Table of Content

1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 MARKET DEFINITION 15
1.3 MARKET SCOPE 16
1.3.1 MARKET SEGMENTATION 16
1.3.2 REGIONS COVERED 16
1.4 YEARS CONSIDERED FOR THE STUDY 17
1.5 CURRENCY CONSIDERED 17
1.6 STAKEHOLDERS 18

2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.2 PRIMARY DATA 20
2.1.2.1 Breakup of primary profiles 20
2.1.2.2 Key industry insights 21
2.2 MARKET BREAKUP AND DATA TRIANGULATION 22
2.3 MARKET SIZE ESTIMATION 22
2.3.1 TOP-DOWN APPROACH 23
2.3.2 BOTTOM-UP APPROACH 23
2.4 MARKET FORECAST 24
2.5 ASSUMPTIONS FOR THE STUDY 25
2.6 LIMITATIONS OF THE STUDY 25

3 EXECUTIVE SUMMARY 26

4 PREMIUM INSIGHTS 31
4.1 ATTRACTIVE OPPORTUNITIES IN THE AI GOVERNANCE MARKET 31
4.2 AI GOVERNANCE MARKET: TOP 4 VERTICALS 31
4.3 AI GOVERNANCE MARKET: TOP 3 VERTICALS AND REGIONS 32
4.4 AI GOVERNANCE MARKET, BY VERTICAL 32
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5 MARKET OVERVIEW AND INDUSTRY TRENDS 34
5.1 INTRODUCTION 34
5.2 MARKET DYNAMICS 34
5.2.1 DRIVERS 35
5.2.1.1 Increasing government initiatives to leverage the AI technology 35
5.2.1.2 Increasing need for building trust in AI systems and growing demand for transparency in AI decisions 35
5.2.1.3 Growing regulatory compliances around the technology 35
5.2.2 RESTRAINTS 36
5.2.2.1 Establishing comprehensive ethical principles for AI 36
5.2.3 OPPORTUNITIES 36
5.2.3.1 Reduction in gender bias and discrimination through the use of AI 36
5.2.4 CHALLENGES 36
5.2.4.1 Inadequate AI expertise and skills 36
5.2.4.2 Clean and relevant data required to train ML algorithms 37
5.3 COMMON AI GOVERNANCE PRINCIPLES 37
5.4 USE CASES 38
5.4.1 SCENARIO 1 38
5.4.2 SCENARIO 2 38
5.4.3 SCENARIO 3 39
5.5 REGULATORY IMPLICATIONS 39
5.5.1 GENERAL DATA PROTECTION REGULATION 39
5.5.2 GOVERNANCE, RISK, AND COMPLIANCE STANDARDS 39
5.5.3 HEALTH INFORMATION TECHNOLOGY FOR ECONOMIC AND CLINICAL HEALTH 40
5.5.4 HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT 40
5.5.5 FEDERAL TRADE COMMISSION 40
5.5.6 SECURITIES FINANCING TRANSACTIONS REGULATION 40

6 AI GOVERNANCE MARKET, BY COMPONENT 41
6.1 INTRODUCTION 42
6.2 SOLUTIONS 43
6.2.1 PLATFORMS 44
6.2.1.1 Increasing need for a comprehensive solution to build AI governance solutions to drive the growth of the platforms segment 44
6.2.2 SOFTWARE TOOLS 44
6.2.2.1 Software tools to provide an effective way for helping enterprises add AI governance capabilities Into the existing architecture 44
6.3 SERVICES 44
6.3.1 CONSULTING 45
6.3.1.1 Need for an enhanced strategic outlook, improved performance efficiencies, and business transformation to drive the growth of consulting services 45
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6.3.2 INTEGRATION 45
6.3.2.1 Need for feasible integration services to drive the growth of integration services 45
6.3.3 SUPPORT AND MAINTENANCE 45
6.3.3.1 Complexity of operations and the need for regular assistance during the software life cycle to foster the growth of support and maintenance services 45

7 AI GOVERNANCE MARKET, BY VERTICAL 46
7.1 INTRODUCTION 47
7.2 BANKING, FINANCIAL SERVICES, AND INSURANCE 49
7.2.1 COST ASSOCIATED WITH COMPLIANCE REQUIREMENTS TO BOOST THE ADOPTION OF AI GOVERNANCE IN THE BFSI VERTICAL 49
7.3 GOVERNMENT AND DEFENSE 49
7.3.1 AI GOVERNANCE SOLUTION TO BECOME CRITICAL IN GOVERNMENT AND DEFENSE AREAS SUCH AS AUTONOMOUS WEAPONS AND CRIME FIGHTING MODELS 49
7.4 HEALTHCARE AND LIFE SCIENCES 50
7.4.1 HEALTHCARE AND LIFE SCIENCES ORGANIZATIONS TO ADOPT AI GOVERNANCE SOLUTIONS TO MANAGE MEDICAL TREATMENTS AND DIAGNOSIS EFFECTIVELY 50
7.5 MEDIA AND ENTERTAINMENT 50
7.5.1 GROWING DATA PRIVACY CONCERNS TO CREATE DEMAND FOR AI GOVERNANCE SOLUTIONS IN THE MEDIA AND ENTERTAINMENT VERTICAL 50
7.6 RETAIL 50
7.6.1 PRODUCT RECOMMENDATION AND PLANNING TO BECOME CRUCIAL IN THE RETAIL VERTICAL TO ADOPT AI GOVERNANCE SOLUTIONS 50
7.7 TELECOM 51
7.7.1 TELECOM VERTICAL TO ADOPT AI GOVERNANCE SOLUTIONS FOR THE EFFECTIVE MANAGEMENT OF ASSETS 51
7.8 AUTOMOTIVE 51
7.8.1 AI GOVERNANCE SOLUTIONS TO BECOME CRUCIAL IN SELF-DRIVING CARS 51
7.9 OTHERS 51

8 AI GOVERNANCE MARKET, BY REGION 52
8.1 INTRODUCTION 53
8.2 NORTH AMERICA 55
8.2.1 UNITED STATES 59
8.2.1.1 Government initiatives to establish guidelines for ethical AI to boost the adoption of AI governance solutions in the US 59
8.2.2 CANADA 59
8.2.2.1 Increasing adoption of AI technology among the banking and retail industry to drive the adoption of AI governance in Canada 59
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8.3 EUROPE 60
8.3.1 UNITED KINGDOM 63
8.3.1.1 Increasing adherence to compliance policies regarding AI technology to boost the adoption of AI governance solutions in the UK 63
8.3.2 GERMANY 63
8.3.2.1 Manufacturing and automotive industry to adopt AI solutions in Germany 63
8.3.3 FRANCE 64
8.3.3.1 France’s governmental initiatives to become an AI hub to drive the adoption of AI governance 64
8.4 ASIA PACIFIC 64
8.4.1 CHINA 68
8.4.1.1 Heavy investments in advanced technologies to boost the adoption of AI governance solutions in China 68
8.4.2 JAPAN 68
8.4.2.1 Increasing digitalization initiatives to provide opportunities to deploy AI governance solutions in Japan 68
8.4.3 INDIA 69
8.4.3.1 Initiatives on advanced technologies would enhance the adoption of AI governance solutions in India 69
8.4.4 SINGAPORE 69
8.4.4.1 Government initiatives to enhance the adoption of AI governance in Singapore 69
8.4.5 REST OF ASIA PACIFIC 69
8.5 REST OF THE WORLD 70
8.5.1 MIDDLE EAST AND AFRICA 73
8.5.1.1 Increasing investments in advanced technologies to drive the growth of AI governance in MEA 73
8.5.2 LATIN AMERICA 73
8.5.2.1 Growing technological advancements to drive the growth of AI governance in Latin America 73

9 COMPANY PROFILES 74
9.1 INTRODUCTION 74
(Business Overview, Platforms & Solutions, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
9.2 IBM 74
9.3 GOOGLE 77
9.4 MICROSOFT 80
9.5 FACEBOOK 83
9.6 SAP 85
9.7 SALESFORCE.COM 87
9.8 FICO 89
9.9 AWS 91
9.10 ZESTFINANCE 92
9.11 2021.AI 94
9.12 PYMETRICS 96
9.13 SAS INSTITUTE 97
9.14 H2O.AI 97
9.15 INTEGRATE.AI 98
*Details on Business Overview, Platforms & Solutions, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.

10 APPENDIX 99
10.1 INDUSTRY EXCERPTS 99
10.2 DISCUSSION GUIDE 100
10.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 104
10.4 AVAILABLE CUSTOMIZATIONS 106
10.5 RELATED REPORTS 106
10.6 AUTHOR DETAILS 107



List of Figures



FIGURE 1 GLOBAL AI GOVERNANCE MARKET: RESEARCH DESIGN 19
FIGURE 2 AI GOVERNANCE MARKET: TOP-DOWN AND BOTTOM-UP APPROACHES 23
FIGURE 3 SOLUTIONS SEGMENT TO ACCOUNT FOR A LARGER MARKET SIZE IN 2020 28
FIGURE 4 PLATFORMS TO ACCOUNT FOR A HIGHER MARKET SHARE IN 2020 28
FIGURE 5 CONSULTING SEGMENT TO ACCOUNT FOR THE LARGEST MARKET SIZE IN 2020 29
FIGURE 6 BANKING, FINANCIAL SERVICES, AND INSURANCE VERTICAL TO ACCOUNT FOR THE LARGEST MARKET SIZE IN 2020 29
FIGURE 7 EUROPE TO ACCOUNT FOR THE HIGHEST CAGR DURING THE FORECAST PERIOD 30
FIGURE 8 GROWING GOVERNMENT INITIATIVES TO DRIVE THE AI GOVERNANCE MARKET 31
FIGURE 9 AUTOMOTIVE VERTICAL TO GROW AT THE FASTEST RATE
DURING THE FORECAST PERIOD 31
FIGURE 10 BANKING, FINANCIAL SERVICES, AND INSURANCE VERTICAL AND NORTH AMERICA TO ACCOUNT FOR THE HIGHEST MARKET SHARES IN THE AI GOVERNANCE MARKET IN 2020 32
FIGURE 11 BANKING, FINANCIAL SERVICES, AND INSURANCE VERTICAL TO REGISTER
THE HIGHEST MARKET SHARE IN 2020 32
FIGURE 12 EUROPE TO BE THE BEST REGION FOR INVESTMENTS DURING
THE FORECAST PERIOD 33
FIGURE 13 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES:
AI GOVERNANCE MARKET 34
FIGURE 14 SERVICES SEGMENT TO GROW AT A HIGHER CAGR DURING
THE FORECAST PERIOD 42
FIGURE 15 SOFTWARE TOOLS SEGMENT TO GROW AT A HIGHER CAGR DURING
THE FORECAST PERIOD 43
FIGURE 16 INTEGRATION SEGMENT TO GROW AT THE HIGHEST CAGR DURING
THE FORECAST PERIOD 44
FIGURE 17 REGION-WISE ADOPTION OF AI GOVERNANCE ACROSS VARIOUS VERTICALS
BY 2025 47
FIGURE 18 AUTOMOTIVE VERTICAL TO REGISTER THE HIGHEST CAGR DURING
THE FORECAST PERIOD 48
FIGURE 19 NORTH AMERICA TO HOLD THE LARGEST MARKET SIZE DURING
THE FORECAST PERIOD 53
FIGURE 20 GERMANY TO HOLD THE HIGHEST CAGR DURING THE FORECAST PERIOD 54
FIGURE 21 EUROPE TO REGISTER THE HIGHEST GROWTH RATE DURING
THE FORECAST PERIOD 54
FIGURE 22 NORTH AMERICA: MARKET SNAPSHOT 56
FIGURE 23 AUTOMOTIVE VERTICAL TO GROW AT THE HIGHEST CAGR DURING
THE FORECAST PERIOD 57
FIGURE 24 EUROPE: MARKET SNAPSHOT 60
FIGURE 25 AUTOMOTIVE VERTICAL TO GROW AT THE HIGHEST CAGR DURING
THE FORECAST PERIOD 62
FIGURE 26 ASIA PACIFIC: MARKET SNAPSHOT 65
FIGURE 27 AUTOMOTIVE VERTICAL TO GROW AT THE HIGHEST CAGR DURING
THE FORECAST PERIOD 67
FIGURE 28 AUTOMOTIVE VERTICAL TO GROW AT THE HIGHEST CAGR DURING
THE FORECAST PERIOD 70
FIGURE 29 IBM: COMPANY SNAPSHOT 74
FIGURE 30 IBM: SWOT ANALYSIS 76
FIGURE 31 GOOGLE: COMPANY SNAPSHOT 77
FIGURE 32 GOOGLE: SWOT ANALYSIS 79
FIGURE 33 MICROSOFT: COMPANY SNAPSHOT 80
FIGURE 34 MICROSOFT: SWOT ANALYSIS 81
FIGURE 35 FACEBOOK: COMPANY SNAPSHOT 83
FIGURE 36 FACEBOOK: SWOT ANALYSIS 84
FIGURE 37 SAP: COMPANY SNAPSHOT 85
FIGURE 38 SAP: SWOT ANALYSIS 86
FIGURE 39 SALESFORCE.COM: COMPANY SNAPSHOT 87
FIGURE 40 FICO: COMPANY SNAPSHOT 89
FIGURE 41 AWS: COMPANY SNAPSHOT 91

 

List of Tables



TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2016–2018 17
TABLE 2 FACTOR ANALYSIS 24
TABLE 3 GLOBAL AI GOVERNANCE MARKET SIZE AND GROWTH RATE 2019–2025 (USD MILLION AND Y-O-Y %) 27
TABLE 4 AI GOVERNANCE MARKET SIZE, BY COMPONENT, 2019–2025 (USD MILLION) 42
TABLE 5 SOLUTIONS: AI GOVERNANCE MARKET SIZE, BY TYPE, 2019–2025 (USD MILLION) 43
TABLE 6 SERVICES: AI GOVERNANCE MARKET SIZE, BY TYPE, 2019–2025 (USD MILLION) 45
TABLE 7 AI GOVERNANCE MARKET SIZE, BY VERTICAL, 2019–2025 (USD MILLION) 48
TABLE 8 AI GOVERNANCE MARKET SIZE, BY REGION, 2019–2025 (USD MILLION) 55
TABLE 9 NORTH AMERICA: AI GOVERNANCE MARKET SIZE, BY COMPONENT 2019–2025 (USD THOUSAND) 56
TABLE 10 NORTH AMERICA: AI GOVERNANCE MARKET SIZE, BY SOLUTION 2019–2025 (USD THOUSAND) 57
TABLE 11 NORTH AMERICA: AI GOVERNANCE MARKET SIZE, BY SERVICE 2019–2025 (USD THOUSAND) 57
TABLE 12 NORTH AMERICA: AI GOVERNANCE MARKET SIZE, BY VERTICAL 2019–2025 (USD THOUSAND) 58
TABLE 13 NORTH AMERICA: AI GOVERNANCE MARKET SIZE, BY COUNTRY 2019–2025 (USD THOUSAND) 58
TABLE 14 EUROPE: AI GOVERNANCE MARKET SIZE, BY COMPONENT 2019–2025 (USD THOUSAND) 61
TABLE 15 EUROPE: AI GOVERNANCE MARKET SIZE, BY SOLUTION 2019–2025 (USD THOUSAND) 61
TABLE 16 EUROPE: AI GOVERNANCE MARKET SIZE, BY SERVICE 2019–2025 (USD THOUSAND) 61
TABLE 17 EUROPE: AI GOVERNANCE MARKET SIZE, BY VERTICAL 2019–2025 (USD THOUSAND) 62
TABLE 18 EUROPE: AI GOVERNANCE MARKET SIZE, BY COUNTRY 2019–2025 (USD THOUSAND) 63
TABLE 19 ASIA PACIFIC: AI GOVERNANCE MARKET SIZE, BY COMPONENT 2019–2025 (USD THOUSAND) 65
TABLE 20 ASIA PACIFIC: AI GOVERNANCE MARKET SIZE, BY SOLUTION 2019–2025 (USD THOUSAND) 66
TABLE 21 ASIA PACIFIC: AI GOVERNANCE MARKET SIZE, BY SERVICE 2019–2025 (USD THOUSAND) 66
TABLE 22 ASIA PACIFIC: AI GOVERNANCE MARKET SIZE, BY VERTICAL 2019–2025 (USD THOUSAND) 67
TABLE 23 ASIA PACIFIC: AI GOVERNANCE MARKET SIZE, BY COUNTRY 2019–2025 (USD THOUSAND) 68
TABLE 24 REST OF THE WORLD: AI GOVERNANCE MARKET SIZE, BY COMPONENT 2019–2025 (USD THOUSAND) 70
TABLE 25 REST OF THE WORLD: AI GOVERNANCE MARKET SIZE, BY SOLUTION 2019–2025 (USD THOUSAND) 71
TABLE 26 REST OF THE WORLD: AI GOVERNANCE MARKET SIZE, BY SERVICE 2019–2025 (USD THOUSAND) 71
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TABLE 27 REST OF THE WORLD: AI GOVERNANCE MARKET SIZE, BY VERTICAL 2019–2025 (USD THOUSAND) 72
TABLE 28 REST OF THE WORLD: AI GOVERNANCE MARKET SIZE, BY REGION 2019–2025 (USD THOUSAND) 72