AI Governance Market to be Worth $1,418.3 Million by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 15, 2023 /PRNewswire/ -- The global AI governance market size is projected to reach USD 1,418.3 million by 2030, according to a study conducted by Grand View Research, Inc., recording a 35.6% CAGR during the forecast period. Owing to the increasing benefits of Al, businesses, and governments across the globe are beginning projects to adopt artificial intelligence (Al) and machine learning (ML) technologies and establish themselves as market leaders. To embrace Al governance solutions, government organizations from many nations are creating councils, new rules and regulations, and frameworks. The main goals of governments using Al governance solutions are to increase public trust in Al technology and to preserve private information and civil rights. Additionally, several businesses have established committees in partnership with suppliers of Al solutions, academic institutions, and research centers to identify risk issues for Al technology.

Key Industry Insights & Findings from the report:

• The global market is forecasted to expand at a CAGR of 35.6% over the forecast period.
• Based on vertical, the government and defense segment dominated the market for AI governance in 2022.
• Healthcare facilities across the globe are utilizing AI systems to identify diseases through a patient's voice or a chest x-ray. Several nations have also proposed surveillance systems to track the person-to-person spread of several viruses. From Asia to Europe, several organizations from the public & private sectors have joined forces to track the spread of the various viruses using AI-based technology.
• The solutions segment is anticipated to expand throughout the projected time frame for several reasons, including increasing user adoption for AI-based systems, growing dependency, among others.
• Prominent players in the market include ABB, DXC Technology Company, IBM, Infosys, Microsoft, NTT Data, Oracle, SAP SE, Siemens, Tata Communication Services (TCS), TIBCO

Read full market research report with TOC, "AI Governance Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment (On-Premises, Cloud), By Organizational Size (Large Enterprise, SMEs), By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

AI Governance Market Growth & Trends

Cloud providers progressively implement ethical norms and principles to ensure AI workloads, which are developed and utilized responsibly. Cloud providers work with governing bodies, regulatory agencies, and other organizations to create AI governance frameworks. These collaborations pool knowledge from several fields to create comprehensive and efficient AI governance frameworks. For instance, In February 2022, Virtana announced the creation of a platform for managing hybrid cloud installations that use machine learning, artificial intelligence, and data analytics. With this platform's observability, customers can manage app workloads in private, public, multi-cloud, and hybrid environments.

Explainability and transparency are critical components of AI governance in healthcare. Healthcare professionals and patients must comprehend how AI algorithms function to enhance patient care. Healthcare AI governance frameworks strongly emphasize the requirement for concise and open explanations of AI algorithms' operation. All medical technologies are developed by businesses or through public-private partnerships. IoT has several applications in healthcare and can improve physician treatment delivery while keeping patients healthy and safe. As a result, there is an increase in demand for Al governance in healthcare, which is projected to fuel the growth of the segment in the future.

North America is one of the early adopters of AI technologies and is predicted to generate substantial prospects for industry growth. For instance, the U.S. national plan has recommended the creation of an AI research & development and implementation framework to assist organizations in integrating ethical considerations into the R&D while maintaining public engagement and better organization marketing. Additionally, the American government is actively implementing AI governance measures. Following the Department of Defense's AI strategy aims, the government announced adopting AI ethical standards, easing the moral and legal use of AI systems by the U.S. military and related companies.

AI Governance Market Segmentation

Grand View Research has segmented the global AI governance market based on component, deployment, organization size, vertical, and region

Artificial Intelligence (AI) Governance Market - Component Outlook (Revenue, USD Million; 2017 - 2030)

• Solution
• Services

Artificial Intelligence (AI) Governance Market - Deployment Outlook (Revenue, USD Million; 2017 - 2030)

• On-Premises
• Cloud

Artificial Intelligence (AI) Governance Market - Organization Size Outlook (Revenue, USD Million; 2017 - 2030)

• Large Enterprise
• SMEs

Artificial Intelligence (AI) Governance Market - Vertical Outlook (Revenue, USD Million; 2017 - 2030)

• BFSI
• Government and Defense
• Healthcare and life sciences
• Media and Entertainment
• Retail
• IT and Telecommunication
• Automotive
• Others (Education, Travel and Tourism, Manufacturing and Etc.)

Artificial Intelligence (AI) Governance Market - Regional Outlook (Revenue, USD Million; 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Kingdom of Saudi Arabia (KSA)
• UAE
• South Africa

List of Key Players in Artificial Intelligence (AI) Governance Market

• ABB Ltd
• DXC Technology Company
• IBM Corporation
• Infosys Ltd
• Microsoft Corporation
• NTT Data
• Oracle Inc
• SAP SE
• Siemens SA
• Tata Communication Services (TCS) Ltd
• TIBCO

Check out more market research studies published by Grand View Research:

• Smart Cities Market - The global smart cities market size is expected to reach USD 3,728.3 billion by 2030, according to the new reports of Grand View Research, Inc. The market is expected to expand at a CAGR of 25.8% from 2023 to 2030. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market's growth during the forecast period.
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• Energy Management Systems Market - The global energy management systems market size is expected to reach USD 111.86 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to expand at a CAGR of 13.3% from 2023 to 2030. Soaring installation of Energy Management Systems (EMS) has emerged as an invaluable practice to enhance performance and sustainable energy efficiency. Stakeholders have prioritized energy reduction to minimize greenhouse gas emissions and costs and boost the energy supply chain. EMS is poised to gain ground with utilities seeking increased operational control and visibility. Prominently, the expanding footfall of smart buildings has expedited the installation of smart grids and smart meters, thereby bolstering market growth.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.