AI Trust, Risk and Security Management Global Market Report 2024

The AI trust, risk and security management market size has grown rapidly in recent years. It will grow from $2.12 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth observed in the historical period can be attributed to several factors, including the growing trust in AI, increasing awareness of AI capabilities, a rise in data proliferation, the expansion of IoT and connected devices, and the increasing adoption of cloud technologies. These factors collectively contributed to the development and acceptance of AI trust, risk, and security management practices during that time.

The AI trust, risk and security management market size is expected to see rapid growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The anticipated growth in the forecast period can be attributed to various factors, including the escalating cybersecurity threats, a growing demand for personalized risk management solutions, increasing cross-industry adoption, a rising demand for real-time analysis, the expanding use of AI in fraud detection, and heightened concerns over AI ethics and privacy. Noteworthy trends expected in the forecast period encompass technological advancements, progress in autonomous security systems, advancements in blockchain technology, innovations in AI and machine learning, as well as increased collaboration across different sectors.

The anticipated increase in cyber threats is poised to drive the growth of the AI trust, risk, and security management market in the foreseeable future. Cyber threats encompass malicious activities conducted through digital networks or systems with the intent of causing damage, stealing data, or disrupting operations. In response to these threats, AI trust, risk, and security management play a crucial role by facilitating early detection and proactive mitigation of potential risks, contributing to effective cybersecurity measures. According to the Australian Cyber Security Centre, in the 2021-2022 financial year, there was a notable increase in cybercrime reports, reaching 76,000, marking nearly a 13% rise from the previous financial year. This surge in cyber threats underscores the imperative for robust AI solutions in trust, risk, and security management.

Leading companies in the AI trust, risk, and security management market are actively focused on developing secure AI frameworks to enhance their profitability in the market. A Secure AI Framework for AI Trust, Risk, and Security Management entails a set of guidelines and best practices designed to ensure the ethical, transparent, and safe use of AI technologies. This framework aims to minimize risks and enhance the overall trustworthiness of AI systems. In June 2023, Google LLC, a US-based technology company, launched SAIF (Secure AI Framework), representing a robust security infrastructure for AI. SAIF focuses on establishing solid security foundations, effective data management, consistent platform regulations, and efficient security and compliance strategies to adapt AI deployment controls. Additionally, SAIF incorporates Google's best practices in software safety, emphasizing ethical AI creation and utilization. This initiative reflects the industry's commitment to addressing the growing challenges posed by cyber threats through the development and implementation of secure AI frameworks.

In July 2021, Fortinet, a leading cybersecurity firm headquartered in the United States, completed the acquisition of Sken.ai for an undisclosed sum. This strategic move by Fortinet is geared towards optimizing DevSecOps processes and strengthening the efficacy of vulnerability scanning and remediation within applications, thereby enhancing web application security for their clientele. Sken.ai, a software company based in the US, specializes in AI-driven solutions for trust, risk, and security management.

Major companies operating in the ai trust, risk and security management market report are Google LLC, AT&T Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, ARTHUR.ai, ServiceNow Inc., Palo Alto Networks Inc., Moody's Analytics Inc., Fortinet Inc., SAS Institute Inc., F5 Networks Inc., LogicManager Inc., Check Point Software Technologies Ltd., McAfee Corp., Trend Micro Inc., CrowdStrike Holdings Inc., Proofpoint Inc., Zscaler Inc., Sophos Ltd., RSA Security LLC, Rapid7, CyberArk Software Ltd., FireEye Inc., Darktrace Holdings Limited.

North America was the largest region in the AI trust, risk, and security management market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai trust, risk and security management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ai trust, risk and security management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

AI trust, risk, and security management constitute a framework designed to uphold governance, robustness, fairness, dependability, and effectiveness of AI models. This framework is essential for ensuring public trust in AI and facilitating its responsible and beneficial deployment across diverse sectors.

The main components of AI trust, risk, and security are solutions and services. Services encompass a range of professional services, including consulting, implementation, and support, aimed at assisting organizations in managing AI trust, risk, and security. These solutions and services can be deployed through on-premises and cloud-based platforms, catering to organizations of various sizes, including large enterprises and small and medium-sized enterprises (SMEs). They find applications across different sectors, such as banking, financial services, and insurance (BFSI), retail and e-commerce, healthcare, automotive, energy and utilities, among others.

The AI trust, risk and security management market research report is one of a series of new reports that provides AI trust, risk, and security management market statistics, including AI trust, risk, and security management industry global market size, regional shares, competitors with an AI trust, risk and security management market share, detailed AI trust, risk and security management market segments, market trends and opportunities, and any further data you may need to thrive in the AI trust, risk and security management industry. This AI trust, risk, and security management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The AI trust, risk, and security management market consists of revenues earned by entities by providing services such as ethical AI and fairness assessments, AI quality assurance and testing, incident response and recovery, and continuous monitoring and improvement. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI trust, risk, and security management market also consists of sales of secure computing hardware, high-performance computing (HPC) hardware, and monitoring hardware. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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