Increase in efforts of government to deploy AI technology and secured and convenient data storage, drives the growth of the global AI trust, risk and security management market.
PORTLAND, Ore., June 20, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “AI trust, Risk and Security Management Market by Component (Solution and Services), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), Industry Vertical (IT and Telecom, BFSI, Manufacturing, Retail and E-commerce, Healthcare, Government, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032″ According to the report, the global generated $ 1.7 billion in 2022, and is estimated to reach $7.4 billion by 2032, witnessing a CAGR of 16.2% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Factors such as increase in efforts of government to deploy AI technology and secured and convenient data storage primarily drive the growth of the AI trust, risk and security management market. However, comprehensive ethical norms as a foundation for Al and insufficient awareness of Al hamper market growth to some extent. Moreover, Al may dramatically lessen gender-prejudice and are expected to provide lucrative opportunities for market growth during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1,692.53 Million |
| Market Size in 2032 | $7,397.28 Million |
| CAGR | 16.2 % |
| No. of Pages in Report | 346 |
| Segments covered | Component, Deployment Mode, Enterprise Size, Industry Vertical, and Region. |
| Drivers | Secured and convenient data storageIncreasing efforts of government to deploy AI technology |
| Opportunities | Al can dramatically lessen gender-based prejudice |
| Restraints | Insufficient awareness of AlComprehensive ethical norms as a foundation for Al |
Covid-19 scenario-
- As it has decimated the world, the COVID-19 pandemic has wreaked havoc on a variety of business.
- Moreover, during the pandemic condition, remote work offers substantial security hazards in addition to productivity issues.
- Modern technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) were required by a number of industries, including healthcare, the automobile industry, and others.
- Big Data and analytics are now used to anticipate and address the future challenges of COVID-19 crisis.
- In order to handle the pandemic and make suitable recommendations in real-time to stop its spread, the healthcare sectors urgently needed decision-making technology.
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The solution segment to rule the market
By component, the solution segment held the major share in 2022, garnering nearly one-third of the global AI trust, risk and security management market revenue, owing to privacy-preserving techniques to enable organizations to leverage AI while protecting sensitive information. Moreover, techniques such as differential privacy, secure multi-party computation, and encryption allow data to be analyzed without compromising individual privacy. The services segment would also showcase the fastest CAGR of 18.4% during the forecast period, owing to help organizations assess, implement, and manage AI-related security measures. These services provide guidance, expertise, and support in addressing the challenges and risks associated with AI adoption.
The on-premise segment to maintain its dominance during the forecast period
By deployment mode, the on-premise segment contributed to the highest share in 2022, accounting around one-third of the global AI trust, risk and security management market revenue, owing data privacy, compliance and regulatory requirements and protection against insider threats in the organization. This is attributed to trust, risk, and security management that play a crucial role in ensuring business continuity by implementing robust backup strategies, disaster recovery plans, and resilience measures. The cloud segment would also showcase the fastest CAGR of 19.4% throughout the forecast period, owing to the integrity, confidentiality, and availability of AI systems and data. Key factors related to the cloud segment in AI trust, risk and security management are storage, data protection, secure infrastructure and identity and access management.
The large enterprise segment to maintain its dominance during the forecast period
By enterprise size, the large enterprise segment contributed to the highest share in 2022, accounting around two-third of the global AI trust, risk and security management market revenue, owing to increased establish accountability and ensure compliance with internal policies, industry standards, and regulatory requirements. Large organizations may enhance the trustworthiness and security of their AI systems and mitigate the risks associated with AI adoption by addressing these aspects effectively. The small and medium-sized enterprise segment would also showcase the fastest CAGR of 18.4% throughout the forecast period, owing to the trustworthiness and security of their AI systems and mitigate the risks associated with AI adoption by addressing these aspects effectively.
The IT and telecom segment to dominate by 2032
By industry vertical, the IT and telecom segment accounted for nearly two-fifth of the global AI trust, risk and security management market share in 2022, and is expected to rule the boost by 2032, owing to robustness, availability, and resilience of 5G network platforms are being given more attention to accommodate innovative commercial and mission-critical use cases. The manufacturing segment would also display the fastest CAGR of 20.4% throughout the forecast period, owing to the manufacturer to better anticipate trends and keep a close eye on their processes and production capacity. Nevertheless, it allows them to base such decisions on more accurate real-time data.
Asia-Pacific garnered the major share in 2022
Region-wise, North America garnered the highest share in 2022, holding nearly one-third of the global AI trust, risk and security management market revenue in 2022, and is projected to retain its dominance by 2032, owing to the increase in adoption and growth of advanced and latest technology, such as cloud computing, artificial intelligence (AI), and machine learning (ML). The integrated smart processes and breakthroughs of technical developments have entirely revolutionized the landscape of the IT industry and, in turn, encouraged the drive for the implementation of efficient and secure AI solutions. The Asia-Pacific region would also portray the fastest CAGR of 18.6% during the forecast period, owing to strong technological capabilities, encouraging governmental regulations on advanced technologies such as AI, ML, automation and IoT.
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Leading Market Players-
- International Business Machines Corporation
- SAP SE
- SAS Institute Inc.
- Oracle Corporation
- Rapid7
- At&T Intellectual Property
- LogicManager, Inc.
- ServiceNow
- Moody’s Analytics, Inc.
- Rsa Security LLC.
The report analyzes these key players in the global AI trust, risk and security management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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