AI Governance Market: - An Overview
AI (Artificial Intelligence) technology is the replica of human intelligence processes by machines, specifically computer systems and for that AI governance acts as an interface between humans and the machine. AI is a multi-purpose technology with the ability to transform industrial and organizational processes. AI governance can be used by various industry to develop both online and offline capabilities such as real-time offer management, automated checkout systems, and improved behavior analytics. The demand for AI governance from data science application is also growing significantly over last few years, owing to its application for data governance, process optimization, training, and others.
AI governance is used for monitoring and evaluating algorithms for risk, effectiveness, bias and high return-on-investment. Particular applications of AI include expert systems, which are generally included in the AI governance. For instance, in August 2019, Microsoft has launched Digital Governance Tech Tour that will help to accelerate the digital India initiative. The project contains a number of virtual and physical sessions and aims at preparation 5,000 staff over a one-year span. It includes delivery of intelligent cloud computing skills and AI to government officials across entire country.
Impact of COVID-19 Pandemic Outbreak on AI Governance Market
During the COVID-19 crisis, remote working brings productivity challenges and new security risks. The various industry including healthcare, automotive and others requires the support of advanced technologies such as, Internet of Things (IoT), Artificial Intelligence (AI), Big Data and Analytics, to fight and look ahead against the new COVID-19 crises.
Healthcare sectors are in an urgent need for decision-making technologies to handle COVID-19 virus and help them in getting proper suggestions in real-time to avoid its spread. AI is one of such technology which can easily track the spread of this COVID-19 virus, identifies the high-risk patients, and is useful in controlling this infection in real-time. Hence, AI governance market is estimated to grow by 2.5X from 2019-2020 and would see a surge in demand amid the COVID-19 outbreak, as growing adoption in healthcare industry becomes the new norm. Moreover, the overall AI governance market is projected to grow at an increasing rate, Q1 2021 onwards.
AI Governance Market: Drivers and Challenges
The major factor which is driving the AI Governance market is the increasing need for building trust in AI systems and rising demand for transparency in AI decisions throughout the world. The vendors of AI governance are more focused on advancements in AI, cloud solution & services by adding machine learning algorithm to it, and deep learning frameworks. Such major factors are fuelling AI governance market growth. Continuous developments and implementation of AI governance solutions to identify the effective way to achieve business goals, is creating opportunities for growth for the AI governance market.
The rising government initiatives to leverage the benefits of AI technology, reduce the gap between ethics and accountability, and modernization of data warehouse structure are the several key applications contributing to the growth of the AI governance market.
However, establishing comprehensive ethical principles for artificial intelligence and high investment cost are some of the factors which hampers the growth of AI governance market.
AI Governance Market: Segmentation
The AI governance market has been segmented on the basis of component, verticals and region.
The AI governance market is segmented on the basis of component:
The AI governance market is segmented on the basis of verticals:
AI Governance Market: Competition Landscape
Some of the prominent players providing AI governance solution are IBM Corporation, Google, Facebook, Microsoft Corporation, SAS Institute Inc., Pymetrics, Inc., among others. These vendors are doing strategic partnerships and collaborations with technology organizations to expand their customer bases and retain the market positions.
AI Governance Market: Regional overview
By geography, the AI governance market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and MEA. Among these regions, North America region is expected to dominate the global market for AI governance due to the highest presence of AI governance solution providers in this region followed by Europe. East Asia and South Asia & Pacific are expected to witness double-digit growth, in terms of revenue, in the global AI governance market, due to the growing adoption of AI-powered services, in this region.
The AI governance market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The AI governance market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
Regional analysis includes: