AI Governance Market Estimated Growth Curve And Demand Analysis 2024-2033

by bhuvan tbrc on May 7, 2024

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Overview and Scope

Artificial intelligence (AI) governance refers to the framework of policies, procedures, and practices put in place to ensure responsible and ethical development, deployment, and use of AI technologies. AI governance aims to establish guidelines and mechanisms to govern the lifecycle of AI systems, from data collection and model training to deployment and ongoing monitoring, with the goal of maximizing the benefits of AI while minimizing potential risks and ensuring ethical use.

Sizing and Forecast

The AI governance market size has grown exponentially in recent years. It will grow from $0.2 billion in 2023 to $0.29 billion in 2024 at a compound annual growth rate (CAGR) of 45.1%. The growth in the historic period can be attributed to growing demand for transparency and trust in ai systems, increasing easy access to historical datasets and convenience of data storage, proliferating interest in ethical hacking and penetration testing.

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Segmentation & Regional Insights

The ai governance market covered in this report is segmented –

1) By Component: Solution, Services

2) By Deployment Type : On-Premises, Cloud

3) By Organization Size: Large Enterprise, Small And Medium-sized Enterprises(SMEs)

4) By Vertical: Banking, Financial Services, and Insurance(BFSI), Government And Defense, Healthcare And Life Sciences, Media And Entertainment, Retail, Information Technology And Telecommunication, Automotive, Others Verticals

North America was the largest region in the AI governance market in 2023. The regions covered in the ai governance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

An increase in government initiatives to leverage artificial intelligence (AI) technology is expected to propel the growth of the artificial intelligence (AI) governance market going forward. A government initiative is an important act or statement that a government undertakes to address a specific issue or challenge. Government initiatives are used to shape the governance of AI by providing the framework and guidance needed to ensure that AI technologies are developed and used in ways that benefit society while minimizing risks and potential harms. For instance, in June 2023, the Ministry of Innovation, Science, and Industry, a Canada-based government agency, initiated the second phase of the Pan-Canadian artificial intelligence program. Further, this rollout is supported by a substantial investment exceeding US$ 443 million, underscoring the government's commitment to enhance the integration and commercialization of AI across various sectors of the country's economy. Therefore, the increase in government initiatives to leverage AI technology is driving the growth of the artificial intelligence (AI) governance market.

Key Industry Players

Major companies operating in the ai governance market report are Amazon.com Inc., Alphabet Inc., Google LLC, Microsoft Corporation, Robert Bosch GmbH, International Business Machines Corporation, Oracle Corporation, SAP SE, ABB Ltd., Tata Consultancy Services Limited, DXC Technology Company, Atos S.E., McAfee Corp., AVEVA Group plc, TIBCO Software Inc., Hexaware Technologies Limited, QlikTech International AB, Altair Engineering Inc., Scale AI Inc., Arthur, MOSTLY AI, Protopia AI, Impact AI, H2O.ai, Credo.AI Corp.

The ai governance market report table of contents includes: