AI Governance Market size to grow from USD 50 million in 2020 to USD 1,016 million by 2026, at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period according to report published by MarketsandMarkets™. Various factors such as increase in government initiatives to leverage the AI technology, rise in need for building trust in AI systems and growth in demand for transparency in AI decisions, and growth in regulatory compliances around the technology are expected to drive the adoption of the AI governance solutions and services.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=176187291
The services segment to hold higher CAGR during the forecast period
Based on components, the AI governance market is segmented into solutions and services. The solution segment of the report is subsegmented into software tools and platform, whereas the services segment is segmented into consulting, integration, and support and maintenance. The services segment is expected to account for higher CAGR during the forecast as services play an integral part in the software life cycle while implementing platforms and executing activities related to them. These services include consulting, integration, and support and maintenance, which are required to deploy, execute, and maintain AI governance.
The SMEs segment to hold higher CAGR during the forecast period
The AI governance market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. If AI tools are used optimally, it can completely revolutionize the SME space allowing small business owners and entrepreneurs to create highly successful operations across business functions, including sales, customer service, marketing, and product development, contributing to the adoption of AI governance solutions in SMEs.
Banking, Financial services, and Insurance segment to have the largest marketsize during the forecast period
The AI governance market by vertical has been categorized into 8 different verticals, namely, BFSI, government and defense, healthcare and life sciences, media and entertainment, retail, automotive, telecom, and others (education, travel and tourism, energy and utilities, and manufacturing). These verticals are adopting AI governance solutions to ensure fair outcomes and decisions taken by AI systems. The market size of BFSI segmentis expected to be the largest due to the growing adoption of the AI governance solutions to deliver a personalized experience to end users, automate various processes, and gain a competitive advantage over others. AI governance solutions are expected to become crucial in BFSI to bring more accuracy in decision-making and reduce complexities associated with the bias related to age, gender, and other parameters.
Request a Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=176187291
Europe to hold higher CAGR during the forecast period
There is an increase in adherence to compliance policies regarding AI technology to boost the adoption of AI governance solutions in the Europen countries. Various verticals across the region are focusing on incorporating AI governance models, SDKs, and APIs, to monitor the AI algorithm on a real-time basis, to avoid post-development complications and ethical challenges of the AI system contributing to the growth of AI governance market.
Key market players
Major vendors in the global AI governance market include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), QlikTech International AB (US), TIBCO Software Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (Salesforce), FICO (US), Zest AI (US), Pymetrics Inc. (US), H2O.ai, Inc. (US), Informatica LLC (US), Ataccama Corporation (Canada), DataRobot, Inc. (US), Dataiku (US), Kyndi, Inc. (US), SparkCognition, Inc. (US), Fiddler Labs, Inc. (US), DarwinAI (Canada), Truera (US), Genie AI Ltd. (UK), MindsDB Inc. (US), integrate.ai Inc. (Canada), Untangle AI Pte Ltd (Singapore), AnotherBrain (France), Diveplane Corporation (US), and 2021.AI (Denmark).
Related Reports:
Proposal Management Market 2024 Global Size | Future Outlook, Share, Trends, Type, Application
Virtual Mobile Infrastructure Market 2024 Overview | Regional Outlook, Growth, Economics, Demand
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
