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AI Governance Market Analysis

Report ID: GMI6015
Published Date: Jun 2023
Report Format: PDF

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AI Governance Market Analysis

AI Governance Market Size, By Component, 2022-2032, (USD Million)

Based on component, the solution segment is poised to witness 48% CAGR during the forecast period. AI governance solutions refer to software tools, platforms, and technologies designed to address the ethical, legal, and societal challenges associated with AI. These solutions encompass a range of functionalities such as bias detection & mitigation, privacy protection, model governance, and transparency. The demand for AI governance solutions is increasing as organizations recognize the need for robust frameworks to ensure ethical & responsible AI development and deployment.

AI Governance Market Share, By Application, 2023

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Based on application, the AI governance market from government & defense segment is projected to observe 50% CAGR through 2032. This sector requires AI systems that are transparent, accountable, and adhere to ethical principles including ensuring fairness, mitigating biases, protecting privacy, and maintaining the integrity of AI systems. The demand for AI governance solutions and services in the government & defense sector is set to grow as organizations prioritize responsible AI adoption and seek to address the unique ethical challenges specific to their domains.

U.S. AI Governance Market Size, 2022-2032 ( USD Million)

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The North America AI governance market held over 40% of the revenue share in 2023 and is estimated to record a CAGR of around 50% till 2032. The high prevalence of cybersecurity risks across North America has significantly contributed to the industry growth. Incidents including data breaches, cyberattacks, and privacy violations have raised awareness about the ethical implications of digital technologies.

Organizations are increasingly recognizing the need for responsible data handling, privacy protection, and accountable AI systems. This has created a high demand for cybersecurity solutions, privacy-enhancing technologies, ethical AI development, and consulting services in the field of digital ethics. As a result, the market for digital ethics has expanded to address the growing concerns and challenges posed by cybersecurity attacks in North America.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of AI governance reached USD 145.5 million in 2023 and is poised to witness 52.5% CAGR from 2024 to 2032, propelled by the proliferating interest in ethical hacking and penetration testing.

The solution segment is set to expand at 48% CAGR during 2024 to 2032, owing to the increasing implementation of robust frameworks to ensure ethical & responsible AI development and deployment across organizations.

North America held more than 40% of the market share in 2023 and is expected to observe over 50% CAGR through 2032, attributed to the increasing prevalence of cybersecurity risks.

Alphabet Inc., BigID, Capgemini, Deloitte, Everis, EY, Facebook Inc., IBM Corporation, KPMG, Looker, Maxwell IT, Microsoft Corporation, Oracle Corporation, PwC, SAP SE, SAS, Sovrin Foundation, and Stefanini are some of the leading enterprises in the industry.