Rising Adoption of AI in companies to boost AI Governance Market Growth

AI Governance Market is segmented by Component (Solution, Service), Deployment (Cloud, On-Premise), End-user Vertical (Healthcare, Government and Defense, Automotive, Retail, and BFSI), and By Regions (Asia Pacific, North America, Eastern Europe, Latin America, Western Europe, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023– 2030

The global AI Governance Market is estimated to be valued at US$ 131.9 million in 2022 and is expected to exhibit a CAGR of 46.60% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Artificial Intelligence governance or AI governance is the procedure referring to a set of rules and policies to assure that the Artificial Intelligence and Machine Learning algorithms are advanced with the aim of fair Artificial Intelligence adoption for the people. Artificial Intelligence governance brings responsibility and traceability to ML designs – they ask and respond to answers of important questions.

Competitive Landscape:

Key players involved in the growth of global Governance Market are Facebook, Inc., Google LLC, SAP SE, IBM Corporation and Microsoft Corporation.

Market Key Drivers:

Rising interest of companies in AI Governance frameworks is also rising vendors and startup companies to create innovative frameworks that can fulfil the necessity of their customers which is expected to boost the growth of Governance Market. For instance, in October 2021, Credo AI, aimed on building ethical AI to assist organizations regulate their AI products' rules and ethical threat.

Ethical AI connections are progressively increasing user trust, satisfaction, and decision-making which is projected to propel the growth of global AI Governance Market. For instance, as per Capgemini Research Institute research, the enterprises that are supposed to be ethically employing AI and ML have a 44-point Net Promoter Score benefit over those that are not using.

Covid-19 Impact Analysis:

The Covid-19 outbreak has significantly affected the growth of global Governance Market as AI and Machine learning (ML) has significantly assisted in analyzing data related to COVID-19. In April 2020, Amazon Web Services introduced Cord-19 Search, a new website driven by machine learning that could help scientists quickly and conveniently use natural language questions to search millions of research papers and documents.

Key Takeaways:

The global Governance Market is expected to exhibit a CAGR of 40.5 % during the forecast period owing to rising adoptions and acquisitions. For instance, in November 2021 - Dataiku, the Everyday AI platform, declared its new AI governance and inaccuracy as part of the organizations unified AI platform to enable enterprise to scale AI initiatives.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Governance Market owing to the rising adoption of AI and ML, rising R&D, increasing use of chatbots, rising approvals and launches. For instance, the US National AI R&D Plan has suggested the advancement of an AI R&D execution framework that assists enterprise over the country include ethical considerations.

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