AI governance is based on the concept that a legislative framework should be in place to make sure the appropriate research and development of machine learning (ML) technologies to assist humankind to direct legally through artificial intelligence systems. In addressing issues concerning the right to be informed and potential violations, AI governance objects to close the gap present in technological developments amidst accountability and ethics. Increasing adoption of artificial intelligence (AI) in several sectors such as economics, transportation, business, healthcare, education, and public safety, the prominence of AI governance is growing rapidly. With the rising benefits of AI, organizations and governments across the world are taking various initiatives to adopt artificial intelligence and machine learning technologies. Thus, the government organizations from several countries are taking serious steps to deploy AI governance by establishing councils, initiating new standards and guidelines and designing frameworks. Few examples considering government initiatives to propel AI are, recently India adopted the world’s largest WhatsApp Chabot “MyGov Corona Helpdesk”, a 24 hours helpdesk developed by Haptik which is handling millions of various queries in both English and Hindi languages. AI technology has changed the present era with its machine learning and thinking abilities. That has made a positive impact on society through various functions. On the other hand, initiation of comprehensive ethical principles for AI and the dearth of technically skilled people in emerging economies may constrain the growth of the AI governance market globally.

Moreover, the reduction in gender inequality and differentiation by using AI is projected to generate lucrative opportunities in the AI governance market worldwide. In addition, the increasing government initiatives to leverage the advantages of AI technology minimize the gap between ethics and accountability, and up gradation of data warehouse structure are the various major applications contributing to the growth of the AI Governance Market. Proactive customer experience by automating backend process to minimize human error, with the help of AI, is projected to accelerate the growth of AI in the BFSI market. Furthermore, the chatbots and Robo-Advisors for financial products and smart wallets are few other factors which boost the market growth.

The global AI Governance Market is segregated on the basis of Component as Solutions, Platform, Software Tools, Services, Training, Consulting and Integration. Based on Deployment Mode the global AI Governance Market is segmented in Cloud and On-premise. Based on Enterprise Size the global AI Governance Market is segmented in Small & Medium Scale Enterprise and Large Scale Enterprise. Based on Industry Vertical the global AI Governance Market is segmented in BFSI, Healthcare, Travel & Hospitality, Government, Automotive, IT & Telecommunication, Retail &e-commerce, Media & Entertainment and Others.

The global AI Governance Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI Governance Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Alphabet Inc., Microsoft Corporation, IBM Corporation, SAP SE, Salesforce.com, Inc. and others are among the major players in the global AI Governance Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In December 2020, AWS declared nine new Amazon SageMaker capabilities. The new capabilities are a purpose-built repository for prepared data, quicker data preparation, workflow automation, and higher transparency into training data to reduce bias and explain estimations, distributed training capabilities to train huge models up to two times quicker and model monitoring on edge devices.
• In October 2020, H2O.ai brought AutoML with Driverless AI to Equifax Ignite. The platform would allow Equifax Ignite users to effortlessly build and adopt ML models.
• In June 2020, the IBM updated AI Fairness 360 (AIF360) toolkit and included two functionalities in AI Fairness 360 toolkit: similar to sci-kit-learn and R. AIF360 can be used to identify fairness problems at training time from Watson Studio and use Watson OpenScale to identify fairness at runtime.
• In March 2019, Zest AI introduced the ZAML Fair AI tool to mitigate bias from the ML algorithm, by applying it to current models.

The global AI Governance Market has been segmented as below:

AI Governance Market, By Component

• Solutions
• Platform
• Software Tools
• Services
• Training
• consulting
• Integration

AI Governance Market, By Deployment Mode

• Cloud
• On-premise

AI Governance Market, By Enterprise Size

• Small & Medium Scale Enterprise
• Large Scale Enterprise

AI Governance Market, By Industry Vertical

• BFSI
• Healthcare
• Travel & Hospitality
• Government
• Automotive
• IT & Telecommunication
• Retail &e-commerce
• Media & Entertainment
• Others

AI Governance Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

AI Governance Market, By Company

• Alphabet Inc.
• Microsoft Corporation
• IBM Corporation
• SAP SE
• Salesforce.com, Inc.
• Amazon Web Services, Inc.
• QlikTech International AB
• TIBCO Software Inc.
• SAS Institute Inc.
• Facebook, Inc.
• FICO
• Zest AI
• Pymetrics Inc.
• H2O.ai, Inc.
• Informatica LLC.
• Ataccama Corporation
• DataRobot, Inc.
• Dataiku

The report covers the below scope:

• Global AI Governance Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global AI Governance Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global AI Governance Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global AI Governance Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI Governance Market share. Major industry players with significant revenue share include Alphabet Inc., Microsoft Corporation, IBM Corporation, SAP SE, Salesforce.com, Inc. and others.

Why to Buy this Report:

• Gain detailed insights on the AI Governance industry trends
• Find complete analysis on the market status
• Identify the AI Governance Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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