Global AI Governance Market: Overview
Artificial intelligence or AI is the buzzword of present times. Rise in government initiatives and measures for optimal utilization of AI technology and for making AI systems more trustable. Furthermore, there has been a rising demand for more transparency in decisions pertaining to AI technology. These factors are likely to fuel growth of the global AI governance market. However, better understanding of AI skills and data are required for leveraging its benefits in years to come.
The process of AI governance comprise framework and policies that comes with the objective of developing, designing and constantly supervising algorithms and the models of Machine Learning (ML). The purpose behind this is to make sure that the outcomes remain free from any kind of bias. Government needs to emphasize and focus on accountable, transparent, and ethical utilization of AI systems.
The global AI Governance market has been segmented on the basis of three parameters, namely vertical, component, and region.
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Global AI Governance Market: Notable Developments
The following development in the global AI Governance market reveals the changing market dynamics:
- In January 2019, Facebook made an announcement of its partnership with the Technical University of Munich and its internal project, named Fairness Flow. Fairness Flow comes with various tools that can produce metrics to figure out if unintended metrics exist in some specific models or not.
A few of the leading market vendors of the global AI Governance market are as mentioned below:
- SAS Institute
- Facebook Inc.
- Pymetrics Inc.
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Global AI Governance Market: Key Trends
In all likelihood, the following drivers, restrains, and opportunities are going to shape the future course of the global AI Governance market during the study period, from 2019 to 2027.
AI Governance Gains Popularity to Answer Calls for Fairness in Decision Making Processes
In the last few years, there has been a rise in the implementation of AI technologies across many sectors in a bid to automate various business processes, which would lessen cost of production, facilitate effective decision making, and offer upper hand over others in the face of high competition. Augmented demand for intelligent business systems to increase overall productivity and improve performance. AI technology comes to cater to these organizational needs, as a remarkable rise in adoption of AI technologies among various organizations could be seen. Various AI tools like machine learning models and algorithms are becoming increasingly vital in these processes.
It is expected that the global AI governance market will be driven by growing significance of AI governance solutions in the processes of decision making. Many companies have already started streamlining their efforts to safeguard image of their brands as there are ethical, financial and other risks associated with the use of AI technologies. The companies are also streamlining efforts to meet new requirements of shareholders and customers. As such, an immediate need to create ethical framework to make sure that deployment, development, and design of AI are free from any kind of biases. This is likely to ensure fair outcomes from AI technology as in some cases these AI algorithms could act with unfairness.
However, the global AI governance market is still in a nascent stage. Many leading technological companies are striving to come up with AI powered governance platforms and tools.
Global AI Governance Market: Geographical Analysis
The global AI Governance market has been divided into the regions of Latin America, North America, Europe, Middle East and Africa, and Asia-Pacific. Regional segmentations help in better understanding of market dynamics that are at play in the regions.
In the global AI governance market, North America is estimated to emerge as a leading regional segment in times to come. Adoption of AI technologies is quite high in the continent. Apart from adoption, a lot of activities are going on in the research and development sector of AI technology in North America, which is likely to shoot up the demand for AI governance in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.