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AI Trust, Risk and Security Management Market to Reach USD 5.88 Billion by 2031 Due to Increasing Demand for Adoption of AI Technologies

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The SNS Insider report indicates that The AI Trust, Risk and Security Management (AI TRISM) Market was valued at USD 1.74 Billion in 2023. It is estimated to reach USD 5.88 Billion by 2031 and grow at a CAGR of 16.4% over the forecast period 2024-2031.

Growing Demand for Secure and Ethical AI Applications

The increasing demand for secure and ethical AI applications is fueling the growth of the AI Trust, Risk and Security Management (AI TRISM) market. As organizations embrace AI technology, concerns regarding data privacy, algorithmic bias, and security vulnerabilities are prompting them to invest in solutions that ensure responsible AI development and deployment. AI trust, risk and security management (TRISM) encompasses various stages of the AI lifecycle, addressing the creation, introduction, and ongoing use of AI applications. The field of AI has witnessed rapid growth, offering enhanced accuracy, automation, and decision-making capabilities. However, concerns persist around data leaks, malicious attacks, and the potential for bias in AI algorithms. TRISM solutions bridge the gap between technological advancement and responsible AI use, ensuring secure and ethical application of AI.

Several factors are driving market expansion:

Governments around the world are implementing regulations to promote responsible AI development and deployment. This creates a demand for TRISM solutions that help organizations comply with these regulations.

Businesses and consumers are increasingly demanding transparent and trustworthy AI systems. TRISM solutions address ethical concerns and ensure transparency in AI decision-making, fostering trust in AI technology.

TRISM solutions promote clear and explainable AI models, enabling organizations to understand how AI systems arrive at decisions. This fosters trust and improves responsible use of AI.

However, ethical standard development and the knowledge gap around AI pose challenges to market growth. Nevertheless, the widespread adoption of AI continues to propel the market forward.

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 Major The Key Players of AI Trust, Risk And Security Management Market

Rapid7, Moody’s Analytics, Inc., SAP SE, AT&T Intellectual Property, SAS Institute Inc., Oracle Corporation., ServiceNow, International Business Machines Corporation, LogicManager, Inc., RSA Security LLC, and others

Segmentation Analysis

By component, the on-premise segment dominates the market due to its ability to address data privacy, compliance, regulatory requirements, and protection against insider threats. On-premises solutions offer effective management through techniques like algorithmic transparency and auditability, enabling organizations to understand and validate their AI systems’ behavior. However, the cloud segment is expected to experience the fastest growth owing to the integrity, confidentiality, and availability offered by cloud-based AI systems and data.

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Key Market Segments

By Component

  • Solution
  • Services

By Enterprise Size

  • Large Enterprise
  • Small and Medium-sized Enterprise

By Deployment Mode

  • On-premise
  • Cloud

By Industry Vertical

  • IT and Telecom
  • BFSI
  • Manufacturing
  • Retail and E-commerce
  • Healthcare
  • Government
  • Others

Impact of Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has significantly impacted the AI TRISM market. The war has disrupted supply chains, hindering technological advancements and creating uncertainty among investors and consumers. Disruptions in supply chains have made it difficult for businesses to access necessary resources, leading to delays, increased costs, and a decline in market performance. Research and development activities have also been hampered due to resource redirection towards military efforts. This has slowed down innovation and limited the introduction of new technologies. Furthermore, the geopolitical tensions have instilled a sense of caution, impacting investments in the market.

Impact of Economic Slowdown

An economic slowdown can potentially affect the AI TRISM market in several ways. Reduced investments in IT infrastructure and technology adoption can lead to lower demand for TRISM solutions. Additionally, businesses might prioritize short-term cost-saving measures over long-term investments in AI governance. However, the long-term benefits of AI, such as increased efficiency and productivity, could encourage continued investment in TRISM solutions as a risk mitigation strategy.

For instance, in the healthcare sector, AI-powered tools can help streamline administrative tasks and improve operational efficiency, leading to cost savings even during economic downturns. This could incentivize healthcare institutions to invest in TRISM solutions to ensure the responsible use of AI in their operations.

Future Growth

Increasing Adoption of AI: As AI adoption continues to rise across various industries, the demand for TRISM solutions to manage associated risks and ensure responsible use will grow proportionally.

Advancements in AI Technology: As AI technology becomes more complex, the need for robust TRISM solutions to address emerging risks and security challenges will become increasingly important.

Focus on Regulatory Compliance: With growing global regulations around AI development and deployment, the demand for TRISM solutions that help organizations comply with these regulations will surge.

Key Regional Developments

North America dominates the AI TRISM market due to the presence of leading technology companies with advanced AI capabilities, cloud platforms, and strong governance structures. Additionally, North American companies have a strong focus on regulatory compliance, which is crucial for building trust in AI.

Recent Developments

In October 2023: IBM launched its AI-powered Threat Detection and Response Services. This offering provides 24/7 monitoring and automated remediation across hybrid cloud environments, addressing security concerns in a growing area of AI implementation.

In September 2023: Wipro collaborated with ServiceNow to launch Wipro CyberTransform. This new solution facilitates efficient integration of risk, compliance, and security postures, enabling organizations to manage these aspects holistically within their AI deployments.

AI Trust, Risk And Security Management (AI TRISM) Market
AI Trust, Risk And Security Management (AI TRISM) Market

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Key Takeaways

Growing demand for secure and ethical AI applications is driving market expansion. Businesses and consumers are increasingly seeking trustworthy AI, and TRISM solutions play a vital role in achieving this.

The on-premise segment currently dominates but the cloud segment is poised for the fastest growth. This reflects the increasing adoption of cloud-based AI systems and the benefits they offer in terms of data security and accessibility.

The Russia-Ukraine war and potential economic slowdowns pose challenges, but long-term growth prospects remain positive. While these factors may cause temporary disruptions, the underlying drivers of AI adoption and the need for responsible AI practices will continue to propel the market forward.

Advancements in AI technology and evolving regulatory landscapes will create new opportunities for TRISM solutions. As AI becomes more complex and regulations become more stringent, the demand for robust TRISM solutions will only increase.

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