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| AI governance market |
Market Overview:
The global AI governance market is projected to reach a valuation of US$ 131.9 million in 2023 and is
expected to grow at a remarkable CAGR of
46.60% during the forecast period of 2023-2030. AI governance refers to the
policies, regulations, and guidelines implemented to ensure the ethical and
responsible use of artificial intelligence technologies. The increasing need
for transparent, accountable, and fair AI systems is fueling the demand for AI
governance solutions. These solutions aid in mitigating risks associated with
bias, privacy breaches, and security concerns, while also ensuring compliance
with regulatory frameworks. With the growing adoption of AI across industries,
businesses are recognizing the importance of implementing effective AI
governance practices to build trust and ensure the responsible use of AI
technologies.
Market Key Trends:
One of the key trends observed in the AI governance market is the adoption of
explainable AI (XAI) techniques. XAI is a field of research that focuses on
making AI systems more understandable and transparent. As AI models become more
complex and sophisticated, it becomes crucial to ensure visibility into the
decision-making processes of these models. Explainable AI techniques enable
organizations to understand and interpret the outputs and reasoning behind
AI-generated decisions. This trend is driven by the need to address concerns
related to bias, discrimination, and lack of accountability in AI systems. By
adopting XAI techniques, businesses can enhance trust, ensure fairness, and
comply with regulatory requirements, thereby advancing the adoption of AI
technologies across various sectors.
Segment Analysis:
The AI
Governance Market Growth can be segmented based on deployment type,
technology, and application. Cloud-based deployment is expected to dominate the
market segment due to its cost-effectiveness and flexibility. The cloud-based
solution allows organizations to store large amounts of data and easily access
AI governance tools from anywhere, providing scalability and reducing
infrastructure costs. Moreover, the increasing adoption of cloud computing
services by organizations across various industries is driving the growth of
this segment.
In terms of technology, machine learning is anticipated to hold the largest
market share in the AI governance market. Machine learning algorithms enable
organizations to analyze large volumes of data and make accurate predictions
and decisions. The growing demand for predictive analytics and real-time decision-making
is fueling the dominance of this sub-segment. Additionally, advancements in
natural language processing and computer vision technologies are also
contributing to the growth of the machine learning segment.
Key Takeaways:
The global AI governance market is projected to witness high growth, exhibiting
a CAGR of 46.60% over the forecast
period of 2023-2030. Factors driving this growth include the increasing
adoption of AI technologies across various industries and the rising need for
ethical and responsible use of AI. The market is expected to reach a market
size of US$ 131.9 million by 2023.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the AI governance market. This can be
attributed to the presence of major AI technology providers and advanced
infrastructure for AI adoption. The region has a highly regulated environment
concerning data privacy and security, which is driving the demand for AI
governance solutions.
Key players operating in the AI governance market include Facebook, Inc. (Meta
Platforms Inc), IBM Corporation, Integrate.ai Inc., Google LLC (Alphabet Inc.),
H2O.ai, Inc., SAP SE, SAS Institute Inc., Microsoft Corporation, Pymetrics
Inc., FICO Inc., and Salesforce.com, Inc. These players are actively engaged in
partnerships, collaborations, and product launches to strengthen their market
presence and offer enhanced AI governance solutions to their customers.
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More:
https://www.dailyprbulletin.com/ai-governance-market-rising-concerns/