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AI Model Risk Management Market worth $10.5 billion by 2029- Exclusive Report by MarketsandMarkets™

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CHICAGO, July 9, 2024 /PRNewswire/ — The AI Model Risk Management Market is projected to grow from USD 5.7 billion in 2024 to USD 10.5 billion by 2029, at a compound annual growth rate (CAGR) of 12.9% during the forecast period, according to a new report by MarketsandMarkets™. The AI Model Risk Management Market is expected to grow significantly during the forecast period by increasing the need to establish robust security protocols, monitor compliance and respond effectively to emerging threats, the rising need to automate risk assessment for degraded manual errors, and the need to automate model lifecycle, improve efficiency and surge quality of the final production models.

Browse in-depth TOC on “AI Model Risk Management Market”
325 – Tables 65 – Figures340 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD (Billion)
Segments Covered
Offering, Risk Type, Application, Vertical, and Region
Geographies covered
North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
Companies covered
Microsoft(US), IBM(US), SAS Institute (US), AWS (US), H2O.ai (US), Google (US), LogicGate (US), LogicManager (US), C3 AI (US), MathWorks (US), Alteryx (US), DataBricks (US), Robust Intelligence (US), CIMCON Software (US), Empowered Systems (UK), Mitratech (US), Yields.io (Belgium), MeticStream (US), iManage (US), UpGuard (US), Apparity (US), AuditBoard (US), NAVEX Global (US), Scrut Automation (India), DataTron (US), Krista (US), Fairly AI (Canada), ModelOp (US), Armilla AI (Canada), Crowe (US), and ValidMind (US).
By Software type, the Model Management software segment holds the largest market size during the forecast period.
Model management software ensures the efficient deployment and operation of AI and machine learning models within organizations. It provides comprehensive audit trails and documentation to demonstrate compliance and support regulatory audits. Moreover, the software helps manage model lifecycle processes such as development, versioning, and documentation, ensuring that models are up-to-date and perform reliably. It facilitates robust validation and testing to detect and mitigate biases, ensuring that models adhere to regulatory standards and ethical guidelines. Additionally, model management software supports continuous monitoring and performance tracking, allowing for prompt detection of model drift and other issues.
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By services, managed services to register for the fastest growing segment during the forecast period.
Managed services are expected to experience significant growth due to several key factors. Firstly, the growing complexity of regulations requires specialized knowledge, making managed services attractive to companies. Secondly, with the increasing adoption of cloud-based services, as businesses shift their IT infrastructure to cloud-based solutions, they face complexities in managing and optimizing these environments effectively. Lastly, Managed services have advanced tools and technologies that help identify, assess, and reduce risks more effectively. By providing top-notch solutions, the companies keep up with the latest developments.
By region, North America accounted for the largest market size during the forecast period.
Several key factors contribute to North America having the largest market size in model risk management. The region has large financial institutions and tech companies investing heavily in advanced technologies, including AI and machine learning models. The AI Model Risk Management Market across North America is driven by a high level of technological infrastructure and expertise, facilitating the integration of advanced AI model risk management tools. Moreover, North America boasts a highly mature market with significant investments in AI technology. Organizations across various sectors, including finance, healthcare, and retail, extensively leverage AI.
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Top Key Companies in AI Model Risk Management Market:
Some major players in the AI Model Risk Management Market include Microsoft(US), IBM(US), SAS Institute (US), AWS (US), H2O.ai (US), Google (US), LogicGate (US), LogicManager (US), C3 AI (US), MathWorks (US), Alteryx (US), DataBricks (US), Robust Intelligence (US), CIMCON Software (US), Empowered Systems (UK), Mitratech (US), Yields.io (Belgium), MeticStream (US), iManage (US), UpGuard (US), Apparity (US), AuditBoard (US), NAVEX Global (US), Scrut Automation (India), DataTron (US), Krista (US), Fairly AI (Canada), ModelOp (US), Armilla AI (Canada), Crowe (US), and ValidMind (US).
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Get access to the latest updates on AI Model Risk Management Companies and AI Model Risk Management Industry
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Website: https://www.marketsandmarkets.com/
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Artificial Intelligence

Gold and Fractal EMS Announce a Partnership for an American BMS

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ANAHEIM, Calif., Sept. 17, 2024 /PRNewswire/ — Fractal EMS Inc. (“Fractal”), a leading provider of advanced solar and storage controls, has announced a groundbreaking partnership with Gold Electronic Equipment Inc. (“Gold”), a leading high-tech company specializing in R&D, active balancing technology and manufacturing of the battery management system (BMS). A signing ceremony and celebration was held on September 9th at the RE+ clean energy conference in Anaheim, California. The new partnership will provide a cybersecure American BMS to customers worldwide (“Fractal BMS”).

The Fractal BMS provides a 3-level BMS architecture (module, rack and system).  The design of the Fractal BMS has been finalized, featuring an American-sourced chip, printed circuit board assembly (PCBA), and cybersecurity, ensuring compliance with U.S. policies for sourcing and critical infrastructure protection. The Fractal BMS has the option to provide active cell balancing to maximize each battery cell’s useful capacity and life.
“Other companies proposing an American BMS have not addressed the cybersecurity concerns of the BMS. Some companies are licensing a foreign BMS or only providing a top-level device, neither of which cure cybersecurity threats and vulnerabilities. We are thrilled to collaborate with Gold to bring this advanced American BMS to the market. This partnership underscores our commitment to innovation, security, and supporting American technology,” said Daniel Crotzer, CEO at Fractal EMS.
Fractal BMS is scheduled for UL testing in late October 2024 and aims to become the gold standard for BESS deployments to mitigate risks associated with Foreign Entities of Concern (FEOC) and known cyber vulnerabilities in programmable devices. The American BMS will be available to battery manufacturers globally, offering a reliable and secure solution for battery management needs.
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Artificial Intelligence

Redwood Software placed in 2024 Magic Quadrant™ for SOAP Report

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Based on Completeness of Vision and Ability to Execute
FRISCO, Texas, Sept. 17, 2024 /PRNewswire/ — Redwood Software, a leading and innovative provider of solutions in Service Orchestration and Automation Platforms (SOAP), today announced that Redwood Software has been positioned by Gartner® as a Leader in the Magic Quadrant for SOAP report. The evaluation was based on specific criteria that analyzed the company’s overall Completeness of Vision and Ability to Execute.

Fully focused on automation to drive business outcomes, Redwood’s portfolio of SOAP solutions includes RunMyJobs, ActiveBatch and Tidal, all of which are integrated with Redwood’s highly secure managed file transfer solution, JSCAPE. Redwood uniquely enables enterprises to orchestrate all applications, processes and data, delivering end-to-end automation fabrics for critical processes such as data pipeline management, order-to-cash, record-to-report and supply chain management.
Redwood believes that customers benefit from:
The only SaaS-based composable automation solution purpose-built for hybrid cloud and designed to scale with lightweight auto-updating agentsAn extensive library of pre-built connectors to avoid custom coding, including SAP integrations at the transaction level that maintain a clean coreAdvanced real-time SLA management and monitoring with predictability and dynamic schedulingBest-in-class, rapid response support teams with 24/7 support, contributing to an industry-leading 48 net promoter score (NPS)”At Redwood, we believe in the transformative power of automation. We believe every IT and business process that can be automated, should be automated and lights-out automation is key to continuous growth, innovation and success,” said Kevin Greene, Redwood Software CEO. “This recognition from Gartner, who we feel is one of the most trusted voices in technology research, we believe demonstrates Redwood’s dedication to delivering industry-leading automation solutions, providing people the time and freedom to imagine and define the future – unleashing their human potential.”
A Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market’s competitors. A Magic Quadrant provides a graphical competitive positioning of four types of technology providers, in markets where growth is high and provider differentiation is distinct: Leaders execute well against their current vision and are well positioned for tomorrow. Visionaries understand where the market is going or have a vision for changing market rules, but do not yet execute well. Niche Players focus successfully on a small segment or are unfocused and do not out-innovate or outperform others. Challengers execute well today or may dominate a large segment, but do not demonstrate an understanding of market direction.
View a complimentary copy of the Magic Quadrant report to learn more about why Redwood Software was positioned as a Leader at https://www.redwood.com/resource/gartner-soaps-mq/.
Additional resources
Explore Redwood Software on this blog
Follow Redwood Software on LinkedIn
Visit Redwood at Gartner IT Infrastructure, Operations & Cloud Strategies Conferences in the UK and US
Gartner disclaimer
Gartner, Inc. Magic Quadrant for Service Orchestration and Automation Platforms. Hassan Ennaciri, Chris Saunderson, etl. 11 September 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Redwood Software
Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software. For more information, visit www.redwood.com. Follow Redwood Software on LinkedIn, @Redwood Software.
Media Contact: Liz Reilly, [email protected]
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Artificial Intelligence

2024 IEEE International Conference on Image Processing Explores the Latest Technical Innovations

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 ICIP 2024 focuses on trustworthy visual data processing and covers cutting-edge topics involving computer vision
PISCATAWAY, N.J., Sept. 17, 2024 /PRNewswire/ — IEEE, the world’s largest technical professional organization dedicated to advancing technology for humanity, and the IEEE Signal Processing Society (SPS) will hold the 2024 IEEE International Conference on Image Processing (ICIP 2024), 27-30 October 2024 at the Abu Dhabi National Exhibition Centre in Abu Dhabi, UAE. ICIP 2024 will be a hub of innovation and learning – examining how AI-based approaches in the field are bringing opportunities, as well as challenges.

The program delves into “Trustworthy Generalization in Visual Machine Learning,” AI/ML learning on visual data, and examines the latest trends in data-driven, learning-based image and video coding standards.
ICIP 2024 will feature insightful tutorials, engaging exhibits and demonstrations, workshops by leading tech companies, career development opportunities, and networking events for practicing engineers, aspiring students, and young entrepreneurs.
“ICIP will provide thought leaders with a platform to reach diverse audiences and encourage a dialogue on topics making a large impact on our industry. We look forward to building connections between top researchers and practitioners in the field,” said Kostas Plataniotis, IEEE Signal Processing Society President.
Plenary speakers include Dr. Touradj Ebrahimi, Convenor of the JPEG Standardization Committee, Dr. Gitta Kutyniok, Bavarian AI Chair for Mathematical Foundations of AI, LMU Munich, and Dr. Mohamad Sawan, Chair Professor, Westlake University; Emeritus Professor, Polytechnique Montreal. View the Technical Program for a summary of conference activities.
ICIP 2024 will bring together corporate, government, and academic researchers, top global leaders in the field and more – register today.
About IEEE Signal Processing Society
Founded as IEEE’s first society in 1948, the Signal Processing Society is the world’s premier association for signal processing engineers and industry professionals.  
About IEEE
IEEE is the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. Through its highly cited publications, conferences, technology standards, and professional and educational activities, IEEE is the trusted voice on a wide variety of areas ranging from aerospace systems, computers and telecommunications to biomedical engineering, electric power and consumer electronics.
Media Contact: Caroline Johnson – Director, Conferences, Marketing, and Data Analytics, [email protected]
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