Pune, Sept. 30, 2024 (GLOBE NEWSWIRE) -- AI Trust, Risk, and Security Management (AI TRISM) Market Size Analysis:
“The AI Trust, Risk, and Security Management Market is projected to reach USD 8.7 billion by 2032, growing at a CAGR of 17.9% during the forecast period of 2024-2032.”
With the adoption of artificial intelligence on the rise across many industries, the importance of managing AI risks, fostering trust, and meeting security frameworks has become paramount. AI TRISM solutions address the challenges of AI model governance, transparency, and accountability, enabling organizations to ensure the responsible use of AI technologies. The increased reliance on AI for many decision-making processes and the mounting regulatory pressure to ensure privacy and bias prevention have continued to be the major market growth influences for AI TRISM solutions.
Market Drives for AI Trust, Risk, and Security Management Growth
AI TRISM has become a strategic need because decision-making risks are growing along with the use of AI, including data breaches, model biases, ethics, and morals, the increased adoption of AI TRISM has been driven primarily by growing reliance on AI technologies. Companies in highly regulated industries, like healthcare, finance, and insurance, continue to invest in AI TRISM tools ensuring their AI models are explainable, not biased, and meet the industry regulations. In 2023, the AI Act implementing the ethical and safe use of AI was announced in Europe, underlining the importance of the governance framework for the technology. As regulatory pressure increases across the globe, enterprises continue to invest in AI TRISM solutions to ensure compliance and mitigate the risks for themselves and their clients while fostering trust. Moreover, AI systems are becoming more complex and the challenges in managing operational risks are increasing. The SNS report highlights that, by 2026, 40% of enterprises using AI will implement AI TRISM solutions to ensure the reliability and trustworthiness of their solutions.
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Major Players Analysis Listed in this Report are:
- IBM Corporation (IBM Watson OpenScale, IBM Cloud Pak for Security)
- Microsoft Corporation (Microsoft Azure AI, Microsoft Responsible AI Toolkit)
- Google LLC (Google AI Platform, Google Cloud AI Explainability)
- Amazon Web Services (AWS) (AWS SageMaker Clarify, AWS Identity and Access Management)
- Palantir Technologies (Palantir Foundry, Palantir Apollo)
- Salesforce, Inc. (Einstein AI, Salesforce Shield)
- SAP SE (SAP AI Core, SAP Business Technology Platform)
- Oracle Corporation (Oracle AI, Oracle Identity Governance)
- Accenture plc (Accenture Applied Intelligence, Accenture Cyber Intelligence Platform)
- Hewlett Packard Enterprise (HPE) (HPE InfoSight, HPE GreenLake AI)
- Cisco Systems, Inc. (Cisco SecureX, Cisco AI Network Analytics)
- Darktrace plc (Darktrace Enterprise Immune System, Darktrace Antigena)
- CrowdStrike Holdings, Inc. (CrowdStrike Falcon, CrowdStrike AI-Powered Threat Graph)
- Fortinet, Inc. (FortiAI, FortiGuard AI-driven Security Services)
- McAfee Corp. (McAfee MVISION Insights, McAfee Total Protection)
- Splunk Inc. (Splunk AI, Splunk Enterprise Security)
- SAS Institute Inc. (SAS Viya, SAS Model Risk Management)
- FireEye, Inc. (FireEye Helix, FireEye Endpoint Security)
- Bitdefender (Bitdefender GravityZone, Bitdefender AI Security Layer)
- Zebra Technologies Corporation (Zebra Savanna, Reflexis AI Workforce Management) and others.
AI Trust, Risk, and Security Management (AI TRISM) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.98 Billion |
| Market Size by 2032 | USD 8.7 Billion |
| CAGR | CAGR of 17.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The main factors projected to drive market expansion include increased government efforts to utilize AI technology • The growing demand for trustworthy AI systems, and the increasing need for transparent AI decision-making. |
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Segment Analysis
Which Segment is Estimated to Dominate in the Application?
In 2023, the governance and compliance segment held the largest market share of the AI TRISM market. This segment’s growth is driven by organizations’ need to ensure that their AI systems adhere to stringent governance protocols and comply with regulatory requirements such as the GDPR and CCPA. Governance solutions help companies track AI models’ performance, ensure data privacy, and mitigate biases. These are vital for maintaining trust and security in AI systems.
By Component: Solution Segment Dominates Market
The solution segment dominated the market in 2023, accounting for 69% of the total revenue share. This is primarily driven by the quick adoption of AI governance platforms and risk management solutions by organizations looking to ensure their AI systems comply and mitigate potential operational risks. The high demand for solutions that ensure transparency, security, and bias mitigation for AI models is seen mainly in industries with strict regulatory environments such as finance, healthcare, and manufacturing. The solutions segment is expected to maintain its lead throughout the forecast period as companies continue to adopt AI TRISM frameworks to ensure that their AI systems are ethical, secure, and adaptable to evolving global regulations.
By End-Use: IT and Telecommunications Segment Leads Market
In 2023, IT and telecommunications were the leading end-use segments for the AI TRISM market, as vast amounts of data processed by AI systems need to be protected. Telecommunications companies, in particular, are demanding that AI TRISM solutions comply with data privacy laws and eliminate the risk associated with the use of ai-based decision-making like network optimization and customer service automation.
AI Trust, Risk, and Security Management (AI TRISM) Market Segmentation:
By Component
- Solution
- Services
By Deployment
- On-premises
- Cloud
By Application
- Governance & Compliance
- Bias Detection & Mitigation
- Security & Anomaly Detection
- Privacy Management
By Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
By End-use
- IT & Telecommunication
- BFSI
- Manufacturing
- Retail & E-Commerce
- Healthcare
- Government
- Media & Entertainment
- Others
Which region is expected to dominate in the AI Trust, Risk, and Security Management Market?
North America led the market and accounted for 32% of revenue shares in 2023 due to an early adoption of the technology and a very strict regulatory environment. The United States already widely uses AI in finance, healthcare, and defense, requiring to manage the risks associated with this new technology. The FTC and other U.S. regulators will focus more on the transparency and ethical use of AI, which would drive demand for AI TRISM solutions. Furthermore, the EU’s AI regulation, such as the AI Act, will likely encourage the adoption of AI TRISM in Europe, where countries such as Germany and France have particularly been spearheading the development and use of AI with extensive security measures. The Asian market, on the other hand, is expected to have the highest annual growth rates. The increasing digitalization of all sectors of the economy in countries such as China, Japan, or India will create a high demand for AI TRISM as more and more companies using AI will take steps to manage their risks and ensure compliance with data privacy laws.
Recent Developments
- In 2023, Microsoft introduced its AI Risk and Compliance Management framework, designed to help organizations assess, mitigate, and monitor AI-related risks while ensuring compliance with global regulations.
- In early 2022, IBM launched its AI Governance solution, enabling enterprises to track and audit AI models throughout their lifecycle, ensuring adherence to ethical guidelines and industry regulations.
- In 2023, Google Cloud unveiled a set of tools to help companies implement AI model explainability, fairness, and transparency, aimed at reducing biases in AI systems and improving decision-making accountability.
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Key Takeaways:
- The AI TRISM market is growing due to the rising need for AI governance, risk management, and compliance across industries.
- Organizations are moving forward to improve the transparency, accountability and security of AI models to address regulatory challenges and build trust.
- As of 2023, the leading sector was the IT and telecommunications, but in other sectors, such as finance and healthcare, AI TRISM is being adopted at a rapid pace in response to regulatory challenges and a need for the trust in AI technology.
- The market is leady by North America for now, but Asia-Pacific will be the fastest growing region, due to a very fast adoption of AI and the oversight quickly catching up.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. AI Trust, Risk, and Security Management (AI TRISM) Market Segmentation, By Component
8. AI Trust, Risk, and Security Management (AI TRISM) Market Segmentation, By Deployment Mode
9. AI Trust, Risk, and Security Management (AI TRISM) Market Segmentation, By business function
10. AI Trust, Risk, and Security Management (AI TRISM) Market Segmentation, By Organization Size
11. AI Trust, Risk, and Security Management (AI TRISM) Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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