Technavio analyzes that the Artificial Intelligence (AI) Governance Market is expected to grow at a CAGR of 55.16% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1,628.44 thousand.There are various factors that contribute to the growth of the market. The Artificial Intelligence (AI) governance market is experiencing significant growth due to the increasing adoption of AI technologies across various industries. Businesses are recognizing the potential benefits of AI, including improved efficiency, enhanced decision-making capabilities, and increased productivity. As a result, the demand for AI governance solutions is on the rise, with organizations seeking to ensure the ethical, secure, and transparent use of AI technologies. This trend is expected to continue as AI becomes increasingly integrated into business operations and processes.
In the global Artificial Intelligence (AI) governance market, the government and defense sectors emerged as significant end users in 2023, recognizing the necessity of establishing robust AI governance frameworks. These frameworks aim to ensure the ethical and responsible application of AI technologies, addressing concerns such as transparency, bias, and privacy. Regulatory initiatives, including the European Union's General Data Protection Regulation (GDPR) and the US Algorithmic Accountability Act, reflect this trend. The defense industry utilizes AI for surveillance, threat identification, and strategic decision-making, necessitating stringent governance. Reputational, financial, and data-related losses can result from unchecked AI use, making governance crucial. Furthermore, ethical AI, gender gap, facial recognition, AI expertise, skills, neural networks, ML algorithms, and the evolving regulatory environment require a skilled workforce of AI-trained professionals to retain and mitigate attrition rates.
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Artificial Intelligence (AI) Governance Market Segmentation
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The AI Governance Market encompasses the implementation of robust mechanisms for overseeing the use of AI technologies in various industries, particularly in the BFSI sector. AI systems are subject to regulatory compliances, transparency, and adherence to values and legal obligations. Credit, market, liquidity, and operational risks are managed through protocols and methodologies. Natural disasters like hurricanes and AI-related challenges such as algorithmic bias and privacy problems require effective AI governance. MLOps, explainable AI, and safety risks are integral parts of this governance. AI technologies are employed in chatbots and robot advisers for decision-making, necessitating clear objectives and organizational goals.
The Artificial Intelligence (AI) Governance Market is a significant segment of the larger IT consulting and other services market. This market encompasses businesses providing AI technology and system implementation services, with a focus on enhancing transparency and mitigating risks such as credit, market, liquidity, and operational risks. With the increasing interconnectedness of businesses and the potential for disruptions from events like hurricanes or outdated technologies, the demand for AI-based solutions to track infections, analyze chest x-rays, and monitor virus spread is escalating. The private sector is recognizing the value of these advanced tools to improve business processes and maintain a competitive edge. Technavio projects that this trend, along with growing government investments in IT infrastructure, will fuel the expansion of the global IT consulting and other services market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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