AI Governance Market Predicted to Reach $1,016 Million by 2026
This research report categorizes the AI governance market based on components, deployment mode, organization size, vertical, and regions.
Northbrook, IL -- (SBWire) -- 05/24/2021 --According to a new market research report "AI Governance Market By Component (Solutions (Platforms And Software Tools) and Services), Deployment Mode, Organization Size, Vertical (BFSI, Healthcare and Life Sciences, Government and Defense, and Automotive), and Region - Global Forecast to 2026" published by MarketsandMarkets™, the AI governance market size to grow from USD 50 million in 2020 to USD 1,016 million by 2026, at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. Various factors such as increase in government initiatives to leverage the AI technology, rise in need for building trust in AI systems and growth in demand for transparency in AI decisions, and growth in regulatory compliances around the technology are expected to drive the adoption of the AI governance solutions and services.
Managing and monitoring credit, market, liquidity, and operational risk across financial markets was hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19's global impact has shown that interconnectedness plays an important role in international cooperation and how outdated technologies are obstacles to effective policymaking. As a result, many governments started rushing towards identifying, evaluating, and procuring reliable solutions powered by AI. Healthcare facilities globally have been turning toward AI systems to identify infections through people's voices or chest x-rays. Various governments have proposed tracking tools to monitor the virus' spread person-to-person. From Asia to Europe, several public sector entities have collaborated with the private sector to utilize AI-based services to monitor the spread of the virus. COVID-19 has accelerated the need to operationalize Ethical AI principles. In order to help practitioners, navigate these challenges, the World Economic Forum's AI and ML platform created the Procurement in a Box package, which aims to unlock public sector adoption of AI through government procurement
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The software tools segment to hold higher CAGR during the forecast period
Based on components, the AI governance market is segmented into solutions and services. The solution segment of the report is subsegmented into software tools and platform, whereas the services segment is segmented into consulting, integration, and support and maintenance. Among solutions, software tools are expected to grow at a highest CAGR during the forecast period. Software tools comprise Software Development Kits (SDKs), Application Programming Interfaces (APIs), and tools that help users build effective ML models. They help developers and data scientists design explainable, transparent, accountable, fair, and secure AI solutions with high productivity, which reduces unwanted outcomes.
The SMEs segment to hold higher CAGR during the forecast period
The AI governance market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. If AI tools are used optimally, it can completely revolutionize the SME space allowing small business owners and entrepreneurs to create highly successful operations across business functions, including sales, customer service, marketing, and product development, contributing to the adoption of AI governance solutions in SMEs.
Banking, Financial services, and Insurance segment to have the largest marketsize during the forecast period
The AI governance market by vertical has been categorized into 8 different verticals, namely, BFSI, government and defense, healthcare and life sciences, media and entertainment, retail, automotive, telecom, and others (education, travel and tourism, energy and utilities, and manufacturing). These verticals are adopting AI governance solutions to ensure fair outcomes and decisions taken by AI systems. The market size of BFSI segmentis expected to be the largest due to the growing adoption of the AI governance solutions to deliver a personalized experience to end users, automate various processes, and gain a competitive advantage over others. AI governance solutions are expected to become crucial in BFSI to bring more accuracy in decision-making and reduce complexities associated with the bias related to age, gender, and other parameters.
Europe to hold higher CAGR during the forecast period
There is an increase in adherence to compliance policies regarding AI technology to boost the adoption of AI governance solutions in the Europen countries. Various verticals across the region are focusing on incorporating AI governance models, SDKs, and APIs, to monitor the AI algorithm on a real-time basis, to avoid post-development complications and ethical challenges of the AI system contributing to the growth of AI governance market. The European countries and regulatory authorities are at the forefront of the debate of ethical AI and governance of AI technology. Moreover, after the implementation of GDPR, AI governance became the most crucial factor in the European region, owing to the "right to explanation" provision of GDPR. Hence, the reason for the ML outcome needs to be given. On a similar note, in March 2018, the government assigned an independent advisory body, the European Group on Ethics in Science and New Technologies, to monitor AI and robotics and autonomous systems to check whether they are meeting the basic principles or not.
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Major vendors in the global AI governance market include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), QlikTech International AB (US), TIBCO Software Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (Salesforce), FICO (US), Zest AI (US), Pymetrics Inc. (US), H2O.ai, Inc. (US), Informatica LLC (US), Ataccama Corporation (Canada), DataRobot, Inc. (US), Dataiku (US), Kyndi, Inc. (US), SparkCognition, Inc. (US), Fiddler Labs, Inc. (US), DarwinAI (Canada), Truera (US), Genie AI Ltd. (UK), MindsDB Inc. (US), integrate.ai Inc. (Canada), Untangle AI Pte Ltd (Singapore), AnotherBrain (France), Diveplane Corporation (US), and 2021.AI (Denmark).
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