According to a new market research report "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", published by MarketsandMarkets, the AI governance market size is expected to grow from USD 51 million in 2020 to USD 316 million by 2025, at a CAGR of 44.3% during the forecast period.
The increasing government initiatives to leverage the benefits of AI and increasing need for building trust in AI systems are some of the major factors driving the growth of the AI governance market.
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The solution segment to hold the largest market size during the forecast period
The AI governance solution refers to the platform and software tools, which provides end-to-end AI governance solutions to AI developers, data scientists, business users, and IT architects across different verticals. This solution helps in collaborating, building, and running AI solutions, and enable companies integrate the Machine Learning (ML) capabilities to their existing applications.
The automotive segment to grow at a higher CAGR during the forecast period
Autonomous transportation is one of the areas in the automotive vertical where the AI governance solutions are expected to be playing a major role because if autonomous vehicle makes a mistake in decision making it can directly lead to the loss of life. There are lot of initiatives happening in the development of self-driving cars. Unfortunately, various incidents of accidents are still there and require special attention. Therefore, as self-driving cars can have major role in making life and death-related decisions, they are expected to become major adopter of AI governance solution.
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North America estimated to lead the AI governance market size during the forecast period
North America is estimated to account for the highest market share of the AI governance market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. North America exhibits a wide presence of key industry players offering AI governance solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
IBM (US), Google (US), Facebook (US), AWS (US), Microsoft (US), Salesforce.com (US), SAP (Germany), FICO (US), 2021.AI (Denmark), ZestFinance (US), SAS Institute (US), Pymetrics (US), H2O.AI (US), and integrate.ai (Canada) are some of the leading companies operating in this market.
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