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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

InterSystems TrakCare and InterSystems IRIS for Health to underpin deployment of fully unified future-ready AI-driven healthcare ecosystem at NEOM

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RIYADH, Saudi Arabia, July 24, 2024 /PRNewswire/ — InterSystems, a creative data technology provider dedicated to helping customers solve their most critical scalability, interoperability, and speed challenges, and NEOM, the sustainable development taking shape in northwest Saudi Arabia, today announced a groundbreaking partnership to revolutionize the healthcare experience within NEOM.

The partnership enables NEOM to deploy InterSystems TrakCare® across its healthcare facilities, which currently include one hospital and 41 clinics. TrakCare is a unified health information system that provides clinical, administrative, and financial information as a single source of truth for each patient and offers enhanced clinical decision support capabilities.
Additionally, by the end of 2024 InterSystems IRIS® for Health will centralize NEOM’s clinical application data to facilitate the development of innovative health programs. InterSystems IRIS for Health is a comprehensive, cloud-first digital health development platform that provides all the building blocks needed for Machine Learning and to work with practically any healthcare data standard, including HL7® FHIR®.
By adding IRIS for Health to their health ecosystem NEOM will significantly enhance the overall individual’s experience and move towards realizing NEOM’s ‘one patient, one record’ approach.
As a flexible and powerful healthcare information system TrakCare equips NEOM with extensive data capabilities, and as a digital health development platform IRIS for Health facilitates NEOM’s use of Artificial Intelligence (AI) driven technology. Combining these offerings empowers healthcare providers to make better informed decisions that optimize operations effectively for world-class healthcare services.
“This partnership marks a significant milestone in our mission to advance healthcare through innovative technology,” said Ali Abi Raad, Country Manager for the Middle East, India, and South Africa, InterSystems. “We are proud to support NEOM and their vision of building a digitally integrated healthcare ecosystem and becoming a global leader in health and well-being.”
“The partnership with InterSystems is a significant milestone in realizing our digital first and personalized prevention focused healthcare system. To realize this vision, we need flexible and data standards driven technology partners who are committed to our ‘one patient, one record’ approach.” – Dr Mahmoud Alyamany, Sector Head, NEOM Health & Wellbeing.
About InterSystems
Established in 1978, InterSystems is the leading provider of next-generation solutions for enterprise digital transformations in the healthcare, finance, manufacturing, and supply chain sectors. Its cloud-first data platforms solve interoperability, speed, and scalability problems for large organizations around the globe. InterSystems is committed to excellence through its award-winning, 24×7 support for customers and partners in more than 80 countries. Privately held and headquartered in Cambridge, Massachusetts, InterSystems has 39 offices in 28 countries worldwide. For more information, please visit InterSystems.com.
About NEOM
NEOM is an accelerator of human progress and a vision of what a new future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this new future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate, and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.
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Artificial Intelligence

Zesty Introduces Cloud Insights and Automation Platform To Ensure Optimization and Cloud Operational Excellence

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With prescriptive insights and AI automation for cloud infrastructure management for multiple CSPs, Zesty’s platform makes it simple to optimize cloud spending and performance, improve utilization rates, and create new opportunities for FinOps and DevOps teams
SAN MATEO, Calif., July 24, 2024 /PRNewswire/ — Zesty, a leader in automated cloud infrastructure management, announced today the launch of its Insights and Automation Platform. Designed to support a multi-cloud strategy and transform cloud challenges into opportunities for FinOps and DevOps teams, the platform optimizes cloud spending and improves utilization rates with prescriptive insights and automation, empowering companies to focus on innovation, not cloud or budget management.

As global innovation drives continuous exponential cloud growth, more than half of CIOs have reported an increase in their IT budget for this year specifically to enhance their capacity for financing new projects. Overseeing multiple vendors, intricate cost structures, and ever-evolving company needs have created enormous complications for companies as they scale and budget. While R&D teams prioritize leveraging cloud services to drive innovation and competitive advantage, Finance teams focus on controlling costs and ensuring budget adherence.
Zesty’s platform incorporates new insights to drastically simplify SMB and enterprise cloud cost management by prioritizing the highest value recommendations for FinOps teams. For example, the recommendations focused on reducing unused resources alone can help companies cut costs by 7%, which in some cases represents millions of dollars annually. The platform also hosts Zesty’s AI-driven flagship solutions, Commitment Manager and Zesty Disk, which automatically scale cloud resources up and down and identify potential savings across services. Zesty’s integration of insights and automation ensures that cloud investments consistently align with evolving business objectives with even greater efficiency and savings.
“CIOs are constantly exploring avenues to finance new projects. The Zesty Insights and Automation Platform will play a pivotal role in identifying areas of waste and help to free those funds for innovative projects. Machine learning capabilities and predictive analytics are driving serious returns for FinOps teams, with some of our customers recovering over a million dollars a year from cloud waste and using that to amplify innovation,” said Maxim Melamedov, CEO and Co-Founder of Zesty. “Our mission is to help businesses easily eliminate cloud-related waste in all its forms, financial, cloud resources, environmental, and time. Our platform comes at a critical time given the industry’s urgent need for effective financial management of cloud operations. Companies across all industries are desperate for a guide on their FinOps journey, and we are excited to be able to help.”
Zesty sets a new standard for the fragmented FinOps industry, providing a unified and efficient approach to cloud management, transforming visibility into action with prescriptive insights and automation, optimizing services such as AWS’ EC2, EBS, RDS, S3, ELB, EIP, and Azure’s Virtual Machines. Fueling its commitment to enhancing cloud infrastructure efficiency, Zesty manages billions in AWS contracts. Zesty’s customer-centric approach earned the company a near-perfect (4.9/5) CSAT (Customer Satisfaction Score) in 2023.
To learn more about Zesty’s Insights and Automation Platform or to book a demo, click here.
About Zesty
Zesty helps organizations accelerate innovation with its cloud infrastructure optimization platform. Powered by machine learning, Zesty provides FinOps and DevOps teams with prescriptive insights and automation to achieve the ideal utilization of cloud resources and enables CIOs to balance operational excellence and costs. Zesty’s optimization platform helps companies efficiently allocate resources for applications, with solutions for compute, storage, containers, databases, and more, saving time and money.
Founded in 2019, Zesty was built with the vision of making the cloud more affordable and accessible while reducing waste. With offices in San Mateo, Tel Aviv, Kiev, New York, and London, Zesty supports thousands of organizations, helping them get maximum value out of their cloud infrastructure. To learn more, visit https://zesty.co/.
Media Contact Kate Schoenstadt [email protected] IL: +972(0)-54-7776684
 

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Artificial Intelligence

Zenoo calls for collaboration to tackle AI fraud in banking

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CAMBRIDGE, England, July 24, 2024 /PRNewswire/ — UK technology company Zenoo warns the use of AI in banking fraud is just getting started – and collaboration with AI specialists is required to stem its flow.

Cambridge-based Zenoo – whose clients include London Stock Exchange, Experian, Transunion and NASA – supplies digital onboarding and protection from financial crime for businesses and has issued a warning to the banking community that the malevolent use of AI will only become more sophisticated and prevalent in the future.
Zenoo UK managing director George Taylor said: “It’s an enormous concern how quickly and significantly AI is being innovated to assist in banking fraud. In particular, social engineering attacks to steal personal information, enable identity theft and unauthorised access to bank accounts, is becoming remarkably advanced.”
Key areas of concern include Psychographic Profiling – where AI will analyse extensive data to create detailed psychographic profiles of individuals, tailoring social engineering attacks to exploit specific psychological traits – and Manipulative Interactions where the rising use of chatbots and virtual assistants in banking will be taken advantage of to engage in prolonged, convincing interactions with targets to extract sensitive information or induce them to perform actions that compromise their security.
Taylor is calling for banking to respond to the AI threat with AI too by collaborating with AI defence systems that can learn and adapt in real-time to detect and respond to emerging threats and machine learning models to identify and predict potential fraud based on evolving patterns and behaviours.
He adds: “The key word in combatting the AI threat is ‘collaboration’. Here at Zenoo we partner with cutting edge providers of the latest AI deepfake detection solutions which can be easily integrated into existing or new customer on boarding flows to combat fraud. We must take advantage of those specialists who are analysing and responding to the AI threat on a daily basis”.
Visit Zenoo to learn more or book a demo.
About Zenoo
Zenoo specialises in the remote onboarding of customers for international companies to help them improve their conversion rates, breaking down barriers and making it easier for their customers to open accounts online. Visit partner.zenoo.com for further information. 
Media enquiriesContact Bruce Ackland on +44 7884 076548 or email [email protected] 

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