AI in Governance Market Size Worth $4,797.50 Million By 2032 | CAGR: 44.50%

The global ai in governance market size is expected to reach USD 4,797.50 million by 2032, according to a new study by Polaris Market Research. The report “AI in Governance Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services), By Deployment (On-Premises, Cloud), By Organizational Size, By Vertical, By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing advantages of artificial intelligence (AI) and machine learning (ML), businesses and governments worldwide are undertaking initiatives to adopt these technologies in the market. To effectively implement AI governance solutions, government organizations in numerous countries are establishing councils, developing new regulations, and creating frameworks. The primary objectives of governments utilizing AI governance solutions are to enhance public trust in AI technology and safeguard individual privacy and civil rights. Furthermore, several businesses have formed committees with AI solution providers, academic institutions, and research centers to identify and address risk issues associated with AI technology.

Cloud providers increasingly incorporate ethical norms and principles into their practices to ensure responsible development and utilization of AI workloads. These providers collaborate with governing bodies, regulatory agencies, and other organizations to establish AI governance frameworks. These collaborations harness expertise from diverse fields to create comprehensive and effective frameworks for governing AI. For example, in February 2022, Virtana introduced a platform to manage hybrid cloud deployments leveraging machine learning, artificial intelligence, and data analytics. Through this platform's observability capabilities, customers gain the ability to efficiently manage application workloads across private, public, multi-cloud, and hybrid environments.

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In healthcare, explainability and transparency play vital roles in AI governance. Healthcare professionals and patients must clearly understand how AI algorithms operate to improve patient care. Healthcare AI governance frameworks prioritize the need for concise and transparent explanations of AI algorithms' functionality. Medical technologies are developed by businesses or through collaborative efforts between public and private entities. The Internet of Things (IoT) finds numerous applications in healthcare and has the potential to enhance physician treatment delivery while ensuring patient safety and well-being.

The U.S. national plan has recommended establishing an AI research and development (R&D) framework that prioritizes ethical considerations. This framework aims to assist organizations in integrating ethical practices throughout the R&D process while ensuring public engagement and effective marketing strategies. The goal is to promote responsible and transparent AI development that aligns with societal values and addresses potential risks and concerns. By incorporating ethical considerations into AI R&D, the plan seeks to foster public trust and confidence in AI technologies and their applications.

AI in Governance Market Report Highlights

• Government & defense segment held the largest share, owing to large scale plans and concerned investments
• Solutions segment anticipated to witness steady growth, owing to the increasing usage in the AI systems, and growing dependency on automation
• Healthcare segment witnessed steady growth, due to huge untapped avenues in the medial science, and current limitations in diagnosis process
• The global players include ABB Ltd, DXC Technology Company, IBM Corporation, Infosys, Microsoft Corporation, NTT Data, Oracle Inc, SAP, Siemens, Tata Communication Services, and TIBCO

Polaris Market Research has segmented the AI in governance market report based on component, deployment, organization size, vertical, and region:

AI in Governance, Component Outlook (Revenue - USD Million, 2019 - 2032)

• Solution
• Services

AI in Governance, Deployment Outlook (Revenue-USD Million, 2019 - 2032)

• On-Premises
• Cloud

AI in Governance, Organization Size Outlook (Revenue-USD Million, 2019 - 2032)

• Large Enterprise
• SMEs

AI in Governance, Vertical Outlook (Revenue-USD Million, 2019 - 2032)

• BFSI
• Government and Defense
• Healthcare and life sciences
• Media and Entertainment
• Retail
• IT and Telecommunication
• Automotive
• Others

AI in Governance, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

AI in Governance Market Report Scope