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AI Governance Market worth $5,776.0 million by 2029- Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Oct. 7, 2024 /PRNewswire/ — The AI Governance Market is anticipated to grow from USD 890.6 million in 2024 to USD 5,776.0 million by the year 2029 at a robust CAGR of 45.3% over the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “AI Governance Market”

350 – Tables
50 – Figures
450 – Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2019–2029

Base year considered

2023

Forecast period

2024–2029

Forecast units

USD (Million)

Segments covered

Product Type, Functionality, End User, and Region

Geographies covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

Microsoft (US), IBM (US), Google (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), FICO (US), Accenture (Ireland), Qlik (US), H2O.AI (US), Alteryx (US), DataRobot (UK), Dataiku (US), Domino Data Lab (US), SparkCognition (US), Collibra (US), OneTrust (US), Quest Software (US), Fiddler AI (US), Untangle AI (Singapore), 2021.AI (Denmark), Howso (US), Monitaur (US), Mind Foundry (UK), Credo AI (US), Holistic AI (UK), Fairly AI (Canada), Enzai (UK), ValidMind (US), FairNow (US), Mona Labs (US), Arthur AI (US), Trustible (US), Atlan (Singapore), ModelOp (US), Neptune AI (Poland), Patronus AI (US), and Datatron (US).

Regulatory pressure and demands for compliance are driving the AI Governance Market as governments around the world roll out tougher regulations related to AI. For example, the European Union’s AI Act had subjected risk assessments and compliance audits to AI systems, particularly in high-risk sectors like health and finance, thereby increasing demand for the governance framework. Organizations also run the risk of facing reputational damages linked with prejudiced or harmful AI output. A notable example is the controversy caused by OpenAI GPT models, which flagged misinformation and biased data concerns, making businesses adopt robust AI guard rails. On similar note, Amazon’s discontinuation of its biased AI recruiting tool demonstrate the reputational and financial risks of ungoverned AI. Another major reason for market expansion is the uptick in AI adoption across highly regulated industries, especially BFSI and healthcare. Industries operating in these sectors are under immense regulatory pressure to comply with dynamic regulations, leading to increased affinity towards AI governance tools.

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By product type, data governance tools will account for largest market share in 2024 owing to robust data provenance and lineage capabilities.

Data governance tools are poised to account for the largest market share in the AI Governance Market, as these tools help an organization track data quality, provenance, and bias within AI development training data. This is important in order to prevent bias results being generated from AI systems. For example, data governance tools may apply profiling techniques to the dataset in order to ensure fairness, and also put in place data lineage to indicate potential problems with data sourcing. As an increasing number of AI regulations call for documentation, tracking and record keeping especially on the data that feeds AI systems, data governance has become paramount. Data governance also assists enterprises in compliance with regulations through robust AI data traceability and accuracy. Additionally, the metadata repository feature in data governance tools offer centralized catalogs and controls of metadata for data visibility across an organization to ensure trustworthy and responsible AI implementation.

The demand for ethical AI use across ML platforms and generative AI models will push software & technology providers as the fastest growing end user segment during the forecast period

Software & technology providers are poised to become the fastest growing end user segment in the AI Governance Market, buoyed by rapid adoption of AI governance tools to make their AI systems trustworthy and ethical. The rising regulatory scrutiny and the expanding reach of data privacy laws like GDPR and CCPA has also accelerated governance frameworks being adopted across such players. For instance, Microsoft has created an internal AI ethics working group to implement strong ethical guardrails across its AI offerings. On a similar note, Google has formed AI governance framework for developing fair, explainable, and ethical AI solutions. There are also expectations from stakeholders who demand that technology companies create AI responsibly. With AI regulations likely to disrupt every software vendor, incorporating ethical norms and regulation is now of extraordinary importance for technology businesses to maintain the brand’s trust and growth.

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North America is set to hold the largest market share in 2024, fueled by a strong regulatory environment and increasing investments in responsible AI deployment

North America has emerged as the largest regional market for AI government adoption. Federal funding on AI governance in North America crossed USD 1 billion in 2023, indicating a growing interest in responsible AI research. Industries with strict regulations such as healthcare and banking are leading in the implementation of governance, with 45% of healthcare providers mentioning regulatory compliance as a key business requirement. Businesses are forced to implement governance frameworks due to rising regulatory requirements like NIST’s AI Risk Management Framework and the California Consumer Privacy Act (CCPA). More than half of businesses expect more stringent AI rules in the next five years, with 62% citing data privacy compliance as a main factor for implementing governance. Also important is consumer confidence, as 78% of American consumers favor brands that utilize ethical AI. Businesses such as Google and Microsoft are implementing governance to guarantee transparency and establish trust. Additionally, organizations are prioritizing fairness in their AI systems and have turned to tools like IBM’s AI Fairness 360 to address the need to mitigate AI bias, with 56% of businesses doing so. Moreover, financial institutions are particularly focused on risk management, giving priority to governance for addressing AI-related risks.

Top Key Companies in AI Governance Market:

The major players in the AI Governance Market include Microsoft (US), IBM (US), SAS Institute (US), DataRobot (UK), and Dataiku (US), along with SMEs and startups such as Fiddler AI (US), 2021.AI (Denmark), Monitaur (US), Credo AI (US), and Fairly AI (Canada).

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Meteor Education Acquires Advanced Technologies Consultants, Expanding Leadership in Secondary and Post-Secondary CTE Education Solutions

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GAINESVILLE, Fla., Oct. 7, 2024 /PRNewswire/ — Meteor Education, the leader in the design and delivery of collaborative, flexible learning environments that accelerate student engagement, announces the acquisition of Advanced Technologies Consultants (ATC), a leading provider of Career and Technical Education (CTE) training and equipment in both the secondary and post-secondary education markets. This acquisition not only reinforces Meteor Education’s commitment to helping K-12 schools and districts deliver comprehensive, future-ready learning solutions and environments that meet the needs of today’s students, it enables the company’s expansion of that vision to the post-secondary and career and workforce development markets.

ATC’s unique expertise in industry-standard training systems and curricula, paired with Meteor Education’s modern, collaborative and evidence-based learning environments, provides educational organizations at all levels with holistic solutions to help their students explore fast-growing career pathways such as smart manufacturing, mechatronics, automotive, automation, and robotics.

“This acquisition represents our opportunity to provide deeper CTE support to our current K-12 school and district partners, while expanding our ability to help post-secondary institutions provide critical career development pathways and reskilling of the US workforce,” said Bill Latham, CEO of Meteor Education. “By welcoming the ATC team to Meteor Education, we are broadening our combined impact, helping educational institutions create engaging, hands-on learning experiences that foster a new generation of future-ready learners.” 

“ATC is thrilled to become part of the Meteor Education family,” said Tom Close, President of Advanced Technologies Consultants. “We have long admired their commitment to transforming learning spaces to better serve students and educators. Together, we will enhance our ability to provide cutting-edge training technologies to schools across the country, ensuring more students have access to the high-quality, industry-relevant training they need to succeed.” 

This partnership sets the stage for future growth as both Meteor Education and ATC continue to develop solutions that inspire students, support educators, and transform the learning experience across K-12 and post-secondary spaces.

For more information, please visit www.meteoreducation.com and www.atctrain.com.

About Meteor Education:

Meteor Education is the leader in the design and delivery of collaborative, flexible learning environments that accelerate student engagement. As part of our full-service approach, Meteor’s local teams, educator experts and design specialists partner closely with each school district to create social classrooms and other custom spaces that empower educators to develop future-ready students. We provide training to teachers to help maximize the positive effect of each environment and tools so districts can measure the impact on student learning and the overall value provided to their community. Meteor has helped thousands of schools improve their learning settings over the past 30 years. In 2023, we partnered with over 1,000 districts across the US to impact the educational experience of more than 185,000 students.

About Advanced Technologies Consultants (ATC):

ATC is the leader in providing industry-standard training solutions for schools and companies that set students up for real world success. Our full-service approach includes local teams working closely with instructors to create educational programs that result in career-relevant skills and certifications. Through our more than 40 manufacturing partners, ATC offers a wide range of the most up-to-date curriculum, equipment, software and furniture. Every customer benefits from our 60 years of experience and free ongoing program support. ATC is proud to have helped over 2,100 schools across the US empower their students and achieve their training goals.

Media Contact:
Chelsea Adicks
Meteor Education
800-699-7516
cadicks@meteoreducation.com

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SOURCE Meteor Education

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Gift Card Market Launches Groundbreaking New Technology to Simplify Local Gifting

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KANSAS CITY, Mo., Oct. 7, 2024 /PRNewswire/ — Gift Card Market (thegiftcardmarket.com), based in Kansas City and Fort Myers, announced today at the Retail Gift Card Associations Forum event in San Diego the launch of a groundbreaking digital platform designed to simplify the process of sending gift cards to over 5 million local restaurants, spas, and salons. Consumers can now send local gift cards to their friends and loved ones effortlessly via text or email.

Until now consumers faced challenges finding gift cards for their favorite local businesses in one convenient location. The new Gift Card Market platform overcomes these obstacles by providing access to virtually all restaurants, spas, and salons anywhere in the US, and then enables gift cards for those businesses to be sent directly from a known contact, creating a more personal and meaningful experience.

“Consumers love sending gift cards for the amazing local restaurants that form the heart of our communities,” said Brett Glass, Founder and CEO of Gift Card Market. “They want a quick, secure, and easy way to deliver these gifts through a text message, within an existing conversation thread, to their loved ones.” This new “In the Moment” gifting capability allows consumers to instantly send thank you notes, acknowledge special occasions, or treat a friend while simultaneously driving traffic to local businesses.

With multiple patents pending, this new technology marks a significant leap from traditional gift card platforms, which often struggle to include local options. Gift Card Market has developed a dynamic, proprietary curation engine that customizes gift card options based on the local businesses chosen by the purchaser. 

Gift Card Market offers this service to local favorites at no cost to the merchants. Nicole Glass, President of Gift Card Market, stated, “Consumers equate food with love, and sending someone you care about to a beloved local gem is far more meaningful than giving a typical gift card.”

To expedite the rollout of its new technology, Gift Card Market has also partnered with Stored Value Solutions (SVS), a leader in the gift card industry. SVS will serve as their official launch partner, providing access to these local favorite restaurants for its existing clients. “SVS is renowned for its customer-centric approach and innovative solutions. We are excited to collaborate with the SVS team to bring a local focus to our industry,” said Brett Glass.

“We are thrilled to announce our partnership with Gift Card Market. This collaboration represents a significant step forward in our commitment to delivering innovative solutions to our clients and gift card consumers. Together, we will leverage our combined expertise to create exceptional value and drive growth in the industry. We look forward to working closely with Gift Card Market and are excited about the possibilities ahead,” said Jenny Parris, Chief Revenue Officer of SVS.

About Gift Card Market

Gift Card Market is a pioneering digital gift card platform that simplifies the process of sending gift cards to friends and family for over 5 million local restaurants, spas, and salons. In a world where finding gift cards for small, locally owned businesses can be difficult, Gift Card Market has made it easy with its innovative, patent-pending technology.

Users can discover local favorites through a simple search interface and enjoy streamlined sending options via text or email, backed by advanced fraud protection. Based in Kansas City and Fort Myers, Gift Card Market brings over 20 years of experience in gift card innovation. For media inquiries, contact 384461@email4pr.com.

About SVS

A leading prepaid provider, SVS manages more than 700 million card products and processes over 2 billion transactions annually. SVS partners with top retailers around the world to offer stored value solutions that effectively drive the behavior that will lead to business success. SVS is headquartered in Louisville Kentucky, USA, and owned by Atlanta-based Corpay, Inc.. For more information, visit: www.storedvalue.com.

Media Contact:

Nicole Glass 918.801.1130

384461@email4pr.com

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SOURCE The Gift Card Market

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Technology

State of Nayarit Named the Official Mexican Tourism Destination of the Vancouver Canucks

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VANCOUVER, Oct. 7, 2024 /CNW/ — Governor Miguel Ángel Navarro Quintero of the state of Nayarit in Mexico announced today that the state is now the official Mexican Tourism Destination of the Vancouver Canucks of the National Hockey League and their home game venue, Rogers Arena.

“We are very pleased to be able to partner with such an integral part of the Vancouver world,” said Navarro Quintero. “We invite Vancouverites to visit the state of Nayarit to embark on a journey filled with rugged, pristine beaches, lush landscapes, and vibrant cultural experiences.

“We are home to breathtaking scenery, rich culture, and warm hospitality,” the governor added. “Nayarit is always an unforgettable experience for travelers seeking relaxation, adventure, and exploration.”

“One of the great things about the game of hockey is its ability to unite people from diverse backgrounds, which makes this new partnership with the state of Nayarit so meaningful,” said Michael Doyle, President, Canucks Sports &Entertainment, Business Operations. “Our fans enjoy unforgettable experiences at Rogers Arena, and I’m sure they’ll also be eager to visit Mexico and immerse themselves in the stunning scenery and rich culture of Nayarit.”

As the “Official Mexican Tourism Destination of the Canucks,” the state of Nayarit will benefit from a comprehensive, multi-platform marketing campaign that will feature its world-class tourism offerings. The partnership with Canucks Sports & Entertainment (CSE) includes onsite events, signage across Rogers Arena, and social media promotions for VIP experiences with the team, among other elements of the campaign.

The partnership with CSE marks the second sports such alliance for Nayarit following its alliance with National Football League team the Dallas Cowboys, announced in late August. Both efforts comprise the initial part of the state’s historic entrance to the world of professional sports and tourism partnerships.

The campaign aims to benefit from the visibility these sports alliances will create and expose more potential visitors interested in exploring the varied tourism offerings found in Nayarit.

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SOURCE State of Nayarit Tourism Board

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