DUBLIN--(BUSINESS WIRE)--The "AI Governance Market by Component (Solutions (Platforms and Software Tools) and Services), Vertical (BFSI, Healthcare and Life Sciences, Government and Defense, Telecom, Retail, and Automotive), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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%.
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 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 a major role in making life and death-related decisions, they are expected to become a major adopter of AI governance solutions.
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 conducting research on ethical AI and governance of AI technology.
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).
- Increasing Government Initiatives to Leverage the AI Technology
- Increasing Need for Building Trust in AI Systems and Growing Demand for Transparency in AI Decisions
- Growing Regulatory Compliances Around the Technology
- Establishing Comprehensive Ethical Principles for AI
- Reduction in Gender Bias and Discrimination Through the Use of AI
- Inadequate AI Expertise and Skills
- Clean and Relevant Data Required to Train Ml Algorithms
Common AI Governance Principles
- General Data Protection Regulation
- Governance, Risk, and Compliance Standards
- Health Information Technology for Economic and Clinical Health
- Health Insurance Portability and Accountability Act
- Federal Trade Commission
- Securities Financing Transactions Regulation
- SAS Institute
For more information about this report visit https://www.researchandmarkets.com/r/rx5a2e