Generative AI Market Growth Analysis & Forecast Report | 2023-2032

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AI Governance Market Growth Potential Forecast,
2032
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• Industry Insights

• The rapid adoption of AI technologies across
  several industries and the rising concerns about
  ethical, legal, and societal implications to
  ensure responsible and accountable AI adoption
  will drive the market growth. Several regulatory
  bodies and governments are increasingly
  recognizing the importance of AI governance to
  protect consumer rights, and privacy, and
  mitigate biases. The growing awareness among
  multiple organizations about the reputational and
  financial risks associated with unethical AI
  practices has prompted the need to prioritize
  governance measures, further fuelling the market
  growth.
• AI governance market from the services segment
  reached USD 45 million in 2022. The growth can be
  attributed to the increasing focus of
  organizations on seeking external expertise to
  ensure compliance with ethical guidelines and
  regulatory requirements. Of late, there has been
  a significant rise in the number of service
  providers offering AI governance consulting,
  auditing, and implementation services.

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• The cloud-based AI governance market is projected
  to record over 52 CAGR till 2032, attributed to
  rising demand from SMEs with insufficient
  resources and infrastructure to support
  on-premises installations. Cloud-based solutions
  are cost-effective as they help organizations to
  avoid upfront infrastructure expenditures and pay
  for AI governance solutions on subscription or
  use basis. Subsequently, the increasing
  popularity of cloud-based solutions will anchor
  the market development.

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• Regional Analysis

• Europe AI governance market is projected to reach
  USD 1 billion by 2032. Several government bodies
  in the region are aggressively implementing AI
  technology across different industries, including
  healthcare, manufacturing, banking, and
  transportation, contributing to the adoption of
  AI governance solutions. Furthermore, Europe is
  at the forefront of AI regulation, with the EU
  taking substantial measures to build ethical and
  legal frameworks for AI. The emergence of several
  regulations, including the General Data
  Protection Regulation and the upcoming AI Act
  will also boost the regional industry outlook.

• Competitive Analysis

•  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.

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