AI Governance Market Size to Witness Substantial Uptake Amid Privacy Concerns | Estimated to Hit USD 2.7 Billion by 2031
Increasing focus on ethical AI, strict regulations, transparency prerequisites, and risk mitigation are key drivers stimulating the AI Governance market growth.
PORTLAND, OREGON, UNITED STATES, August 4, 2023/EINPresswire.com/ — The Global AI Governance Market Size was anticipated to be worth $80.78 million in 2021 and is expected to increase at a CAGR of 42.1% from 2022 to 2031 to reach $2.7 billion.
According to the notion of AI governance, ML technologies must be appropriately researched and developed in order to aid humanity in navigating AI systems fairly. By addressing issues connected to the right to knowledge and potential violations, AI governance seeks to close the accountability-ethics gap that has emerged in technological breakthroughs.
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AI Governance is undergoing significant evolution as organizations grapple with the responsible and ethical deployment of artificial intelligence technologies. One prominent trend is the growing emphasis on transparency and accountability. Stakeholders demand transparency in AI decision-making processes, pushing companies to disclose how algorithms function and make choices. This trend is driving the development of explainable AI models that provide understandable insights into AI-driven decisions, enhancing trust among users and regulators.
Another noteworthy trend is the emergence of regulatory frameworks. Governments and industry bodies are recognizing the need to establish guidelines and standards for AI usage. These regulations touch on issues like data privacy, bias mitigation, and fairness. As a result, organizations are incorporating compliance measures to align with these evolving mandates, shaping AI systems that adhere to ethical practices and legal requirements.
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Collaborative AI governance is also gaining traction. As AI technologies span various domains, stakeholders from diverse backgrounds are coming together to shape governance models. These collaborations involve AI developers, ethicists, policymakers, and advocacy groups, fostering discussions on best practices and ensuring a holistic approach to AI ethics.
The AI Governance market is witnessing a surge in demand for AI audit and monitoring tools. Organizations are recognizing the need to continuously assess their AI systems for biases, risks, and compliance deviations. This trend has led to the development of AI auditing solutions that help track and evaluate AI decision-making, enabling organizations to proactively address issues and maintain the integrity of their AI applications.
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Due to its huge industrial base, government programs to support innovation, and high purchasing power, North America dominated the global market for AI governance in 2021 and is predicted to continue doing so over the forecast period. Companies that often utilize AI governance to reduce costs, enhance end users, and increase worker productivity are contributing to the expansion of the AI governance industry, which is predominantly focused in the U.S. However, Asia Pacific is anticipated to experience considerable growth over the course of the projection period due to the region’s predicted rise in the market and the rising need for intelligent virtual assistants.
The key players profiled in the AI governance market analysis are Amazon Web Services, Inc., QlikTech International AB, TIBCO Software Inc., Meta, SAP SE, International Business Machines Corporation, SAS Institute Inc., Salesforce, Inc., Microsoft Corporation and Alphabet Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI governance industry.
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David Correa
Allied Analytics LLP
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