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We estimate an average global AIAT market size of USD $1.63 billion in 2023 and $276 billion in 2030, representing a 108% year-over-year CAGR, over that same period.

AIAssuranceMarket-table

To put these figures into context, the following points of comparison serve as valuable benchmarks for the accuracy and reliability of our base case modelling.

Points of Comparison
placeholderThe 2023 AIAT market size is approximately 9.4 times the AI Governance Technology (GovTech) market 1 2 and 0.8 times the AI Trust, Risk and Security Management (AI TRiSM) market 3 4. While GovTech can be viewed as a subset of the AIAT market (as defined herein), the AI TRiSM market might be considered nearly synonymous with AIAT. The alignment of our estimates with established research on related markets—particularly AI TRiSM—underscores the credibility of our approach.
placeholderThe 2023 AIAT market size equates to 0.8% of the overall AI market in 2023. At this point in time, organisations have indicated a low level of preparedness as it relates to managing AI risks 5, and also many AI regulations have yet to be announced or enforced. Thus, this limited scale, as a proportion of the overall AI market, aligns with the current market conditions.
placeholderThe 2030 AIAT market size projections suggest that the market will soon amount to about 15.2% of the entire AI market in 2030 6. Recall: these projections are not limited to solely compliance expenses, but also include voluntary spending on organisational governance and risk management. Accordingly, we find our projected market size to be consistent—if not conservative—by comparison to the current 5% to 15% compliance costs estimates for the EU AI Act 7. In the future, as compliance requirements and enforcement capabilities mature, it is also probable that this 5% lower bound is too low.

Footnotes​

  1. AI Governance Technology (AI GovTech) (def.): "Encompasses solutions to handle AI systems' ethical, legal, and societal ramifications as it becomes more common in many industries. As a result, platforms, and tools for AI governance have increased, including explainable AI (XAI) solutions, tools for bias detection and reduction, and frameworks for AI ethics." [Grand View Research] ↩

  2. Median value of: MarketsandMarkets. "AI Governance Market." Accessed April 5, 2024. https://www.marketsandmarkets.com/Market-Reports/ai-governance-market-176187291.html; Allied Market Research. "AI Governance Market." Accessed April 4, 2024. https://www.alliedmarketresearch.com/ai-governance-market-A06249; GlobeNewswire. "AI Governance Market to Reach a Revenue of Around US$4.7 Billion by the End of 2033 at a CAGR of 40.5% - Persistence Market Research." Accessed April 2, 2024. https://www.globenewswire.com/en/news-release/2023/05/13/2668277/0/en/AI-Governance-Market-to-Reach-a-Revenue-of-Around-US-4-7-billion-by-the-End-of-2033-at-a-CAGR-of-40-5-Persistence-Market-Research.html; and Coherent Market Insights. "AI Governance Market." Accessed April 4, 2024. https://www.coherentmarketinsights.com/market-insight/ai-governance-market-5601; Fortune Business Insights. "AI Governance Market." Accessed April 4, 2024. https://www.fortunebusinessinsights.com/ai-governance-market-105975; ↩

  3. AI Trust, Risk, and Security Management (AI TRiSM) (def.): "Ensures AI model governance, trustworthiness, fairness, reliability, robustness, efficacy and data protection. This includes solutions and techniques for model interpretability and explainability, AI data protection, model operations and adversarial attack resistance." [Gartner] ↩

  4. Median value of: SNS Insider. "AI Trust, Risk, and Security Management [AI TRISM] Market Size to Cross USD 6.02 Billion by 2030 Due to Rising Demand for Ethical AI - Research by SNS Insider." *GlobeNewswire. *January 19, 2024. Accessed April 5, 2024. https://www.globenewswire.com/en/news-release/2024/01/19/2812347/0/en/AI-Trust-Risk-and-Security-Management-AI-TRISM-Market-Size-to-Cross-USD-6-02-Billion-by-2030-due-to-Rising-Demand-for-Ethical-AI-Research-by-SNS-Insider.html; and Allied Market Research. "AI Trust, Risk, and Security Management (AI-TRISM) Market." Accessed April 5, 2024. https://www.alliedmarketresearch.com/ai-trust-risk-and-security-management-ai-trism-market-A97526; Market.us. "AI Trust, Risk, and Security Management (AI-TRISM) Market." Accessed April 5, 2024. https://market.us/report/ai-trust-risk-and-security-management-ai-trism-market/; ↩

  5. KPMG LLP. “Generative AI Survey.” Accessed March 25, 2024. https://kpmg.com/us/en/media/news/kpmg-generative-ai-2023.html. ↩

  6. Median of: Precedence Research. "Artificial Intelligence Market." Accessed March 4, 2024. https://www.precedenceresearch.com/artificial-intelligence-market; Grand View Research. "Artificial Intelligence (AI) Market." Accessed March 4, 2024. https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-ai-market; Fortune Business Insights. "Artificial Intelligence (AI) Market." Accessed March 4, 2024. https://www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114; IDC Media Center. "Worldwide Spending on AI-Centric Systems Forecast to Reach $154 Billion in 2023, According to IDC." IDC. March 7, 2023. Accessed March 4, 2024. https://www.idc.com/getdoc.jsp?containerId=prUS50454123; Nextmsc. "Artificial Intelligence Market." Accessed March 4, 2024. https://www.nextmsc.com/report/artificial-intelligence-market; MarketsandMarkets. "Artificial Intelligence Market Worth $407.0 Billion by 2027 - Growing at a CAGR of 36.2%." GlobeNewswire. May 17, 2023. Accessed March 4, 2024. https://www.globenewswire.com/en/news-release/2023/05/17/2671170/0/en/Artificial-Intelligence-Market-Worth-407-0-Billion-By-2027-Growing-At-A-CAGR-Of-36-2-Report-By-MarketsandMarkets.html ↩

  7. European Commission. "Impact Assessment of the Regulation on Artificial Intelligence." Shaping Europe's Digital Future. April 21, 2021. Accessed April 16, 2024. https://digital-strategy.ec.europa.eu/en/library/impact-assessment-regulation-artificial-intelligence. ↩