Growing demand for building trust in AI systems and increasing demand for transparency in AI decisions are expected to drive the growth of the AI governance market
The global AI governance market size is expected to grow from USD 51 million in 2019 to USD 316 million by 2025, at a CAGR of 44.3% during the forecast period. The growth of the market can be attributed to increasing government initiatives to leverage the benefits of Artificial Intelligence (AI) technology. However, understanding of data and AI skills hinder the growth of the market.
The automotive vertical is projected to grow at the highest CAGR during the forecast period
Autonomous transportation is one of the areas in the automotive industry where the AI governance solutions are expected to be playing a major role because if the autonomous vehicle makes a mistake in decision making it can directly lead to the loss of life. Therefore, as self-driving cars can have major role in making life and death-related decisions, they are expected to become major adopter of AI governance solution.
The consulting services segment is expected to account for a higher market share during the forecast period as compared to the managed services segment
Organizations require consulting services for an enhanced strategic outlook, improved performance efficiencies, and transformation of business operations. With the help of consulting services, marketers can offer tailored content to their customers and deliver the maximum benefits.
Europe expected to grow at the highest growth rate during the forecast period
The AI governance market in Europe is expected to grow at a rapid pace during the forecast period. The region is expected to hold the second-largest market size in the global AI governance market. Various verticals across the region are focusing on incorporating AI governance model, to monitor the AI algorithm on a real-time basis, and to avoid complications and ethical challenges of post-development of the AI system. The European countries and regulatory authorities are at the forefront in the conducting research on ethical AI and governance of AI technology.
- By Company Type: Tier 1 – 25%, Tier 2 – 42%, and Tier 3 – 33%
- By Designation: C-level – 46%, Director-level – 42%, and Others – 12%
- By Region: North America – 35%, APAC – 20%, Europe – 40%, RoW –5%
Major vendors offering AI governance solutions and services across the globe include-
IBM (US), Google (US), Facebook (US), AWS (US), Microsoft (US), Salesforce (US), SAP (Germany), SAS Institute (US), FICO (US), 2021.AI (Denmark), ZestFinance (US), integrate.ai(US), H2O.ai(US), Pymetrics (US).
- The market study covers the AI governance market size across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), vertical, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall AI governance market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.