AI in Governance Market: Enhancing Trust and Fostering Responsible AI Development

Artificial Intelligence (AI) is a novel technology that tries to mimic the cognitive functions associated with human minds. The term “AI” was coined by American cognitive scientist John McCarthy in the mid-1950s. Back then, AI was mainly limited to research due to memory limitations and computing constraints.

But with the rise in computing power and the availability of vast amounts of data, AI has gained significant traction in the 21st century. Today, AI has a wide range of applications in several sectors, including healthcare, education, and governance. In this blog post, we take a look at how the AI in governance market is expanding and what factors are fueling its growth. Continue reading!

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What exactly is AI in Governance?

Simply put, AI in governance is a broad framework that oversees an organization’s use of AI using various tools, processes, and methodologies. These frameworks aim to bridge the gap between ethics and accountability in technological advancements by delivering transparent AI systems.

AI is being rapidly used to automate tasks and streamline operations in several industries worldwide. As such, governance has adopted a more noteworthy role and is emphasized more than in the past. AI in governance mainly focuses on AI, given that it relates to crucial aspects such as data quality and justice. All in all, AI in governance seeks to determine how much influence AI algorithms can have on our daily lives and who’s controlling or monitoring them.

Industry Analysis

According to a new study by Polaris Market Research & Consulting Market Research and Consulting, the AI in governance market size was USD 121.59 million in 2022 and is expected to grow at a CAGR of 44.4%, generating an estimated revenue of USD 4,797.50 million during the forecast period.

Key Concerns AI in Governance Seeks to Address

?Below are some of the major concerns AI in governance can address:

·???????Assessing the safety of AI systems

·???????Determining what sectors are best suited for AI automation

·???????Establishing legal frameworks around the use of AI

·???????Dealing with moral and ethical concerns about AI

Growth Drivers

The demand for AI governance solutions that can address AI systems' legal and societal implications has increased with the growing prevalence of AI across several sectors. As a result, the AI in governance market has seen the emergence of various tools and platforms that facilitate AI governance practices. These solutions help identify biases and ensure fairness by allowing users to understand the reasoning behind AI algorithms.

Addressing algorithmic prejudice is an important aspect of AI governance. Platforms and tools for bias detection and reduction aid in identifying biases and training algorithms. That way, firms can easily mitigate biases and take corrective actions to promote fairness and inclusivity.

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North America Region Dominates the Market

The North America region accounted for a significant share of the AI in governance market in 2022. The region’s strong position in the industry is largely because of the development of new AI regulations and businesses' early adoption of AI tools. Besides, governmental bodies in the U.S. are actively involved in developing new plans and regulations to address concerns about AI technology.?