INFORMATION & COMMUNICATION TECHNOLOGY
Global AI Model Risk Management Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global AI Model Risk Management Market, By Offering (Software and Services), Risk Type (Security Risk, Ethical Risk, and Operational Risk), Application (Fraud Detection and Risk Reduction, Data Classification and Labelling, Sentiment Analysis, Model Inventory Management, Customer Segmentation and Targeting, Regulatory Compliance Monitoring, and Others), Vertical (BFSI, Retail and eCommerce, Telecom, Manufacturing, Healthcare and Life Sciences, Media and Entertainment, IT/ITeS, Government and Public Sector, and Others), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global AI Model Risk Management market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
The global AI Model Risk Management (AI MRM) market focuses on managing the risks associated with artificial intelligence (AI) and machine learning (ML) models used in various industries. AI Model Risk Management refers to the process and practices employed by organizations to identify, assess, mitigate, and monitor risks associated with the development, deployment, and use of artificial intelligence (AI) models. As AI applications become more pervasive in various industries, ensuring the reliability, fairness, transparency, and compliance of AI models has become increasingly critical. AI MRM aims to address these concerns and mitigate potential risks effectively.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Increasing adoption of AI technologies
- Demand for comprehensive risk management solutions
RESTRAINTS
- Lack of standardization
- Complexity and opacity of AI models
OPPORTUNITIES
- Cross-industry collaboration and knowledge sharing
- Talent development and skill enhancement
CHALLENGES
- Rapid evolution of technologies
- Cybersecurity risks
SEGMENTATION
- Offering
- Software
- Type
- Model Management
- Monitoring and Performance
- Testing and Validation
- Governance and Compliance
- Automated Retraining and Deployment
- Collaborative Development
- Bias Detection and Fairness Tools
- Explainable AI Tools
- Risk Scoring and Stress Testing Tools
- Security and Privacy Management Tools
- Deployment
- Cloud
- On-Premises
- Services
- Professional Services
- Consulting and Advisory
- Integration and Deployment
- Support and Maintenance
- Training and Education
- Managed Services
- Risk Type
- Security Risk
- Ethical Risk
- Operational Risk
- Application
- Fraud Detection and Risk Reduction
- Data Classification and Labelling
- Sentiment Analysis
- Model Inventory Management
- Customer Segmentation and Targeting
- Regulatory Compliance Monitoring
- Others
- Vertical
- BFSI
- Credit Risk Assessment
- Algorithmic Trading
- Anti-Money Laundering Monitoring
- Market Risk Analysis
- Loan Default Prediction
- Others
- Retail and eCommerce
- Demand and Sales Forecasting
- Customer Churn Prediction
- Personalized Recommendations
- Return and Refund Risk Management
- Customer Lifetime Value Prediction
- Others
- Telecom
- Network Performance Monitoring
- Customer Experience Management
- Usage Pattern Analysis
- Service Reliability Prediction
- Revenue Assurance
- Others
- Manufacturing
- Predictive Maintenance
- Quality Control
- Production Line Risk Management
- Lean Manufacturing Optimization
- Others
- Healthcare and Life Sciences
- Patient Risk Stratification
- Predictive Diagnostics
- Clinical Trial Optimization
- Drug Safety Monitoring
- Healthcare Cost Management
- Others
- Media and Entertainment
- Audience Segmentation
- Content Recommendation Systems
- Ad Targeting Optimization
- Engagement Analytics
- Content Demand Forecasting
- Others
- IT/ITeS
- IT Infrastructure Risk Management
- Data Privacy Compliance Prediction
- Incident Response Optimization
- Service Level Agreement Compliance Prediction
- System Downtime Prediction
- Project Risk Management
- Others
- Government and Public Sector
- Public Health Surveillance
- Disaster Response Planning
- Crime Prediction and Prevention
- Incident Response Optimization
- Tax Fraud Detection
- Social Services Eligibility Verification
- Others
- Others
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, and segments as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- Microsoft
- IBM
- SAS Institute
- Empowered Systems
- Armilla AI
- Krista
- UpGuard
- C3 AI
- DataBricks
- AuditBoard
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global AI Model Risk Management Market, by Offering
- 3.2 Global AI Model Risk Management Market, by Risk Type
- 3.3 Global AI Model Risk Management Market, by Application
- 3.4 Global AI Model Risk Management Market, by Vertical
- 3.5 Global AI Model Risk Management Market, by Geography
- 3.6 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Regulatory scrutiny and compliance requirements
- 5.1.2 Awareness of bias and fairness
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Increasing adoption of AI technologies
- 5.2.2 Demand for comprehensive risk management solutions
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 Lack of standardization
- 5.3.2 Complexity and opacity of AI models
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Cross-industry collaboration and knowledge sharing
- 5.4.2 Talent development and skill enhancement
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Rapid evolution of technologies
- 5.5.2 Cybersecurity risks
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL AI MODEL RISK MANAGEMENT MARKET, BY OFFERING
- 6.1 Offering Summary
- 6.2 Market Attractive Index
- 6.3 Global AI Model Risk Management Market, by Offering (2019-2032)
- SECTION 7 - GLOBAL AI MODEL RISK MANAGEMENT MARKET, BY RISK TYPE
- 7.1 Risk Type Summary
- 7.2 Market Attractive Index
- 7.3 Global AI Model Risk Management Market, by Risk Type (2019-2032)
- SECTION 8 - GLOBAL AI MODEL RISK MANAGEMENT MARKET, BY APPLICATION
- 8.1 Application Summary
- 8.2 Market Attractive Index
- 8.3 Global AI Model Risk Management Market, by Application (2019-2032)
- SECTION 9 - GLOBAL AI MODEL RISK MANAGEMENT MARKET, BY VERTICAL
- 9.1 Vertical Summary
- 9.2 Market Attractive Index
- 9.3 Global AI Model Risk Management Market, by Vertical (2019-2032)
- SECTION 10 - GLOBAL AI MODEL RISK MANAGEMENT MARKET, BY GEOGRAPHY
- 10.1 Regional Summary
- 10.2 Market Attractive Index
- 10.3 Global AI Model Risk Management Market, by Geography (2019-2032)
- SECTION 11 - NORTH AMERICA AI MODEL RISK MANAGEMENT MARKET
- 11.1 North America Summary
- 11.2 Market Attractive Index
- 11.3 North America AI Model Risk Management Market, by Offering (2019-2032)
- 11.4 North America AI Model Risk Management Market, by Risk Type (2019-2032)
- 11.5 North America AI Model Risk Management Market, by Application (2019-2032)
- 11.6 North America AI Model Risk Management Market, by Vertical (2019-2032)
- 11.7 North America AI Model Risk Management Market, by Country (2019-2032)
- 11.7.1 U.S.
- 11.7.2 Canada
- 11.7.3 Mexico
- 11.7.4 Rest of North America
- SECTION 12 - EUROPE AI MODEL RISK MANAGEMENT MARKET
- 12.1 Europe Summary
- 12.2 Market Attractive Index
- 12.3 Europe AI Model Risk Management Market, by Offering (2019-2032)
- 12.4 Europe AI Model Risk Management Market, by Risk Type (2019-2032)
- 12.5 Europe AI Model Risk Management Market, by Application (2019-2032)
- 12.6 Europe AI Model Risk Management Market, by Vertical (2019-2032)
- 12.7 Europe AI Model Risk Management Market, by Country (2019-2032)
- 12.7.1 Germany
- 12.7.2 U.K.
- 12.7.3 France
- 12.7.4 Italy
- 12.7.5 Spain
- 12.7.6 Russia
- 12.7.7 The Netherlands
- 12.7.8 Belgium
- 12.7.9 Turkey
- 12.7.10 Rest of Europe
- SECTION 13 - ASIA-PACIFIC AI MODEL RISK MANAGEMENT MARKET
- 13.1 Asia-Pacific Summary
- 13.2 Market Attractive Index
- 13.3 Asia-Pacific AI Model Risk Management Market, by Offering (2019-2032)
- 13.4 Asia-Pacific AI Model Risk Management Market, by Risk Type (2019-2032)
- 13.5 Asia-Pacific AI Model Risk Management Market, by Application (2019-2032)
- 13.6 Asia-Pacific AI Model Risk Management Market, by Vertical (2019-2032)
- 13.7 Asia-Pacific AI Model Risk Management Market, by Country (2019-2032)
- 13.7.1 China
- 13.7.2 India
- 13.7.3 Japan
- 13.7.4 South Korea
- 13.7.5 Singapore
- 13.7.6 Malaysia
- 13.7.7 Australia
- 13.7.8 Thailand
- 13.7.9 Philippines
- 13.7.10 Rest of Asia-Pacific
- SECTION 14 - SOUTH AMERICA AI MODEL RISK MANAGEMENT MARKET
- 14.1 South America Summary
- 14.2 Market Attractive Index
- 14.3 South America AI Model Risk Management Market, by Offering (2019-2032)
- 14.4 South America AI Model Risk Management Market, by Risk Type (2019-2032)
- 14.5 South America AI Model Risk Management Market, by Application (2019-2032)
- 14.6 South America AI Model Risk Management Market, by Vertical (2019-2032)
- 14.7 South America AI Model Risk Management Market, by Country (2019-2032)
- 14.7.1 Brazil
- 14.7.2 Argentina
- 14.7.3 Chile
- 14.7.4 Colombia
- 14.7.5 Rest of South America
- SECTION 15 - MIDDLE EAST AND AFRICA AI MODEL RISK MANAGEMENT MARKET
- 15.1 Middle East and Africa Summary
- 15.2 Market Attractive Index
- 15.3 Middle East and Africa AI Model Risk Management Market, by Offering (2019-2032)
- 15.4 Middle East and Africa AI Model Risk Management Market, by Risk Type (2019-2032)
- 15.5 Middle East and Africa AI Model Risk Management Market, by Application (2019-2032)
- 15.6 Middle East and Africa AI Model Risk Management Market, by Vertical (2019-2032)
- 15.7 Middle East and Africa AI Model Risk Management Market, by Country (2019-2032)
- 15.7.1 Kingdom of Saudi Arabia
- 15.7.2 South Africa
- 15.7.3 U.A.E.
- 15.7.4 Egypt
- 15.7.5 Rest of Middle East and Africa
- SECTION 16 - COMPANY SHARE ANALYSIS
- 16.1 Global AI Model Risk Management Market, Company Share Analysis
- 16.2 North America AI Model Risk Management Market, Company Share Analysis
- 16.3 Europe AI Model Risk Management Market, Company Share Analysis
- 16.4 Asia-Pacific AI Model Risk Management Market, Company Share Analysis
- SECTION 17 - COMPANY PROFILES
- 17.1 Microsoft
- 17.1.1 Company Snapshot
- 17.1.2 Financial Overview
- 17.1.3 Product Portfolio
- 17.1.4 Recent Developments
- 17.2 IBM
- 17.2.1 Company Snapshot
- 17.2.2 Financial Overview
- 17.2.3 Product Portfolio
- 17.2.4 Recent Developments
- 17.3 SAS Institute
- 17.3.1 Company Snapshot
- 17.3.2 Financial Overview
- 17.3.3 Product Portfolio
- 17.3.4 Recent Developments
- 17.4 Empowered Systems
- 17.4.1 Company Snapshot
- 17.4.2 Financial Overview
- 17.4.3 Product Portfolio
- 17.4.4 Recent Developments
- 17.5 Armilla AI
- 17.5.1 Company Snapshot
- 17.5.2 Financial Overview
- 17.5.3 Product Portfolio
- 17.5.4 Recent Developments
- 17.6 Krista
- 17.6.1 Company Snapshot
- 17.6.2 Financial Overview
- 17.6.3 Product Portfolio
- 17.6.4 Recent Developments
- 17.7 UpGuard
- 17.7.1 Company Snapshot
- 17.7.2 Financial Overview
- 17.7.3 Product Portfolio
- 17.7.4 Recent Developments
- 17.8 C3 AI
- 17.8.1 Company Snapshot
- 17.8.2 Financial Overview
- 17.8.3 Product Portfolio
- 17.8.4 Recent Developments
- 17.9 DataBricks
- 17.9.1 Company Snapshot
- 17.9.2 Financial Overview
- 17.9.3 Product Portfolio
- 17.9.4 Recent Developments
- 17.10 AuditBoard
- 17.10.1 Company Snapshot
- 17.10.2 Financial Overview
- 17.10.3 Product Portfolio
- 17.10.4 Recent Developments
- SECTION 18 - RELATED REPORTS
- SECTION 19 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.