Latest News- Artificial Intelligence (AI) Governance Market: Government and defense is expected to lead the End-user segment during 2025-2029

The Artificial Intelligence (AI) Governance Market is being driven by Increasing adoption of AI technologies across industries

The Artificial Intelligence (AI) Governance Market is expected to grow at a CAGR of 64.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 3127734.9 thousand. The integration of Artificial Intelligence (AI) technologies by Small and Medium Enterprises (SMEs) is fueling the expansion of the global AI market. SMEs are harnessing AI solutions to boost operational productivity, enhance customer interactions, and secure a competitive edge. Tools such as chatbots, predictive analytics, and automated workflows empower SMEs to optimize processes, cut costs, and make informed business decisions. The proliferation of cost-effective AI alternatives specifically designed for SMEs, coupled with advancements in cloud computing, is making AI adoption more attainable. Furthermore, government initiatives and funding programs geared towards digital transformation among SMEs are expediting this trend, enabling these businesses to compete on par with larger corporations by incorporating AI into their business strategies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Government and defense
  • Healthcare and life sciences
  • BFSI
  • Retail
  • Others
• Component
  • Solution
  • Services
• Application
  • Model lifecycle management
  • Risk and compliance
  • Monitoring and auditing
  • Ethics and responsible AI
• Deployment
  • Cloud
  • On-premises
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption of AI technologies across industries
• Growing concerns about bias, fairness, and ethical implications of AI
• Rising demand for transparency, explain-ability, and accountability in AI systems

However, the market also witnesses some limitations, which are as follows:

• Lack of universally accepted standards and frameworks for AI governance
• Difficulty in regulating rapidly evolving AI technologies
• Balancing innovation and regulation to avoid stifling AI development

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Market Scope in Artificial Intelligence (AI) Governance Market Research Report

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Research Analysis Overview

The Artificial Intelligence (AI) governance market encompasses various aspects of managing and regulating the development, deployment, and use of AI systems. Key areas include algorithmic fairness, data governance, privacy by design, responsible AI, AI safety, reliability, control, oversight, regulation, ethics guidelines, principles, values, impact analysis, risk assessment, due diligence, transparency framework, explainable AI, bias detection, compliance audits, and the AI governance community and forum. These elements aim to ensure ethical, unbiased, and safe AI applications, while promoting transparency and accountability.

Market Research Overview

The Artificial Intelligence (AI) Governance Market encompasses businesses specializing in AI ethics, risk management, compliance, and auditing. This sub-segment falls under the broader IT consulting and other services market, which comprises companies offering IT consulting, information management, and various IT-related services. According to Technavio, the global IT consulting and other services market size is determined by the consolidated revenue generated from contracts executed by these firms in all IT consulting and information management sectors. Key growth drivers for this market include escalating government investments in advanced IT infrastructure and the increasing adoption of AI technologies in diverse industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/