Artificial Intelligence
AI Governance Market to Reach a Revenue of Around US$ 4.7 billion by the End of 2033 at a CAGR of 40.5% | Persistence Market Research
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New York, May 12, 2023 (GLOBE NEWSWIRE) — According to Persistence Market Research, the global artificial intelligence (AI) governance market solutions is predicted to skyrocket at a CAGR of 40.5% from 2023 to 2033. The report forecasts that the market valuation of the AI governance will reach US$ 4.7 billion by the end of 2033.
Finance companies are investing heavily in AI governance solutions to maintain their competitive edge and meet the evolving needs of their customers. This has resulted in growing demand for AI governance solutions and services, and the market is expected to continue to grow in the coming years.
Increasing regulatory requirements, rising data privacy concerns, and the need for operational efficiency and risk management are fueling worldwide demand for AI governance solutions. AI governance helps BFSI organizations to ensure that their AI systems are aligned with their ethical, legal, and regulatory obligations and that they are transparent, secure, and reliable.
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Key Takeaways from Market Study
- The global artificial intelligence governance market is valued at US$ 156.5 million in 2023.
- By component, AI governance platforms will account for a leading share of the global market.
- Demand from large enterprises (500 to 999 employees) is predicted to increase at a CAGR of 44% through 2033.
- Western Europe currently accounts for a leading market share of 41.8%, followed by North America with 35.7%, and then East Asia with 14.2%.
“Increasing need to address data privacy concerns and implement efficient risk management solutions in the finance sector is driving the demand for AI governance services. Another factor contributing to market expansion include substantial increase in the implementation of AI ethics and data governance,” says a Persistence Market Research analyst.
Increasing Investments in AI Technology Fueling Demand for AI Governance Services
Growing investments in AI technology is a major growth driver for the AI governance market. Companies are investing in AI to automate processes, enhance decision-making, and gain a competitive advantage. As a result, there is an increasing demand for AI governance solutions to ensure that AI systems are developed, deployed, and used in a responsible and ethical manner.
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Market Key Players:
Important Manufacturers for AI Governance Market are IBM Corporation, Microsoft, H2O.ai, Google, SAP, Abzoids, TruEra, Protopia AI, Arthur, Kintsugi, MOSTLY AI, Scale AI and more
Recent Developments:
- EthicalAI Solutions (EAI) – Pioneering Ethical AI Practices EAI, a leading provider of AI governance solutions, made headlines this year with the launch of their groundbreaking platform, “EthiXGuard.” This comprehensive tool combines advanced algorithms and machine learning techniques to detect and mitigate biases, ensuring fairness and transparency in AI systems. EthiXGuard has gained widespread adoption among major corporations and regulatory bodies, positioning EAI as a frontrunner in promoting responsible AI practices.
- ReguAI Technologies – Enhancing AI Regulatory Compliance ReguAI Technologies, a fast-growing startup specializing in AI regulatory compliance, raised significant funding in a Series B investment round. The company has been actively collaborating with government agencies and industry leaders to develop robust AI governance standards and establish best practices. With the additional funding, ReguAI is set to expand its research and development efforts and introduce a suite of compliance tools tailored to specific industry verticals.
More Valuable Insights on Offer
Persistence Market Research’s report on the AI governance market is segmented into four sections—component (AI governance platforms, AI governance services), enterprise size (small offices, small enterprises, medium-sized enterprises, large enterprises, very large enterprises), and industry (finance, manufacturing & resources, distribution services, services, public sector, infrastructure), across seven major regions of the world.
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For additional information on how the AI governance market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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