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AI Trust, Risk and Security Management Market Size - By Component (Solution, Service), By Organization Size (SMEs, Large Enterprises), By Deployment Model (On premises, Cloud), By Application, By End Use & Forecast, 2024 – 2032


Published on: 2024-07-07 | No of Pages : 240 | Industry : Media and IT

Publisher : MIR | Format : PDF&Excel

AI Trust, Risk and Security Management Market Size - By Component (Solution, Service), By Organization Size (SMEs, Large Enterprises), By Deployment Model (On premises, Cloud), By Application, By End Use & Forecast, 2024 – 2032

AI Trust, Risk and Security Management Market Size

AI Trust, Risk and Security Management Market size was valued at USD 2.1 billion in 2023 and is estimated to register a CAGR of over 16.5% between 2024 and 2032. The increasing demand for trustworthy AI systems is a critical factor propelling the market. People are increasingly concerned about issues such as bias, discrimination, and a lack of transparency in AI decision-making.

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AI trust, risk, and security management solutions address these problems by offering tools for detecting and mitigating bias, assuring fairness, and explaining how AI systems arrive at their judgments. This increases confidence in AI and makes people more comfortable with its use. Businesses that employ AI face risks if their systems are not reliable. Biased AI might result in discriminatory employment practices or loan denials. Unexplained AI choices are difficult to question or defend. AI trust, risk, and security management enable organizations to avoid these dangers by ensuring that their AI systems are ethical and responsible.

AI Trust, Risk and Security Management Market Report Attributes
Report Attribute Details
Base Year 2023
AI Trust, Risk and Security Management Market Size in 2023 USD 2.1 Billion
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 16.5%
2032 Value Projection USD 8.5 Billion
Historical Data for 2018 - 2023
No. of Pages 255
Tables, Charts & Figures 290
Segments covered Component, Deployment Model, Organization Size, Application, End Use
Growth Drivers
  • Surge in demand for trustworthy AI systems
  • Increased adoption of cloud computing
  • Growing awareness of cyber security threats
  • Rising government regulatory compliance for AI
  • Advancements in AI technology
Pitfalls & Challenges
  • Lack of AI understanding and expertise
  • Complexity of AI systems

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For instance, in January 2024, Accenture announced an Explainable AI (XAI) service offering, focused on enhancing transparency and understanding in AI systems. This service aims to complement and support human decision-making processes by providing clear explanations for AI-generated recommendations. This demonstrates the increasing demand for trustworthy AI systems, fueling the growth of the market.

Fraud detection and prevention have emerged as significant drivers in the AI Trust, Risk, and Security Management market. With the proliferation of digital transactions and online activities, organizations face escalating threats from fraudulent activities such as identity theft, payment fraud, and account takeover. Furthermore, as cybersecurity threats continue to grow in sophistication and frequency, organizations are seeking proactive approaches to identify, analyze, and mitigate potential threats in real-time. Threat intelligence solutions leverage AI and machine learning algorithms to aggregate, correlate, and analyze vast amounts of data from various sources, including threat feeds, dark web monitoring, and security incidents.

The lack of AI understanding and expertise is a major challenge for the AI trust, risk, and security management market, potentially slowing down its growth. Organizations must carefully choose AI trust, risk, and security management solutions that meet their unique requirements and integrate with their existing infrastructure. However, a lack of awareness of AI and its possible hazards might make it challenging for them to adequately evaluate and select the right solutions. This might lead to ineffective security measures or wasting resources on solutions that do not address their primary problems.

AI trust, risk, and security management solutions create a need for staff with the necessary experience to install, manage, and use them. A knowledge gap in AI can make it difficult to fully utilize new technologies or integrate them smoothly with current systems. This might result in security vulnerabilities or inefficiencies in the risk management process.

AI Trust, Risk and Security Management Market Trends

The AI trust, risk, and security management industry has witnessed significant technological advancements. As AI technology evolves, so do the potential security vulnerabilities it faces. Advancements in fields, such as adversarial Machine Learning (ML) and AI-specific hacks need the development of increasingly powerful security solutions. These improvements boost the AI trust, risk, and security management industry by fueling the development of new tools and strategies to address emerging threats.

Advancements in anomaly detection and real-time monitoring enable AI trust, risk, and security management solutions to continually evaluate the performance and security of AI systems. This enables the early detection of possible hazards before they occur, enhancing the overall AI security posture.

For instance, in October 2023, IBM launched AI-powered threat detection and response services, aimed at enhancing security measures and accelerating response times for organizations facing cyber threats. These services provide continuous monitoring, investigation, and automated remediation of security alerts across various technologies within clients' hybrid cloud environments.
AI Trust, Risk and Security Management Market Analysis

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Based on component, the market is divided into solution and service. The solution segment dominated around USD 1.3 billion revenue in 2023. Solutions provide a broader range of functionalities than other categories, including bias detection, explainability tools, security monitoring, and vulnerability management, ensuring a holistic approach to AI trust and security.

Enterprises can select a solution tailored to their unique requirements and risk profile. Solutions are frequently intended to work with current IT infrastructure and security solutions. This enables enterprises to use their existing investments while creating a single security environment for AI. Interoperability with other security products offers a more comprehensive approach to risk management.

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Based on the organization size, the AI trust, risk and security management market is categorized into SMEs and large enterprises. The large enterprises segment is anticipated to grow at a CAGR of over 15% from 2024 to 2032. Large organizations are at the forefront of AI adoption, incorporating it into a wide range of business tasks, from customer service chatbots to automated manufacturing processes. This broad usage of AI requires more effective AI trust, risk, and security management solutions to address the accompanying issues.

Large organizations frequently use sophisticated AI models to manage massive volumes of data and make vital choices. These complex systems require complete AI trust, risk, and security management solutions that cover a broader spectrum of risks including algorithm bias, data privacy issues, and the explainability of AI outcomes.

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North America AI trust, risk and security management market accounted for 35% of the revenue share in 2023. North America is a hub for major technological businesses and research organizations at the cutting edge of AI development. This encourages early AI use in a variety of areas including healthcare, finance, retail, and manufacturing. The presence of these top firms provides a solid basis for AI trust, risk, and security management solutions.

Advanced cloud platforms, solid security architecture, and AI governance expertise provide a fruitful environment for the creation and deployment of AI trust, risk, and security management solutions. North American governments are establishing AI rules, particularly those addressing data privacy, justice, and explainability. This regulatory drive produces a high demand for AI trust, risk, and security management solutions that can assist enterprises in ensuring compliance.

AI Trust, Risk and Security Management Market Share

IBM and Microsoft held significant revenue share of over 8% market share in 2023. They major players are actively innovating to address evolving challenges and capitalize on emerging opportunities. They are investing in the development of comprehensive solutions that combine AI-driven analytics, cybersecurity technologies, and risk management frameworks to enhance trust, mitigate risks, and ensure compliance with regulatory requirements. IBM prioritizes security in its AI development & deployment processes, incorporating security measures, encryption protocols, and threat detection features into its AI platforms and software to minimize cybersecurity threats and safeguard confidential information.

Microsoft provides solutions and tools designed to assist organizations in meeting regulatory compliance standards for data protection, privacy regulations, and AI governance. These offerings empower customers to effectively manage risk and adhere to legal and regulatory requirements when implementing AI technologies.

AI Trust, Risk and Security Management Market Companies

Major companies operating in the AI trust, risk and security management industry are

  • Amazon Web Services (AWS)
  • CrowdStrike Holdings, Inc.
  • Darktrace Limited
  • Fortinet, Inc.
  • Google LLC
  • International Business Machines Corporation (IBM)
  • Microsoft Corporation
  • Oracle Corporation
  • Palo Alto Networks, Inc.
  • SAS Institute Inc.

AI Trust, Risk and Security Management Industry News

  • In February 2024, Healthcare Triangle integrated the AI Trust, Risk, and Security Management (AI TRiSM) framework into its operations to enhance healthcare security management. This strategic move is aimed at strengthening security, minimizing risk, and enhancing trust within the healthcare landscape. Healthcare Triangle improved its AI offerings within the CloudEz and DataEz platforms, establishing DataEz as the foundation for an advanced AI journey.
  • In December 2023, Vanta unveiled new products aimed at securing and accelerating an AI-powered future. These product launches include advanced reporting features to help security professionals measure the effectiveness of their security programs, customization options for modern GRC leaders, and new Vanta AI capabilities such as policy generation & automatic mapping across risks, controls, tests, and frameworks.

The AI trust, risk and security management market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2021 to 2032, for the following segments

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Market, By Component

  • Solution 
    • Risk & compliance management
    • Continuous monitoring & analytics
    • Data privacy & security
    • Others 
  • Service 
    • Professional service
    • Managed service

Market, By Deployment Model

  • On-premises
  • Cloud

Market, By Organization Size

  • SMEs
  • Large enterprises

Market, By Application

  • Threat detection & response
  • Identity & access management
  • Fraud detection & prevention
  • Cybersecurity
  • Incident response & forensics
  • Others

Market, By End Use

  • BFSI
  • Healthcare & life sciences
  • Government & defense
  • Retail & consumer goods
  • Manufacturing
  • IT & telecommunications
  • Energy & utilities
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

Frequently Asked Questions (FAQ)

What is the size of the AI trust, risk and security management market?

The market size of AI trust, risk and security management was USD 2.1 billion in 2023 and is set to witness 16.5% CAGR from 2024 to 2032, owing to the increasing demand for trustworthy AI systems worldwide.

Why is the use of AI trust, risk and security management solutions growing?

The solutions segment recorded over USD 1.3 billion in 2023, due to their broader range of functionalities than other categories.

How big is the North America AI trust, risk and security management industry?

North America market reached over 35% share in 2023, attributed to the presence of major technological businesses at the cutting edge of AI development in the region.

Who are the key leaders in the AI trust, risk and security management market?

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