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In modern life, Artificial Intelligence(AI) has now become a real-world application technology. The appropriate adoption and usage of AI technology can provide significant benefits for society and economies. The rise in AI implementation across the globe in various sectors such as healthcare, transportation, education, etc., has increased public safety and security concerns, increasing the demand for AI governance.
The concept of AI governance is that there should be a legislative framework to ensure that Machine Learning (ML) technologies are thoroughly explored and systematically developed to assist humankind in adopting AI technology fairly. AI (Artificial Intelligence) governance is concerned with assessing and monitoring algorithms for efficiency, return on investment (ROI) risk, and bias.
The primary goal of AI governance is to bridge the gap between accountability and ethics in technological progress. For instance, according to a survey report of The Centre for the Governance of AI from June 2019, 8 out of 10 Americans believe AI and robots should be supervised appropriately. And on the other hand, according to Accenture Research, 82% of federal executives predict that within two years, "AI will work alongside humans as a coworker, collaborator, and trusted advisor." To grow their confidence in automated systems for frequently life-changing decisions, the workforce will need a high level of trust that AI governance could achieve and fill the gaps.
With the expanding benefits of AI, businesses and governments worldwide are adopting various steps to adopt AI and machine learning technology and establish themselves as industry leaders. As a result, government organizations worldwide are forming councils, developing new norms and rules, and designing AI governance solutions. However, since AI technology is in an early stage and is facing continuous advancements, there are no appropriate ethical rules. The standardization of regulations and policies could be difficult to achieve.
Key Market Driver -
• Government initiatives to use AI technology are on the rise, which can boost the AI governance market. • Rising demand to develop trust in AI systems and the requirement for transparency in AI technology
Key Market Restraint -
• Lack of broad ethical rules for artificial intelligence could retrain the market.
The key service providers operating in the AI governance market among others are, TIBCO Software, SAS Institute, Google, Microsoft, SparkCognition, Fiddler Labs, DarwinAI, AWS, IBM, FICO, Zest AI, Pymetrics, H2O.ai, Informatica, Ataccama, Qlik Facebook, SAP, Salesforce, DataRobot, Dataiku, KyndiMindsDB, Integrate.AI, Untangle AI, Truera, Genie AI, AnotherBrain, 2021.AI, and Diveplane. These companies have used different organic and inorganic growth tactics, such as new product releases, product advancements, partnerships, and mergers and acquisitions. For instance, in February 2021, the acquisition of Tellstory by Ataccama has been announced. The acquisition furthers Ataccama's goal of enabling businesses and data teams to innovate at breakneck speed while retaining data trust, security, and governance.
North America is currently leading the market and expected to dominate during the forecasted 2021-2028. The region's economies are well-established, allowing AI governance vendors to invest in new technology. United States has taken advantage of AI, machine learning, and deep learning technology. Europe is predicted to show the highest CAGR during the forecasted period. The rise in commitment towards AI regulatory standards would help accelerate AI governance solutions and boost its market.
The Asia Pacific is expected to show enormous growth during the forecasted period as the region is adopting the technology rapidly. Various countries such as Australia, China, Singapore, and South Korea are working in AI governance and building foundations to construct principles, standards, and guidelines for AI. For instance, The Beijing AI principles were announced in May 2019 by the Chinese Academy of Sciences and the BAT to provide guidelines on AI R&D, implementation, governance, and long-term planning.
Middle East and Africa are expected to show promising growth during the forecasted period. According to a report published by Microsoft, EY joint study unveils that the UAE has been the second-largest regional investor in artificial intelligence over the last decade. Also, the various region is seeing tremendous growth in the use of AI technologies in recent years, which cloud be the driving factor for the market. Similarly, South America is also expected to show steady growth as the region is rapidly adopting AI technology.
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