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IBM, Microsoft, Infosys, and Tata Communication Services (TCS) are among the top technology companies driving the global AI governance market toward a bright future. These industry leaders have recognized the significance of responsible AI implementation and actively contributed to developing ethical norms and principles.
Technology companies are shaping comprehensive AI governance frameworks that prioritize transparency, explainability, privacy, and civil rights protection by collaborating with governing bodies, regulatory agencies, and other organizations. With their expertise and commitment to responsible AI practices, these big players are leading the way in ensuring the responsible and sustainable growth of the AI governance market.
The global AI governance market is projected to reach $1.4 billion by 2030, according to a new study by Grand View Research, Inc. The market will likely grow at a CAGR of 35.6% during the forecast period from 2023 to 2030.
The growth of the AI governance market is driven by the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies by businesses and governments worldwide. AI and ML technologies are being used in a wide range of applications, including healthcare, finance, retail, and manufacturing. As AI and ML technologies continue to grow, the need for such solutions will also increase.
AI governance solutions help businesses and governments to manage the risks associated with AI and ML technologies. These solutions can ensure that AI and ML systems are used ethically and responsibly and do not violate privacy laws.
The market segments by vertical into government and defense, healthcare, financial services, retail, manufacturing, and others. The government and defense segment will likely dominate the market throughout the forecast period, making it the largest segment. This is due to governments’ increasing use of AI and ML technologies for various applications, such as surveillance, fraud detection, and decision-making.
By solution, the market is segmented into software, services, and hardware. The software segment is expected to be the largest segment of the market during the forecast period. This is due to the increasing demand for AI ethics software solutions that can help businesses and governments to manage the risks associated with these technologies.
By region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America will likely be the largest market for AI governance during the forecast period. This is due to the early adoption of AI and ML technologies in North America and numerous businesses and governments looking for AI governance solutions.