AI Trust, Risk, and Security Management Market: Opportunities for Investment and Development
The global market for AI trust, risk, and security management (AI TRiSM) is experiencing significant growth, projected to reach a value of USD 1.96 billion in 2023 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 21.3% from 2024 to 2030. This surge is primarily driven by the increasing demand for ethical AI practices. Organizations are becoming increasingly aware of the ethical and societal implications of AI applications, leading to a growing need for comprehensive frameworks that ensure fair and responsible AI deployment. AI TRiSM solutions play a crucial role in establishing trust by addressing ethical concerns, thereby promoting a positive image for AI technologies. Organizations are actively seeking AI governance solutions to manage the AI lifecycle responsibly, while evolving regulations are mandating AI TRiSM practices to ensure compliance. As consumers become more informed, there is a growing demand for AI applications that prioritize trust, security, and ethical considerations.
The adoption of AI technology is expanding across various industries and industry verticals. While most AI providers claim that their solutions are designed to ensure adequate data security and privacy protection, concerns over AI-related risks, such as invasion of privacy and compromised data security, persist. Calls for ensuring trust and transparency in AI usage, particularly in the face of growing concerns related to discriminatory algorithms, data breaches, and AI-powered surveillance systems, are putting pressure on organizations to demonstrate responsible AI practices. To address these concerns, organizations are increasingly adopting AI TRiSM solutions to not only mitigate AI-related risks but also to build public trust by enhancing their brand image and market reputation.
Gather more insights about the market drivers, restrains and growth of the AI Trust, Risk And Security Management Market
Type Segmentation Insights
Explainability Segment
The Explainability segment was the top revenue generator in 2023. This is due to the growing recognition of the importance of building trust in AI systems. Industries like healthcare, finance, and autonomous driving, where AI decisions can have significant real-world consequences, are particularly focused on transparency.
Enhanced explainability not only fosters trust but also helps organizations comply with regulations for responsible AI usage. As a result, businesses investing in AI TRiSM solutions are prioritizing explainability to ensure accountability, mitigate risks, and navigate the complex ethical and governance landscape of AI.
ModelOps Segment
The ModelOps segment is poised for significant growth in the coming years. ModelOps involves the entire lifecycle management of AI and ML models, from development to deployment and maintenance. The increasing complexity of AI models and their widespread integration into various business processes has created a demand for efficient and reliable ModelOps solutions.
A key driver of this segment's growth is the exponential increase in the number of deployed AI models across different industries.
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