New York, USA, Nov. 29, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global AI model risk management market size is valued at USD 5,703.02 million in 2024. It is anticipated to generate an estimated revenue of USD 19,036.19 million by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 12.8% CAGR over the forecasted timeframe, 2025-2034.
Market Definition:
What is AI Model Risk Management Market:
The market for goods, services, and best practices that aid in identifying, assessing, and minimizing the risks connected to AI models is known as the AI model risk management market. Organizations are able to protect sensitive data and systems by implementing robust security measures and protocols with the help of AI Model risk management. By offering frameworks for evaluating and controlling the risks connected to models used in decision-making processes, it guarantees regulatory compliance.
Organizations can prevent costly mistakes, legal action, and harm to their reputation by practicing effective AI model risk management. An organization's reputation and stakeholder and customer trust can be improved by showcasing a strong commitment to AI model risk management. Strong risk management procedures allow businesses to confidently implement AI models, which can promote an innovative culture.
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Key Highlights from Report:
- The escalating demand for AI models, enhanced utilization of e-commerce, developments in secure data handling methods, and negative machine learning defenses are leading to market growth.
- The global AI model risk management market segmentation is primarily based on applications, offerings, risk type, regional and vertical outlook.
- The fastest CAGR over the forecast period is set to be experienced by Asia Pacific.
Key Players in Market:
- Alteryx
- AWS
- C3 AI
- DataBricks
- H2O.ai
- IBM
- iManage
- LogicGate
- LogicManager
- MathWorks
- Microsoft
- ModelOp
- SAS Institute
- UpGuard
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Market Developments:
Growth Drivers:
Growing Use of AI in Manufacturing Sector:
The global manufacturing industry is expanding significantly as businesses look to expand their markets and achieve operational scalability. Strong risk management is required for the integration of AI in robotics and automation in manufacturing in order to maintain the reliability, efficacy, and safety of automated systems, which will drive market expansion.
Quick Growth of E-Commerce:
AI technologies are widely used to improve various aspects of online retail as a result of the quick growth of e-commerce, which is being driven by rising internet penetration and shifting consumer behavior. Strong AI model risk management becomes essential as AI is increasingly incorporated into e-commerce platforms, which will accelerate the expansion of AI model risk management market.
Industry Trends:
Efforts in Collaboration: The importance of both internal and external collaboration is becoming more widely acknowledged by organizations. Traditional operational structures are being replaced within organizations by flexible, team-based methods. The cooperation initiatives go beyond organizations and include alliances with other businesses, academic institutions, and even rival businesses. The cooperative setting fosters an open culture and stimulates industry innovation.
Segmental Overview:
Fraud Detection and Risk Reduction Segment Accounted for Largest Market Share
In the applications segment, fraud detection and risk reduction sector accounted for the largest market share. This surge is because of a notable increase in digital transactions in the financial services, e-commerce, and other sectors, making them more vulnerable to fraudulent activity.
Healthcare and Life Science Category is Expected to Be Fastest Growing Market Segment
By providing remarkable accuracy and efficiency, the introduction and application of AI in healthcare and life sciences are transforming drug discovery, treatment planning, diagnostics, and patient care. This is leading to an anticipation that the healthcare and life science segment, from a vertical outlook, will have the fastest rate of market expansion.
Regional Insights:
North America: In 2024, the North American market for AI model risk management held the highest market share. The market's expansion has been further fueled by the presence of significant tech companies, rising investments in AI, and the requirement for strong risk management frameworks.
Asia Pacific: Throughout the forecast period, the Asia Pacific AI model risk management market is anticipated to expand at the fastest rate. This is because nations such as China, India, and Southeast Asia are developing their AI capabilities at a rapid pace, which has increased demand for strong risk management solutions to guarantee compliance and reduce possible risks.
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AI Model Risk Management Market Segmentation:
By Offering Outlook
- Software by Type
- Model Management
- Bias Detection
- Explainable AI Tools
- Others
- Software by Deployment Mode
- Cloud
- On-Premises
- Services
- Professional Services
- Consulting and Advisory
- Managed Services
- Others
By Risk Type Outlook
- Security Risk
- Ethical Risk
- Operational Risk
By Application Outlook
- Fraud Detection and Risk Reduction
- Data Classification and Labelling
- Sentiment Analysis
- Model Inventory Management
- Customer Segmentation and Targeting
- Regulatory Compliance Monitoring
- Other Applications
By Vertical Outlook
- Banking, Financial Services, And Insurance (BFSI)
- Government and Public Sector
- Healthcare and Life science
- IT & Telecommunication
- Manufacturing
- Media & Entertainment
- Retail & E-Commerce
- Other Verticals
By Regional Outlook
- North America
- US
- Canada
- Europe
-
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
-
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
-
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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