Global AI Governance Market Research Report 2019: Size is Expected to Grow from USD 51 Million in 2019 to USD 316 Million by 2025, at a CAGR of 44.3%

DUBLIN, Sept. 25, 2019 /PRNewswire/ -- The "AI Governance Market by Component (Solutions (Platforms and Software Tools) and Services), Vertical (BFSI, Healthcare and Life Sciences, Government and Defense, Telecom, Retail, and Automotive), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The Global AI Governance Market Size is Expected to Grow from USD 51 Million in 2019 to USD 316 Million by 2025, at a CAGR of 44.3%

The AI governance process involves developing policies or frameworks with the intent to design, develop, and continuously monitor Machine Learning (ML) models and algorithms to ensure fair outcomes. The AI governance process requires organizations to focus on ethical, transparent, and accountable use of AI systems.

In the past few years, the adoption of AI technologies is growing across industries to automate business processes, increase efficiency in decision-making, reduce cost, and gain a competitive advantage over others. Moreover, nowadays, there is an increasing demand among organizations toward intelligent business processes to enhance performance and overall productivity. To achieve these objectives, AI systems, such as ML algorithms and models, are becoming critical. These ML models are playing a key role in the decision-making process across industries.

AI governance solutions are expected to play a significant role in such decision-making processes. This increasing use of AI technology has compelled organizations to streamline their efforts on risks related to financial, ethical, and other associated risks with the deployment of AI systems to protect brand image and meet customer, as well as, shareholder requirements. These factors are creating urgency among various industries to develop an ethical framework to ensure AI systems are designed, developed, and deployed to produce fair outcomes because ML algorithms may develop biases in the decision-making process and can produce unfair results, such as rejecting loan for individuals, and developing biases in the recruitment process based on gender, age, complexion, etc.

The AI governance market is in the introductory phase, and tech giants are working toward developing AI-powered governance tools and platforms. These vendors are focusing their efforts on R&D initiatives wherein Facebook has announced its internal project called Fairness Flow, which is a tool designed to identify biases in ML algorithms. Another tech giant, AWS, has formed a 3-year partnership with the National Science Foundation (NSF), which is focused on R&D with emphasis on fairness in AI. Hence, there are fewer products in the market at the current stage, which are commercialized, wherein some tools are open source tools.

Major players profiled in the report are:

• 2021.AI
• AWS
• Facebook
• Fico
• Google
• H2O.AI
• IBM
• Integrate.AI
• Microsoft
• Pymetrics
• Salesforce.Com
• SAP
• SAS Institute
• ZestFinance

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 AI Governance Market: Top 4 Verticals
4.3 AI Governance Market: Top 3 Verticals and Regions
4.4 AI Governance Market, By Vertical

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Government Initiatives to Leverage the AI Technology
5.2.1.2 Increasing Need for Building Trust in AI Systems and Growing Demand for Transparency in AI Decisions
5.2.1.3 Growing Regulatory Compliances Around the Technology
5.2.2 Restraints
5.2.2.1 Establishing Comprehensive Ethical Principles for AI
5.2.3 Opportunities
5.2.3.1 Reduction in Gender Bias and Discrimination Through the Use of AI
5.2.4 Challenges
5.2.4.1 Inadequate AI Expertise and Skills
5.2.4.2 Clean and Relevant Data Required to Train Ml Algorithms
5.3 Common AI Governance Principles
5.4 Use Cases
5.5 Regulatory Implications
5.5.1 General Data Protection Regulation
5.5.2 Governance, Risk, and Compliance Standards
5.5.3 Health Information Technology for Economic and Clinical Health
5.5.4 Health Insurance Portability and Accountability Act
5.5.5 Federal Trade Commission
5.5.6 Securities Financing Transactions Regulation

6 AI Governance Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Platforms
6.2.1.1 Increasing Need for A Comprehensive Solution to Build AI Governance Solutions to Drive the Growth of the Platforms Segment
6.2.2 Software Tools
6.2.2.1 Software Tools to Provide an Effective Way for Helping Enterprises Add AI Governance Capabilities Into the Existing Architecture
6.3 Services
6.3.1 Consulting
6.3.1.1 Need for an Enhanced Strategic Outlook, Improved Performance Efficiencies, and Business Transformation to Drive the Growth of Consulting Services
6.3.2 Integration
6.3.2.1 Need for Feasible Integration Services to Drive the Growth of Integration Services
6.3.3 Support and Maintenance
6.3.3.1 Complexity of Operations and the Need for Regular Assistance During the Software Life Cycle to Foster the Growth of Support and Maintenance Services

7 AI Governance Market, By Vertical
7.1 Introduction
7.2 Banking, Financial Services, and Insurance
7.2.1 Cost Associated With Compliance Requirements to Boost the Adoption of AI Governance in the BFSI Vertical
7.3 Government and Defense
7.3.1 AI Governance Solution to Become Critical in Government and Defense Areas Such as Autonomous Weapons and Crime Fighting Models
7.4 Healthcare and Life Sciences
7.4.1 Healthcare and Life Sciences Organizations to Adopt AI Governance Solutions to Manage Medical Treatments and Diagnosis Effectively
7.5 Media and Entertainment
7.5.1 Growing Data Privacy Concerns to Create Demand for AI Governance Solutions in the Media and Entertainment Vertical
7.6 Retail
7.6.1 Product Recommendation and Planning to Become Crucial in the Retail Vertical to Adopt AI Governance Solutions
7.7 Telecom
7.7.1 Telecom Vertical to Adopt AI Governance Solutions for the Effective Management of Assets
7.8 Automotive
7.8.1 AI Governance Solutions to Become Crucial in Self-Driving Cars
7.9 Others

8 AI Governance Market, By Region
8.1 Introduction
8.2 North America
8.2.1 United States
8.2.1.1 Government Initiatives to Establish Guidelines for Ethical AI to Boost the Adoption of AI Governance Solutions in the Us
8.2.2 Canada
8.2.2.1 Increasing Adoption of AI Technology Among the Banking and Retail Industry to Drive the Adoption of AI Governance in Canada
8.3 Europe
8.3.1 United Kingdom
8.3.1.1 Increasing Adherence to Compliance Policies Regarding AI Technology to Boost the Adoption of AI Governance Solutions in the UK
8.3.2 Germany
8.3.2.1 Manufacturing and Automotive Industry to Adopt AI Solutions in Germany
8.3.3 France
8.3.3.1 France's Governmental Initiatives to Become an AI Hub to Drive the Adoption of AI Governance
8.4 Asia Pacific
8.4.1 China
8.4.1.1 Heavy Investments in Advanced Technologies to Boost the Adoption of AI Governance Solutions in China
8.4.2 Japan
8.4.2.1 Increasing Digitalization Initiatives to Provide Opportunities to Deploy AI Governance Solutions in Japan
8.4.3 India
8.4.3.1 Initiatives on Advanced Technologies Would Enhance the Adoption of AI Governance Solutions in India
8.4.4 Singapore
8.4.4.1 Government Initiatives to Enhance the Adoption of AI Governance in Singapore
8.4.5 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Middle East and Africa
8.5.1.1 Increasing Investments in Advanced Technologies to Drive the Growth of AI Governance in Mea
8.5.2 Latin America
8.5.2.1 Growing Technological Advancements to Drive the Growth of AI Governance in Latin America

9 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/tihnyl

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