AI Governance Market Size & Share Report, Growth, Trends, 2032

AI Governance Market Insights

According to a report from Zion Market Research, the global AI Governance Market was valued at USD 94.98 Million in 2023 and is projected to hit USD 8609.6 Million by 2032, with a compound annual growth rate (CAGR) of 65% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the AI Governance Market industry over the next decade.

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AI governance is the principle that a legal framework should be in place to ensure that machine learning (ML) applications are well studied and implemented to help humans progress equally through the implementation of AI systems. Addressing concerns relating to the right to be informed and violations, AI governance seeks to close the gap in technological advancement regarding transparency and ethics. Due to the rise of artificial intelligence deployment across industries, including healthcare, infrastructure, finance, industry, schooling, and public safety, the issue of unequivocally defining AI governance is increasing.

The AI Governance market shows a significant demand owing to government initiatives to offer AI technology. The increasing need for building trust in AI systems is another factor driving the demand for AI Governance business. Moreover, the rising demand for transparency in AI decisions can also have a positive impact on market growth. However, inadequate AI expertise and skills can pose a challenge to the market.

Global AI Governance Market

On the basis of components, the AI Governance market is fragmented into solutions and services. The solution segment is anticipated to record higher growth in the future owing to its integral part played during the implementation of the software life cycle. These services comprise consulting, integration, maintenance, and support. They help in building operational and strategic plans to identify the essential methods to achieve business goals.

In terms of vertical, the AI governance market is segregated into BFSI, media and entertainment, government and defense, healthcare and life sciences, telecom, retail, automotive, and others. Autonomous transport is one of the fields in the automotive industry where AI governance systems are likely to play a major role because if autonomous vehicles make a decision-making error, they may lead directly to life loss. Therefore, since self-driving cars will play a major role in making life-or-death-related choices, it is predicted that they will become a big adopter of AI governance.

In the global AI governance industry, North America is expected to hold the largest market volume, while Europe is expected to grow at the fastest growth rate over the forecast period. In terms of implementing and improving AI governance strategies, North America is projected to be the leading area. Due to AI regulation, various innovations are taking place in the European region, which is why Europe is expected to grow at the fastest rate in the coming years. The adoption of AI-powered services will grow in the region, owing to rising ethical issues in AI technologies and the growing need for a legal framework to ensure that the machine learning algorithm is developed, thereby driving the growth of the AI governance industry.

AI Governance Market: Report Scope

Global AI Governance Market: Competitive Space

The AI Governance market comprises key solution providers, such as 

• IBM
• Google
• Microsoft
• SAP
• Salesforce.Com
• Facebook
• Fico
• 2021.AI
• Pymetrics
• AWS
• ZestFinance
• SAS Institute
• Integrate.AI
• H2O.AI 
• among others

The report segments the AI Governance market as follows:

Global AI Governance Market: Component Segment Analysis

• Solutions
• Services

Global AI Governance Market: Vertical Segment Analysis

• BFSI
• Government and Defense
• Media and Entertainment
• Healthcare and Life Sciences
• Automotive
• Telecom
• Retail
• Others

Global AI Governance Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa