AI Governance Market is Projected to Reach US$ 3.22 Billion by 2034, Expanding at a 26.9% CAGR

Developing Ethical Guidelines for AI Development Becoming Necessary with Growing Popularity of Technology: Fact. MR Report

As stated in the newly published report by Fact.MR, a market research and competitive intelligence provider, the global AI governance market is estimated to reach US$ 298.5 million in 2024 and escalate at a CAGR of 26.9% between 2024 and 2034.

The need for strong artificial intelligence (AI) governance is growing as the technology develops quickly and penetrates more industries. The broad range of uses of this technology, spanning from public services and transportation to healthcare and banking, highlights the urgent need for extensive legal frameworks. Concerns about AI's possible biases, ethical ramifications, and social effects are as great as its promise to transform industries and improve lives. Governments, corporations, and tech executives are realizing that effective governance is essential to maximizing AI's advantages and minimizing its hazards.

The need for AI governance arises from the technology's potential to improve accountability, safeguard privacy, foster responsible innovation, and increase transparency. Clear norms and supervision procedures are increasingly necessary as AI systems become more autonomous and influential in decision-making processes. A concerted attempt to create a future in which AI works for humanity's best interests, building trust and optimizing social benefits, is reflected in the worldwide movement for AI governance.

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Key Takeaways from Market Study:

The global AI governance market is forecasted to reach a valuation of US$ 3.22 billion by the end of 2034.

Among different enterprise sizes for the employment of AI governance, small offices are projected to hold a share of 37.1% by 2034.

In North America, the market in Mexico is projected to progress at a CAGR of 30.6% between 2024 and 2034.

The East Asia market is estimated to hold a share of 30.7% in 2024, with an estimated revenue of US$ 91.6 million for the same year.

The market in South Korea is projected to reach US$ 231.2 million by the year 2034.

The market in the United States is analyzed to hold a share of 75.3% by the end of 2034.

“Increasing public trust in AI technologies is making the demand rise for AI governance all around the world,” says a Fact.MR analyst.

Leading Players Driving Innovation in the AI Governance Market:

IBM Corporation; Scale AI; Microsoft; MOSTLY AI; H2O.ai; Kintsugi; Google; Arthur; SAP; Abzoids; Protopia AI; TruEra.

UX and Blockchain Technology Making AI Governance More Efficient than Ever

Advanced explainable AI (XAI) approaches are making complicated AI systems more visible, allowing stakeholders to understand and trust AI decision-making processes. For both public approval and regulatory compliance, more transparency is essential. The governance process is being streamlined by automated AI auditing tools, which make it possible to evaluate AI systems for bias, fairness, and regulatory compliance more quickly and thoroughly. Organizations of all sizes now more easily access governance thanks to these technologies.

Blockchain technology is being used to improve accountability and traceability by producing permanent recordings of AI decision-making. This invention is especially useful in high-stakes fields like banking and healthcare.
By enabling AI models to be trained on decentralized data, federated learning approaches reduce the requirement for data sharing and minimize privacy hazards, so addressing concerns about data privacy. These developments are encouraging responsible AI research and deployment by improving AI governance and making it more attractive, efficient, and successful for enterprises throughout the globe.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the AI governance market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on component (platform, services), and enterprise size (small offices, small enterprises, medium-sized enterprises, large enterprises, very large enterprises), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

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