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:
- Salesforce.com
- SAS Institute
- Facebook Inc.
- Pymetrics Inc.
- 2021.AI
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.
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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.
