Global AI Governance Market to Reach US$ 3,444.5 Million by 2032, Impelled by Widespread Adoption of AI Technologies

October 10, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “AI Governance Market by Component (Solution, Services), Deployment Mode (On-premises, Cloud-based), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Industry Vertical (BFSI, Government and Defense, Healthcare and Life Sciences, Media and Entertainment, Retail, IT and Telecom, Automotive, and Others), and Region 2024-2032” the global AI governance market size reached US$ 186.8 Million in 2023. Artificial intelligence (AI) governance refers to the set of policies, regulations, and practices put in place to ensure responsible and ethical use of artificial intelligence (AI) technologies. It is a critical aspect of managing AI systems and their impact on society. It aims to address various concerns related to AI, including privacy, bias, transparency, accountability, and security. It also establishes ethical principles that AI developers and users should adhere to, ensuring that AI technologies are designed and used in ways that do not harm individuals or discriminate against certain groups.


Global AI Governance Market Trends:

At present, the widespread adoption of AI technologies across various industries is leading to the increasing awareness about the need for governance to address ethical, legal, and operational challenges. Besides this, the rising consciousness about ethical issues related to AI, such as bias, discrimination, and privacy violations, is catalyzing the demand for governance frameworks to ensure responsible AI development and deployment. In addition, the growing concerns among consumers and the public about the implications of AI on privacy and safety are prompting companies to prioritize AI governance to maintain trust and reputation. Moreover, organizations are recognizing the importance of AI governance in mitigating risks associated with AI, such as legal liabilities and financial losses. Additionally, many companies are embracing corporate social responsibility (CSR) principles and implementing AI governance that aligns with their commitment to ethical and responsible business practices. Looking forward, the market value is projected to reach US$ 3,444.5 Million by 2032, expanding at a CAGR of 38.24% during 2024-2032.


Market Summary:

  • Based on the component, solution holds the biggest market share, followed by services.
  • On the basis of the deployment mode, the market has been bifurcated into on-premises and cloud based. Presently, on-premises represent the largest segment.
  • Based on the enterprise size, the market has been divided into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises currently account for the largest market share.
  • On the basis of the industry vertical, the market has been segregated into BFSI, government and defense, healthcare and life sciences, media and entertainment, retail, IT and telecom, automotive, and others. At present, BFSI dominates the market.
  • Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Atos SE, Dataiku, FICO Inc., Google LLC (Alphabet Inc.), H2O.ai Inc., Informatica Inc., International Business Machines Corporation, NTT DATA Corporation (Nippon Telegraph and Telephone Corporation), SAP SE, and SAS Institute Inc.


Report Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Component
  • Deployment Mode
  • Enterprise Size
  • Industry Vertical
  • Region 
Components Covered Solution, Services
Deployment Modes Covered On-premises, Cloud-based
Enterprise Sizes Covered Large Enterprises, Small and Medium-sized Enterprises (SMEs)
Industry Verticals Covered BFSI, Government and Defense, Healthcare and Life Sciences, Media and Entertainment, Retail, IT and Telecom, Automotive, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Atos SE, Dataiku, FICO Inc., Google LLC (Alphabet Inc.), H2O.ai Inc., Informatica Inc., International Business Machines Corporation, NTT DATA Corporation (Nippon Telegraph and Telephone Corporation), SAP SE, SAS Institute Inc., etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global AI Governance Market to Reach US$ 3,444.5 Million by 2032, Impelled by Widespread Adoption of AI Technologies
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More