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The SNS Insider report indicates that the AI Trust, Risk and Security Management (AI TRISM) Market Size was valued at USD 1.74 Billion in 2023 and is expected to reach USD 5.88 Billion by 2031, growing at a CAGR of 16.4% over the forecast period 2024-2031. Market Report Scope
AI trust, risk and security management encompass various components of the AI lifecycle, addressing creation, introduction, and continuous utilization of AI applications. The field of AI has grown rapidly, offering enhanced accuracy, automation, and decision-making speed. However, risks such as data leakage and malicious attacks persist. TRISM ensures secure and ethical AI application, bridging the gap between responsibility and technological advancement. Government initiatives, demand for trusted AI systems, and clear decision-making processes are driving market expansion. Yet, ethical standards and AI knowledge gaps pose challenges, albeit mitigated by widespread AI adoption.
Market Analysis
The increasing demand for ethical AI practices drives market growth. Organizations prioritize AI governance and seek TRISM solutions to ensure responsible AI deployment. Evolving regulations mandate TRISM practices, while consumer awareness drives demand for trustworthy AI applications. Despite providers’ claims, concerns over privacy invasion persist, urging organizations to demonstrate responsible AI practices.
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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,
Segmentation Analysis
- In terms of deployment, on-premise solutions dominate, ensuring data privacy, compliance, and protection against insider threats. The explainability segment leads, fostering trust and aiding regulatory compliance in critical domains. North America dominates the market due to its advanced AI capabilities and regulatory compliance readiness.
Growth Factors
- Emphasis on Trust and Transparency
Trust is essential for the widespread adoption of AI technologies. AI TRISM solutions play a crucial role in establishing trust by addressing ethical concerns and ensuring transparency in AI decision-making processes. Businesses are increasingly seeking AI governance solutions to manage the entire AI lifecycle responsibly, from development to deployment.
- Consumer Awareness and Demand
As consumers become more informed about AI technology, they are increasingly demanding AI applications that prioritize trust, security, and ethical considerations. Organizations that can demonstrate responsible AI practices are likely to gain a competitive advantage and build stronger customer relationships. Therefore, businesses are investing in AI TRISM solutions to meet consumer expectations and differentiate themselves in the market.
- Mitigation of AI-related Risks
Despite the benefits of AI technology, concerns over AI-related risks such as invasion of privacy, compromised data security, and discriminatory algorithms persist. Organizations are investing in AI TRISM solutions to mitigate these risks and ensure the responsible use of AI. By addressing security vulnerabilities and ethical concerns, AI TRISM solutions help businesses build trust with stakeholders and protect their reputation.
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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 Russia-Ukraine war has profound implications for the global AI Trust, Risk, and Security Management (AI TRISM) market. The conflict disrupts supply chains, hindering the production and distribution of AI hardware and software components, thereby delaying product development and deployment for AI TRISM vendors.
Additionally, heightened geopolitical tensions and cyber warfare activities increase cybersecurity risks worldwide, prompting the need for robust AI TRISM solutions to defend against sophisticated cyber threats. Concerns over data privacy and sovereignty are also amplified, leading organizations to prioritize TRISM solutions that comply with regulations and safeguard sensitive information.
Impact of Economic Slowdown
The impact of economic slowdowns on the global AI Trust, Risk, and Security Management (AI TRISM) market is multifaceted, significantly influencing various aspects of market dynamics and industry trends. Reduced business investments and consumer spending during economic downturns directly impact the demand for AI TRISM solutions, as organizations prioritize cost-saving measures and delay investments in AI technologies. This slowdown in investment can lead to a deceleration in market growth, prolonging sales cycles and increasing competition for a smaller pool of investment dollars. Moreover, economic uncertainty exacerbates risk aversion among businesses, making them more cautious about deploying AI technologies, resulting in prolonged decision-making processes. Additionally, economic downturns impact talent acquisition and retention within the AI TRISM industry, potentially leading to skill shortages and talent gaps. Cost-effective solutions that deliver tangible value in challenging economic environments may find increased demand, while partnerships with industry stakeholders and government agencies can help vendors maintain market relevance
Key Regional Development
North America dominates the AI TRISM market, accounting for a significant share of global revenue. This dominance is attributed to several factors, including the presence of some of the world’s leading technology companies in the region. Tech giants in North America have foundational AI capabilities, such as advanced algorithms, cloud platforms, and governance structures, which give them a competitive edge. Additionally, North American companies have a strong focus on regulatory compliance, which is essential for building trust in AI technologies.
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Key Takeaways
- Ethical imperatives drive rapid growth in the TRISM market.
- Organizations prioritize AI governance for responsible AI deployment.
- North America leads due to advanced AI capabilities and regulatory compliance readiness.
Recent Developments
In October 2023: IBM launched AI-powered Threat Detection and Response Services, providing 24×7 monitoring and automated remediation across hybrid cloud environments.
In September 2023: Wipro collaborated with ServiceNow to launch Wipro CyberTransform, enabling efficient integration of risk, compliance, and security postures.
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