Global AI Governance Market to Reach US$ 1,308.3 Million by 2028, 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 2023-2028” the global AI governance market size reached US$ 126.4 Million in 2022. 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$ 1,308.3 Million by 2028, expanding at a CAGR of 47.80% during 2023-2028.

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	2022
Historical Period	2017-2022
Forecast Period	2023-2028
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.
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Global AI Governance Market to Reach US$ 1,308.3 Million by 2028, Impelled by Widespread Adoption of AI Technologies

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