The North America AI Governance Market would witness market growth of 33.0% CAGR during the forecast period (2022-2028).
Every industry is being disrupted by artificial intelligence. This highlights the importance of winning people's trust and being open and honest about how machine learning algorithms gather and assess data. AI transparency becomes a crucial concern in highly regulated areas like the BFSI, automotive, and healthcare sectors, where the likelihood of abuse is considerable. As a result, corporations are putting more effort into developing effective governance systems, which will fuel the development of the AI governance industry in the years to come.
Rising government efforts worldwide have boosted AI technology, which has helped the industry grow. The US military and other businesses can now deploy AI systems in a morally and legally compliant manner, which has assisted the industry in developing. The government announced adopting AI ethical standards in keeping with the Department of Defense's AI strategic target. Additionally, there has been a growth in the use of AI technology across a wide range of industries to automate different industrial processes, which would lower production costs, speed up efficient decision-making, and provide an advantage in the face of fierce competition. A significant increase in the use of AI tools by different firms has been seen, demonstrating how AI technology can meet administrative demands.
One of the first to use AI technology, the North American area is anticipated to provide the most potential in this industry. For example, the United States National AI R&D Plan has advocated the creation of an AI R&D implementation framework to assist firms nationwide in integrating ethical issues into the R&D while maintaining public participation and improved organization marketing. Additionally, the American government is aggressively implementing AI Governance measures. For example, following the Department of Defense AI strategic aim, the government announced the adoption of AI ethical standards, easing the moral and legal use of AI systems by the US military and related companies. Over the anticipated time, all of these elements would boost regional market expansion.
The US market dominated the North America AI Governance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $148,054.1 Thousands by 2028. The Canada market is poised to grow at a CAGR of 36% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 34.8% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Vertical, the market is segmented into BFSI, Healthcare & Lifesciences, Media & Entertainment, IT & Telecom, Retail, Government, Automotive and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global AI Governance Market is Estimated to reach $562.9 Million by 2028, at a CAGR of 34.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Google LLC (Alphabet Inc.), IBM Corporation, SAP SE, Amazon Web Services, Inc. (Amazon.com, Inc.), Salesforce.com, Inc., Meta Platforms, Inc., SAS Institute, Inc., Tibco Software, Inc. (Vista Equity Partners), and QlikTech International AB.
By Component
By Vertical
By Organization size
By Deployment Mode
By Country
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