The ai model risk management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI Model Risk Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The AI model risk management market size has grown rapidly in recent years. It will grow from $5.32 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to the deployment of AI models across global markets, growing concerns around insurance coverage and liability associated with AI model failures, increasing awareness among stakeholders about the potential risks associated with AI models, and adoption of AI across industries necessitates robust risk management frameworks and driving towards improving operational efficiency through effective management of AI model risks and governance.
The AI model risk management market size is expected to see rapid growth in the next few years. It will grow to $11.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to increasing regulatory scrutiny and requirements for managing AI models, increasing board and executive oversight of AI model risk management practices, a heightened awareness of ethical implications of AI, and risks associated with cybersecurity threats targeting AI models. Major trends in the forecast period include rapid advancements in AI technologies, integration of AI model risk management with broader enterprise risk management frameworks, development of methodologies to quantify and assess risks associated with AI models, and continuous improvement and adaptation of AI model risk management strategies.
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Scope Of AI Model Risk Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI Model Risk Management Market Overview
Market Drivers –
The growing awareness of cyber security threats is expected to propel the growth of AI model risk management going forward. Cybersecurity threats are malicious activities targeting computer systems to steal, damage, or disrupt data, including malware, phishing, and DoS attacks, posing risks to digital security. Cybersecurity threats are increasing due to the growing reliance on digital technologies and the expanding attack surface for cybercriminals. AI model risk management for cybersecurity threats helps identify vulnerabilities, predict potential attacks, and enhance protective measures. For instance, in July 2022, the UK Department for Digital, Culture, Media, and Sport revealed that 39% of UK businesses experienced a cyber-attack in the past year, with an average estimated cost of $5,369.68 for medium and large businesses and $24,878.68 when considering only material outcomes such as loss of money or data. Therefore, the growing awareness of cyber security threats is driving the growth of the AI model risk management market.
Market Trends –
Major companies operating in the AI model risk management market are focusing on developing innovative solutions, such as advanced artificial intelligence (AI) models, to gain a competitive edge in the market. An advanced AI model refers to sophisticated artificial intelligence systems designed to perform complex tasks with high accuracy and efficiency. These models often leverage cutting-edge techniques in machine learning, deep learning, and natural language processing to analyze vast amounts of data, make predictions, and automate decision-making processes. For instance, in July 2024, Zendata, a US-based developer of a security platform, launched an advanced AI model and data usage scanning platform, enhancing governance, bias detection, and compliance across enterprise AI ecosystems. This innovative offering delivers comprehensive governance, bias detection, and compliance capabilities across entire AI and data ecosystems, addressing the growing need for transparent and responsible AI deployment in enterprises.
The AI model risk management market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Mode: Cloud-Based, On-Premise
3) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Application: Model Documentation, Model Governance, Model Monitoring, Model Validation
5) By Industry Vertical: Financial Services, Healthcare, Insurance, Telecommunications
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Regional Insights –
North America was the largest region in the AI model risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI model risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the AI model risk management market are Amazon.com Inc., Google LLC, Microsoft Corporation, Accenture plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young, Oracle Corporation, KPMG International Limited, SAP SE, Moody’s Analytics, Sas Institute Inc, DataBricks Inc, Teradata Corporation, Palantir Technologies Inc., Fair Isaac Corporation, The MathWorks Inc, DataRobot Inc, H2O.ai, LogicGate, LogicManager< /b>
Table of Contents
1. Executive Summary
2. AI Model Risk Management Market Report Structure
3. AI Model Risk Management Market Trends And Strategies
4. AI Model Risk Management Market – Macro Economic Scenario
5. Global AI Model Risk Management Market Size and Growth
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32. Global AI Model Risk Management Market Competitive Benchmarking
33. Global AI Model Risk Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI Model Risk Management Market
35. AI Model Risk Management Market Future Outlook and Potential Analysis
36. Appendix
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