AI governance market to grow by USD 520,771.88 thousand from 2023 to 2027|North America will account for 30% of the market growth – Technavio

NEW YORK, Nov. 13, 2023 /PRNewswire/ — The global AI governance market size is estimated to grow by USD 52,0771.88 thousand from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  34.64%. The growth momentum will progress during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 30%. One of the key factors driving the rapid growth of the AI governance market in North America is the significant presence of government organizations, technology companies, and research institutes, who play a crucial role and are actively involved in setting AI governance rules and practices. In addition, there is research and innovation in AI governance driven by collaborations between academic institutions and industrial companies. Hence, such factors are expected to boost the AI governance market growth in this region during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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AI Governance Market – Segmentation Assessment
Segment Overview
Technavio has segmented the AI Governance Market by end-user (government and defense, healthcare ABD life sciences, BFSI, retail, and others), component (solution and services), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

The government and defense segment is estimated to witness significant growth during the forecast period. One of the major end-users of the AI governance market is the government and defense segments, as governments around the world understand the importance of having effective AI governance frameworks in place to ensure responsible and ethical application of these technologies. Furthermore, the application of AI governance techniques in defense is highly dependent on parameters such as data security, algorithmic transparency, and compliance with ethical regulations. Thus, these applications are expected to drive the growth of this segment which in turn will drive the growth of the AI governance market during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report

AI Governance Market – Market Dynamics

Key Driver – 

One of the key factors driving the artificial intelligence (AI) governance market growth is the increasing adoption of AI technologies across industries.Factors such as the growing use of AI technologies in industries such as aerospace and defense, healthcare, and BFSI are significantly driving the growth of the AI governance market.Some of the holistic AI governance techniques adopted in organizations include AI ethical frameworks and algorithmic audits. Therefore, these factors are notably driving the growth of the AI governance market during the forecast period.

Leading Trend – 

The adoption of enterprise AI by SMEs is the primary trend in the artificial intelligence governance market. Owing to the rising complexity and opacity of AI systems, there is an increasing need for equipment to test and understand the decision-making processes of AI algorithms.One of the main purposes of algorithmic accountability is to hold AI systems accountable for their activities, especially when those actions have an impact on humans or society. Such developments will improve transparency, reduce bias, and offset any potential negative effects of AI algorithms.Thus, these factors are expected to fuel the growth of the AI governance market during the forecast period. 

Significant Challenge – 

The lack of universally accepted standards and frameworks for AI governance is one of the major challenges to the growth of the market.The AI landscape will be fragmented with different methods and practices without a standardized governance framework, leading to inequalities in accountability and transparency.This inconsistency will make it difficult for many organizations, governments, and regulators to create clear policies, enforce compliance, and promote trust in AI systems. It is essential to develop worldwide recognized standards and frameworks to ensure responsible and equitable implementation of AI while minimizing risks and maintaining public trust in AI technology.Hence, such factors are expected to impede the AI governance market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this AI Governance Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the AI governance market between 2023 and 2027Precise estimation of the AI governance market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the AI governance market across North America, Europe, APAC, Middle East and Africa, and South AmericaA thorough analysis of the market’s competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of AI governance market vendors

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Table Of Contents 

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio