AI governance is the principle that a legal framework should be in place to ensure that machine learning (ML) applications are well studied and implemented to help humans progress equally through the implementation of AI systems. Addressing concerns relating to the right to be informed and violations, AI governance seeks to close the gap in technological advancement regarding transparency and ethics. Due to the rise of artificial intelligence deployment across industries, including healthcare, infrastructure, finance, industry, schooling, and public safety, the issue of unequivocally defining AI governance is increasing.
The AI Governance market shows a significant demand owing to government initiatives to offer AI technology. Increasing need for building trust in AI systems is another factor driving the demand for AI Governance business. Moreover, rising demand for transparency in AI decisions can also have a positive impact on the market growth. However, inadequate AI expertise and skills can pose a challenge to the market.
On the basis of component, AI Governance market is fragmented into solution and services. The solution segment is anticipated to record higher growth in the future owing to its integral part played during the implementation of software life cycle. These services comprises consulting, integration, and maintenance and support. They help in building operational and strategic plan to identify the essential methods to achieve business goals.
In terms of vertical, the AI governance market is segregated into BFSI, media and entertainment, government and defense, healthcare and life sciences, telecom, retail, automotive, and others. Autonomous transport is one of the fields in the automotive industry where AI governance systems are likely to play a major role because if autonomous vehicles make a decision-making error, they may lead directly to life loss. Therefore, since self-driving cars will play a major role in making life-or death-related choices, it is predicted that they will become a big adopter of AI governance.
In the global AI governance industry, North America is expected to hold the largest market volume, while Europe is expected to grow at the fastest growth rate over the forecast period. In terms of implementing and improving AI governance strategies, North America is projected to be the leading area. Due to AI regulation, various innovations are taking place in the European region, which is why Europe is expected to grow at the fastest rate in the coming years. The adoption of AI-powered services will grow in the region, owing to rising ethical issues in AI technologies and growing need for legal framework to ensure that the machine learning algorithm is developed, thereby driving the growth of AI governance industry.
The AI Governance market comprises key solution providers, such as IBM, Google, Microsoft, SAP, Salesforce.Com, Facebook, Fico, 2021.AI, Pymetrics, AWS, ZestFinance, SAS Institute, Integrate.AI, and H2O.AI among others
The report segments the AI Governance market as follows:
Global AI Governance Market: Component Segment Analysis
Global AI Governance Market: Vertical Segment Analysis
Global AI Governance Market: Regional Segment Analysis