during the forecast period. Various factors such as increase in government initiatives to leverage the AI technology, rise in need for building trust in AI systems and growth in demand for transparency in AI decisions, and growth in regulatory compliances around the technology are expected to drive the adoption of the AI governance solutions and services.
New York, March 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AI Governance Market by Component, Deployment Mode, Organization Size, Vertical And Region - Global Forecast to 2026" - https://www.reportlinker.com/p05816394/?utm_source=GNW
Managing and monitoring credit, market, liquidity, and operational risk across financial markets was hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes.The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk.
COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation and how outdated technologies are obstacles to effective policymaking.As a result, many governments started rushing towards identifying, evaluating, and procuring reliable solutions powered by AI.
Healthcare facilities globally have been turning toward AI systems to identify infections through people’s voices or chest x-rays.Various governments have proposed tracking tools to monitor the virus’ spread person-to-person.
From Asia to Europe, several public sector entities have collaborated with the private sector to utilize AI-based services to monitor the spread of the virus. COVID-19 has accelerated the need to operationalize Ethical AI principles. In order to help practitioners, navigate these challenges, the World Economic Forum’s AI and ML platform created the Procurement in a Box package, which aims to unlock public sector adoption of AI through government procurement.
The solutions segment to have largest market size during the forecast period
The AI governance market has been segmented based on components into solutions and services.The solutions segment is divided into platforms and software tools.
AI governance solutions provide an effective way for helping enterprises add AI governance capabilities into the existing architecture.From automation to augmentation and beyond, AI is already changing how business gets done.
Companies are using AI solutions to automate tasks such as fraud detection or vetting resumés and loan applications leading to the higher adoption of AI governance solutions. The services segment, on the other hand, has been bifurcated into integration, consulting, and support and maintenance services.
The on-premises segment to have the highest CAGR during the forecast period
By deployment mode, the AI governance market has been segmented into on-premises and cloud.The tools developed for on-premise deployment can work with mass amounts of compute power, which can be expensive in the cloud.
Sometimes it becomes more economical for customers to do this on premises or prefer a capital expense to an operational expense model. This leads to the adoption of on-premises deployment mode.
Large enterprises segment to have the largest market size during the forecast period
The AI governance market has been segmented by organization size into large enterprises and SMEs.The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period.
The requirement to meet regulatory compliances, including data privacy needs and financial reporting, lead to the adoption of AI governance solutions in large enterprises.
Among regions, Europe to account for highest CAGR during the forecast period
North America is expected to hold the largest market size in the global AI governance market.In contrast, Europe is expected to grow at the highest CAGR during the forecast period.
European Commission is taking various AI initiatives such as the Digital Services Act to create oversight for how internet platforms use AI. This is the major driving factor for the adoption of AI governance solutions in Europe.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the AI governance market.
• By Company: Tier I: 34%,Tier II: 43%, and Tier III: 23%
• By Designation: C-Level Executives: 50%, D-Level Executives: 30%, and Managers: 20%
• By Region: APAC: 30%, Europe: 30%, North America: 25%, MEA: 10%, Latin America: 5%
The report includes the study of key players offering AI governance solutions and services.It profiles major vendors in the global AI governance market.
The major vendors in the global AI governance market are include include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), QlikTech International AB (US), TIBCO Software Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (Salesforce), FICO (US), Zest AI (US), Pymetrics Inc. (US), H2O.ai, Inc. (US), Informatica LLC (US), Ataccama Corporation (Canada), DataRobot, Inc. (US), Dataiku (US), Kyndi, Inc. (US), SparkCognition, Inc. (US), Fiddler Labs, Inc. (US), DarwinAI (Canada), Truera (US), Genie AI Ltd. (UK), MindsDB Inc. (US), integrate.ai Inc. (Canada), Untangle AI Pte Ltd (Singapore), AnotherBrain (France), Diveplane Corporation (US), and 2021.AI (Denmark).
The market study covers the AI governance market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment mode, organization size, vertical, and region.
It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall AI governance market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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