AI Governance Market is projected to reach USD 2773 million by 2028, exhibiting a CAGR of 65.2% during forecast period.

Introduction of the AI Governance Market Report

AI governance is the idea that there should be a legal structure for certifying that machine learning (ML) tools are well researched and developed to help humanity navigate the adoption of AI systems fairly. As the industries are facing chances of violation of laws while working with the surrounding, adoption of AI governance solution minimizes the gap between accountability and ethics in advanced technology.

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Market Dynamic

Key Drivers and Emerging Trends

Rising government initiatives across the globe have given leverage to AI technology, which has helped in expanding the market. The government in the United States is also proactively adopting measures for AI Governance. The government revealed the implementation of AI ethical principles in line with the department of Defense’s AI strategy aim, thereby enabling the lawful and ethical use of AI systems by the US military and associated industries, which has helped the market in gaining traction. Furthermore, there has been an increase in the application of AI technologies around many segments in a bid to automate various industrial processes, which would reduce the cost of manufacturing, accelerate efficient decision making, and offer upper hand over in the face of high opposition. AI technology comes to provide to administrative needs, as a substantial rise in implementation of AI tools among various companies could be seen. Various AI tools like machine learning models and algorithms are becoming increasingly vital in these processes, leading to the expansion of the market.

Restraint in the AI Governance Market

However, establishment of comprehensive ethical principles for AI is likely to hamper the growth of the market over the forecast period.

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Component – Segment Analysis

Based on the component, solutions is witnessed to grow at a higher CAGR in the market over the forecast period. AI governance solutions allows developers to monitor and develop the ML algorithm to avoid undesirable outcomes. The major objective of governments behind adopting AI governance solutions is to defend privacy and civil authorities and build confidence and trust in AI technology among people.

Vertical – Segment Analysis

Based on the vertical, healthcare is witnessed to grow at a higher CAGR in the market over the forecast period. The governance of artificial intelligence has helped in managing and bringing an opacity in personal health information. Ethical assessment and usage rules decide whether or to what extent patients are informed about the role AI plays in their diagnosis and treatment. Advances in AI applications for medical imaging in treatment has surged the growth of the market.

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Regional – Segment Analysis:

Based on the regional coverage, North America is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the major adoption of the technology in the US and Canada, which has pushed the growth of the market in the region. For instance, the U.S. National AI R&D Plan in 2019 has advised the development of an AI R&D operation framework that helps businesses across the countryside integrate ethical factors into the R&D, without conceding on public commitment, and how to market one’s organization better.

Top Market Players

Various notable players operating in the market, include, IBM Corporation, Alphabet Inc., SAP SE, Microsoft Corporation, FICO Inc., Salesforce.com, Inc., Pymetrics Inc., SAS Institute, H2O.ai, Inc., Integrate.ai Inc., among others. 

Key Developments:

• • In 2020, IBM updated AI Fairness 360 (AIF360) toolkit and added two functionalities in AI Fairness 360 toolkit: compatibility with sci-kit-learn and R. AIF360 can be used to detect fairness issues.

Segments covered in the Report:

The global AI governance market has been segmented on the basis of component, deployment, vertical, and regions. Based on component, the market is segmented into solutions, and services. Based on deployment, the market is segmented into on-premises, and cloud. Based on vertical, the market is segmented into healthcare, government and defense, automotive, retail, BFSI, and others. 

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Key questions answered in this research report:

• • At what pace is global AI Governance market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in AI Governance market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global AI Governance market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various Deployment areas of global AI Governance market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2028)	USD 2773 million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Deployment, By Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	IBM Corporation, Alphabet Inc., SAP SE, Microsoft Corporation, FICO Inc., Salesforce.com, Inc., Pymetrics Inc., SAS Institute, H2O.ai, Inc., Integrate.ai Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global AI Governance Market by Component

• • Solutions
  • Services

Global AI Governance Market by Deployment

• • On-Premises
  • Cloud

Global AI Governance Market by Vertical

• • Healthcare
  • Government and Defense
  • Automotive
  • Retail
  • BFSI
  • Others

Global AI Governance Market by Region

• • North America AI Governance Market (Option 1: As a part of the free 25% customization)
    • North America AI Governance Market by Component
    • North America AI Governance Market by Deployment
    • North America AI Governance Market by Vertical
    • US AI Governance Market All-Up
    • Canada AI Governance Market All-Up
  • Europe AI Governance Market (Option 2: As a part of the free 25% customization)
    • Europe AI Governance Market by Component
    • Europe AI Governance Market by Deployment
    • Europe AI Governance Market by Vertical
    • UK AI Governance Market All-Up
    • Germany AI Governance Market All-Up
    • France AI Governance Market All-Up
    • Spain AI Governance Market All-Up
    • Rest of Europe AI Governance Market All-Up
  • Asia-Pacific AI Governance Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific AI Governance Market by Component
    • Asia-Pacific AI Governance Market by Deployment
    • Asia-Pacific AI Governance Market by Vertical
    • China AI Governance Market All-Up
    • India AI Governance Market All-Up
    • Japan AI Governance Market All-Up
    • Rest of APAC AI Governance Market All-Up
  • RoW AI Governance Market (Option 4: As a part of the free 25% customization)
    • RoW AI Governance Market by Component
    • RoW AI Governance Market by Deployment
    • RoW AI Governance Market by Vertical
    • Brazil AI Governance Market All-Up
    • South Africa AI Governance Market All-Up
    • Saudi Arabia AI Governance Market All-Up
    • UAE AI Governance Market All-Up
    • Rest of world (remaining countries of the LAMEA region) AI Governance Market All-Up

Major Players Operating in the AI Governance (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM Corporation
  • Alphabet Inc.
  • SAP SE
  • Microsoft Corporation
  • FICO Inc.
  • com, Inc.
  • Pymetrics Inc.
  • SAS Institute
  • ai, Inc.
  • ai Inc.