Published Date: 28-Feb-2023
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According to a new report, published by KBV research, The Global AI Governance Market size is expected to reach $562.9 Million by 2028, rising at a market growth of 34.5% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 35.6% during (2022 - 2028). This is due to a growth in the usage of these services, which support natural language processing's ability to extract essential information from intelligence sources and create connections automatically. The services sector contributes significantly to the software lifecycle by deploying platforms and carrying out associated tasks. These services, are required to set up, operate, and maintain AI governance systems, including consultation, integration, support, and maintenance. They assist in creating a strategic and operational strategy to determine the most efficient method to accomplish corporate objectives.
The BFSI segment acquired maximum revenue share in the Global AI Governance Market by Vertical in 2021 thereby, achieving a market value of $147.1 Million by 2028. The BFSI sector is highly competitive, with players attempting to gain an edge through technologies, business strategies, and the adoption of more effective operational procedures. Financial institutions are increasingly relying on artificial intelligence (AI) as one of their key instruments for automating procedures, increasing the precision of forecasts and projections, and enhancing customer service.
The SMEs segment has shown the growth rate of 37.2% during (2022 - 2028). Organizations are looking for ways to ensure that their AI systems align with their values and adhere to rules, which is driving up demand for AI ethics and compliance. In addition, the increasing use of AI and ML technologies by SMEs for a variety of activities is responsible for the segment's rise.
The On-premise segment is leading the Global AI Governance Market by Deployment Mode in 2021 thereby, achieving a market value of $375.2 Million by 2028. The current ML (AI platforms, data management, MLOps/Model Ops tools, ML monitoring tools, and infrastructure) and risk management (GRC, MRM, or other enterprise risk management) base of an organization is easily integrated by AI governance solutions. As a standalone complete suite deployment or the Responsible AI engine that integrates into an enterprise's current AI and risk management stack, on-premise solutions provide various deployment choices. In addition, the majority of AI programs let users choose between on-premises and SaaS options.
The North America market dominated the Global AI Governance Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $205.2 Million by 2028. The Europe market is exhibiting a CAGR of 33.7% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 35.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/ai-governance-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Organization size
By Deployment Mode
Unique Offerings from KBV Research
North America AI Governance Market size & Opportunities 2022-2028
Europe AI Governance Market & Growth Forecast 2022-2028
Asia Pacific AI Governance Market Share & Industry Outlook to 2028
LAMEA AI Governance Market Growth, Trends & Forecasts 2022-2028