An Account of the Steps Deployed by Top 10 AI Governance Companies

The recent years have marked an upsurge in collaborations and activities associated with the formulation of AI-related standards. While top AI governance companies across various industries worldwide are keen to tap into the potential of AI (artificial intelligence) deployment, policymakers are concerned about the numerous associated risks such as security, safety, and reputation loss, among others. Such concerns have paved the way to AI governance solutions which involves a framework of protocols, regulations, methodologies, and technologies that align with a company’s objectives, strategies, and legal obligations. The solutions help enterprises adhere to the ethical principles associated with AI usage when fulfilling their business objectives.

The OECD (Organization for Economic Co-operation and Development), the G7 (Group of Seven), the ISO (International Organization for Standardization), and the UNESCO (United Nations Educational, Scientific and Cultural Organization), among others are some of the organizations depicting an active interest in developing AI-related policies. The rising emphasis of regulatory bodies on the establishment of robust governance frameworks is touted to offer remarkable growth opportunities for industry participants.

According to Fortune Business Insights, the global market for AI governance is projected to grow from USD 176,788 thousand in 2024 to USD 2,291,494 thousand by 2032, exhibiting a CAGR of 37.7% over 2024 to 2032. In 2023, the market value stood at USD 125,886 thousand.

To gain an edge over rival companies, top AI governance companies are placing a heightened emphasis on the development and launch of advanced solutions. The top 10 players and the steps adopted by them to strengthen their industry positions have been provided below:

1. Microsoft Corporation: 

Microsoft Corporation places a robust emphasis on AI governance for ensuring the ethical and responsible use of AI. In April 2024, the company entered a collaboration with Cloud Software Group Inc. for the development of generative AI and cloud solutions for a range of users across the globe. During the same month, the company also struck a partnership with Axel Springer SE focused on the areas of content and advertising, AI, and cloud computing.

2. IBM Corporation:

IBM Corporation offers advanced consulting and technology services. The company is focused on the ethical development and deployment of AI. The company is known for its comprehensive AI governance principles and frameworks centered on the responsible creation and use of AI. In June 2024, IBM Corporation joined forces with AWS for delivering AI governance solutions. The integration of IBM watsonx.governance with Amazon SageMake provides governance, risk management, and compliance capabilities streamlining the AI model. In addition, IBM entered a partnership with Telefonica Tech for the development of a data and AI governance solution for businesses.

3. SAP SE:

SAP SE is dedicated to ensuring the responsible development and deployment of AI technologies. The company is known for its comprehensive offerings in the areas of customer relations and business operations. In May 2024, SAP SE and Amazon Web Services entered a partnership for helping enterprises enhance their efficiency with gen AI capabilities and transform modern cloud enterprise resource planning. During the same month, the company also forged a partnership with IBM Corporation for the development of industry-specific cloud solutions equipped with generative AI capabilities. The solutions would help customers in the optimization of their business outcomes.

4. FICO:

FICO is committed to ensuring the responsible use and development of AI technologies, with a particular emphasis on accountability and transparency. In April 2024, Cognizant joined forces with FICO for the rollout of a real-time cloud-based payment fraud prevention solution.    In June 2023, VeriPark and FICO entered a strategic alliance for revolutionizing the financial services industry through the use of AI technology decision making and digital transformation.

5.H2O.ai, Inc.:

H2O.ai, Inc., provides machine learning and AI technology and is committed to ensuring the responsible usage and development of AI technologies. In February 2024, the company launched Danube, an AI tool and a large language model (LLM), for mobile devices. The solution has been named after the second-largest river in Europe. Back in May 2023, the company also rolled out two fully open-source products – H2OGPT, a generative AI product, and LLM Studio, a no-code development framework.

6. Informatica LLC:

Informatica LLC is a data management solutions provider renowned for its comprehensive data governance, data quality, and data integration products. The company emphasizes the responsible usage of AI governance to promote the accurate, transparent, and ethical deployment of AI technologies. In June 2024, Informatica LLC and Databricks Inc. entered a collaboration for developing novel products such as IDMC and DBRX. The solutions would help in data management and governance. Besides, the company made it to the headlines in May 2024 for the rollout of new products for democratizing generative AI across enterprises with secure real-time access to data insights.

7. OneTrust, LLC:

OneTrust, LLC offers security solutions to businesses for the responsible use of AI technology and data. The platform helps enterprises in the secure handling of significant data, helping the team drive innovation for new solutions, while modifying governance, security, risk factor, and privacy. In May 2024, OneTrust, LLC rolled out new platform capabilities for helping businesses discover, secure, and responsibly use critical data. Back in May 2023, the company hit the headlines for the launch of OneTrust AI Governance solution for assisting businesses in monitoring the risk associated with AI technology.

8. Accenture:

Accenture offers an extensive range of solutions and services in the areas of consulting, strategy, operations, and technology. The company has developed comprehensive principles and frameworks for guiding AI governance. In May 2024, Palo Alto Networks entered an extended strategic alliance with Accenture to combine Palo’s Precision AI technology and Accenture’s secure generative AI services. The solution would help businesses embrace the potential of cybersecurity with AI technology. In June 2023, Accenture announced an investment of USD 3 billion in the field of AI and data practice for a period of three years.

9. Salesforce.com, Inc.:

Salesforce.com, Inc., eases customer engagement for industry players and its Einstein 1 Platform is used by consumers for fulfilling their business requirements. In April 2024, the company rolled out two bundled solutions, comprising data governance bundle and implementation bundle. The solutions have been launched to assist IT teams in the secure designing and deployment of AI capabilities.

10. Credo AI:

Credo AI offers responsible AI platforms that offer the continuous oversight, responsibility, and governance of AI. In June 2024, Credo AI forged a collaboration with RNL (Ruffalo Noel Levitz) to boost AI governance in higher education.

Future of AI Governance: Soaring Significance of Transparency and Trust in Retail Sector

The coming years are anticipated to foresee a mounting demand for trust and transparency when using AI systems, promoting the adoption of advanced AI governance solutions. One of the prominent industries embracing the power of AI is the retail sector, which is slated to witness the deployment of these solutions for tackling common issues and performance enhancement. Furthermore, the benefit of easy access to historical datasets for government agencies and healthcare establishments is set to push product demand.