 |
| AI Governance Market Size |
The global AI Governance Market is estimated to be valued at US$ 131.9 million in 2023 and is
expected to exhibit a CAGR of 46.60% over
the forecast period (2023-2030), as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The AI Governance market involves monitoring and controlling AI system development
and use to ensure its alignment with human moral, economic, and strategic
priorities. AI governance helps avoid potential issues arising from AI such as
bias, privacy concerns and undesirable or unintended behavior. It provides
tools and processes to develop AI technology in an ethical, transparent and
accountable way. The growing investment and adoption of AI technologies across
various industries is expected to boost the growth of the global AI governance
market during the forecast period.
Market key trends:
Rising demand for bias and fairness detection tools: There is increasing demand
for bias and fairness detection tools from organizations developing and
implementing AI systems to ensure the AI models are not discriminating against
certain population groups based on characteristics like gender, ethnicity, age,
etc. This is expected to be a major trend in the AI governance market.
Increasing focus on model management and oversight: With the complexity and
lack of explainability of deep learning models, there is a need for tools that
can track the changes in AI models over time as well as help understand the
decision making process of black box models. This is driving increased focus on
model management and oversight which is expected to drive the AI governance
market growth.
Porter’s Analysis
Threat of new entrants: The AI
Governance Market Size requires significant investment in research and
development as well as integration of AI and governance technologies. This
makes it difficult for new companies to enter the market.
Bargaining power of buyers: The buyers in the AI governance market have
moderate bargaining power due to the specialized nature of products and
services. Switching costs are also moderately high.
Bargaining power of suppliers: A few prominent tech companies dominate the
supply landscape for AI technologies. This gives them strong bargaining power
over buyers.
Threat of new substitutes: There exists a potential threat from emerging
alternative governance approaches for AI such as technique neutral safety.
However, no direct substitutes exist currently.
Competitive rivalry: The AI governance market experiences high competitive
rivalry among major technology firms to capture greater market share through
constant innovation.
Key Takeaways
The global AI Governance market is expected to witness high growth, exhibiting CAGR of 46.60% over the forecast period
2023-2030, due to increasing demand for AI transparent and fair decision
making. The market size for AI governance was US$ 131.9 million in 2023.
North America dominates the global AI governance market currently owing to
stringent regulations around data privacy and presence of major technology
companies in the US and Canada. Asia Pacific is expected to grow at the fastest
pace during the forecast period supported by rapid digital transformation of
enterprises in countries like China and India.
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. Major players are focusing on
developing advanced technologies and partnerships to strengthen their market
presence.
Read More: https://www.trendingwebwire.com/ai-governance-market-is-estimated-to-witness-high-growth/