and implementation framework to assist organizations in integrating ethical considerations into the R&D while maintaining public engagement and better organization marketing. Additionally, the American government is actively implementing AI governance measures. Following the Department of Defense's AI strategy aims, the government announced adopting AI ethical standards, easing the moral and legal use of AI systems by the U.S. military and related companies.
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The global market is forecasted to expand at a CAGR of 35.6% over the forecast period
Based on vertical, the government and defense segment dominated the market for AI governance in 2022
Healthcare facilities across the globe are utilizing AI systems to identify diseases through a patient's voice or a chest x-ray. Several nations have also proposed surveillance systems to track the person-to-person spread of several viruses. From Asia to Europe, several organizations from the public & private sectors have joined forces to track the spread of the various viruses using AI-based technology
The solutions segment is anticipated to expand throughout the projected time frame for several reasons, including increasing user adoption for AI-based systems, growing dependency, among others
Prominent players in the market include ABB, DXC Technology Company, IBM, Infosys, Microsoft, NTT Data, Oracle, SAP SE, Siemens, Tata Communication Services (TCS), TIBCO
Grand View Research has segmented the global AI governance market based on component, deployment, organization size, vertical, and region:
Artificial Intelligence (AI) Governance Component Outlook (Revenue, USD Million; 2017 - 2030)
Solution
Services
Artificial Intelligence (AI) Governance Deployment Outlook (Revenue, USD Million; 2017 - 2030)
On-Premises
Cloud
Artificial Intelligence (AI) Governance Organization Size Outlook (Revenue, USD Million; 2017 - 2030)
Large Enterprise
SMEs
Artificial Intelligence (AI) Governance Vertical Outlook (Revenue, USD Million; 2017 - 2030)
BFSI
Government and Defense
Healthcare and life sciences
Media and Entertainment
Retail
IT and Telecommunication
Automotive
Others (Education, Travel and Tourism, Manufacturing and Etc.)
Artificial Intelligence (AI) Governance Regional Outlook (Revenue, USD Million; 2017 - 2030)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Asia Pacific
China
Japan
India
South Korea
Australia
Latin America
Brazil
Mexico
Middle East and Africa
Kingdom of Saudi Arabia (KSA)
UAE
South Africa
List of Key Players in Artificial Intelligence (AI) Governance Market
ABB Ltd
DXC Technology Company
IBM Corporation
Infosys Ltd
Microsoft Corporation
NTT Data
Oracle Inc
SAP SE
Siemens SA
Tata Communication Services (TCS) Ltd
TIBCO
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