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AI Governance Market Size

Report ID: GMI6015
Published Date: Jul 2024
Report Format: PDF

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AI Governance Market Size

AI Governance Market size was valued at USD 145.5 million in 2023 and is anticipated to grow at a CAGR of over 52% between 2024 and 2032. The proliferating interest in ethical hacking and penetration testing is driving the market size. The increasing awareness about the vulnerabilities and risks associated with digital systems among organizations is raising the demand for ethical hackers and penetration testers to identify & address these weaknesses.

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The focus on ethical hacking and penetration testing is propelled by the need to enhance cybersecurity and protect against malicious attacks. This has led to the growth of companies providing ethical hacking services, vulnerability assessments, and penetration testing solutions. The rising interest in these practices highlights the importance of ethical behavior in the digital realm, fueling the market growth.

AI Governance Market Report Attributes
Report Attribute	Details
Base Year:	2023
AI Governance Market Size in 2023:	USD 145.5 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	52.8%
2032 Value Projection:	USD 5.4 Billion
Historical Data for:	2018 – 2023
No. of Pages:	200
Tables, Charts & Figures:	298
Segments covered:	Component, Deployment Mode, Organization Size, Application
Growth Drivers:	High rate of cybersecurity events across North America Growing data security and privacy concerns Integration of ethical AI and IoT technologies Proliferating interest in ethical hacking and penetration testing Growing investments in on-premises solutions by large enterprises
Pitfalls & Challenges:	Lack of trained & skilled personnel

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With AI and IoT applications becoming more prevalent in various industries, concerns about the ethical implications of these technologies are growing. Ethical AI and IoT solutions are witnessing high demand due to increasing focus on principles such as transparency, fairness, accountability, and privacy. This drive to develop and implement ethical AI & IoT systems is fueling the AI governance market growth with companies providing ethical AI & IoT services, consulting, and solutions.

The lack of trained & skilled professionals is hampering the AI governance industry growth. The demand for ethical practices in the digital realm is increasing; however, there is a shortage of individuals with the necessary knowledge & expertise in areas such as cybersecurity, ethical AI, privacy, and data governance. Moreover, owing to the complexities and evolving nature of AI governance, there is a growing need for professionals who can effectively navigate these ethical challenges. The shortage of trained personnel also limits the ability of organizations to implement and maintain robust ethical practices.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of AI governance reached USD 145.5 million in 2023 and is poised to witness 52.5% CAGR from 2024 to 2032, propelled by the proliferating interest in ethical hacking and penetration testing.

The solution segment is set to expand at 48% CAGR during 2024 to 2032, owing to the increasing implementation of robust frameworks to ensure ethical & responsible AI development and deployment across organizations.

North America held more than 40% of the market share in 2023 and is expected to observe over 50% CAGR through 2032, attributed to the increasing prevalence of cybersecurity risks.

Alphabet Inc., BigID, Capgemini, Deloitte, Everis, EY, Facebook Inc., IBM Corporation, KPMG, Looker, Maxwell IT, Microsoft Corporation, Oracle Corporation, PwC, SAP SE, SAS, Sovrin Foundation, and Stefanini are some of the leading enterprises in the industry.