AI Trust, Risk and Security Management Market Expected to Reach $7.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “AI Trust, Risk and Security Management Market," The ai trust, risk and security management market was valued at $1.7 billion in 2022, and is estimated to reach $7.4 billion by 2032, growing at a CAGR of 16.2% from 2023 to 2032.

According to Al TRiSM (trust, risk and security management), machine learning (ML) approaches should be carefully examined and refined, so that people can utilize Al systems in a secure and respectable manner. The goal of artificial intelligence (AI) TRiSM is to overcome the accountability gap between technological advancement and creativity by addressing concerns such as notification rights and potential violations and cyber bullying. Businesses recognize the potential of incorporating artificial intelligence (AI) into their business operations in order to improve operational effectiveness and save costs through automating process flows. As a result, companies have begun implementing autonomous processes to improve operations and revolutionize customer service (using, for example, chatbots powered by Al), all the while inspiring creativity to reach new heights. Al is a group of algorithms that may deal with certain problems and works best when given access to a significant amount of high-quality big data. Businesses may reduce operating costs by up to 30% by adopting chatbots. In addition, suppliers and start-up companies develop innovative developments to meet the growth in need for Al TRiSM frameworks among enterprises.

Furthermore, factors such as increase in efforts of government to deploy AI technology and secured and convenient data storage primarily drive the AI trust, risk and security management market growth. 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.

On the basis of components type, the global AI trust, risk and security management market share was dominated by the solution segment in 2022 and is expected to maintain its dominance in the upcoming years owing to the AIoT services that offers AI model validation and testing to ensure the accuracy, fairness, and robustness of AI models. However, the services segment is expected to witness the highest growth, as AI trust, risk and security management provides specialized professional service offered by experts and consultants to help organizations assess, implement, and manage AI-related security measures.

By region, North America dominated the market share in 2022 for the AI trust, risk and security management market.  This is attributed to an increase in adoption of advanced technologies, such as AI, ML and business analytics solutions. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of cloud-based services are expected to provide lucrative growth opportunities for the market in this region.

During the Covid-19 pandemic, trust, management, and security management have become crucial aspects for organizations deploying and utilizing AI technologies. The pandemic led to a surge in the use of AI systems to address various challenges. Organizations relied on AI for tasks like remote collaboration, virtual healthcare, contact tracing, and data analysis. This increased reliance highlighted the importance of ensuring the trustworthiness and reliability of AI systems. Therefore, AI trust, risk and security management enabled real-time monitoring of devices, processes, and environments. Market players adopted AI trust, risk and security managements solutions to update and enhance the services that help in detecting fraud & risk. For instance, in June 2021, RSA Security LLC updated the transition of its AI trust, risk and security management solution and fraud & risk intelligence business into a new standalone company serving a worldwide customer and partner community. Outseer fraud manager protects customers across all digital channels with risk-based account monitoring decisions. Such factors have propelled the growth of AI trust, risk and security management during the pandemic.

Government initiation
Governments play a crucial role in establishing regulations and frameworks that address the ethical, legal, and security implications of AI. This is attributed to laws and policies that mandate transparency, fairness, privacy protection, and accountability in AI systems. These initiatives help define technical requirements, best practices, and guidelines that AI systems should adhere to, ensuring they meet specific security and ethical criteria. Governments can promote the adoption of these standards and certifications through procurement processes and incentives. For example, data protection regulations like the General Data Protection Regulation (GDPR) in the European Union set standards for the handling of personal data, including AI applications. For instance, in March 2021, Indo-US Science and Technology Forum (IUSSTF) launched its flagship program, the US-India Artificial Intelligence Initiative. The activity brings together key stakeholders from India and the USA to foster AI innovation by sharing ideas and experiences, identifying new opportunities in research and development, and bilateral collaboration.

Key findings of the study

• By component, the solution segment dominates the AI trust, risk and security management market analysis in terms of revenue in 2022. 
• By deployment mode, the on-premise segment dominated the AI trust, risk and security management market size in 2022.
• On the basis of industry vertical, manufacturing is the fastest growing segment with highest CAGR for AI trust, risk and security management market.   
• Region-wise, North America generated the highest revenue for AI trust, risk and security management market forecast in 2022.

The key players profiled in the AI trust, risk and security management industry analysis are International Business Machines Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, Rapid7, At&t Intellectual Property, LogicManager, Inc., ServiceNow, Moody's Analytics, Inc., and RSA security LLC. These players have adopted various strategies to increase their market penetration and strengthen their position of AI trust, risk and security management industry.