Pune, Jan. 19, 2024 (GLOBE NEWSWIRE) -- “As per the findings of the SNS Insider report, the AI Trust, Risk and Security Management (AI TRISM) Market, which had a valuation of USD 1.8 Billion in 2022, is projected to reach a substantial value of USD 6.02 Billion by 2030. This anticipated growth reflects a robust Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period spanning from 2023 to 2030.”
Market Overview
AI TRISM refers to a holistic approach that organizations adopt to instill trust in AI systems, mitigate potential risks, and fortify the security infrastructure surrounding these technologies. The three components - trust, risk, and security - are interconnected and collectively form the foundation for responsible and effective AI deployment. AI introduces a new set of risks, ranging from biased decision-making to data privacy concerns. Effective AI risk management involves identifying, assessing, and mitigating these risks throughout the AI lifecycle. This includes implementing robust governance frameworks, conducting thorough impact assessments, and ensuring compliance with regulatory standards.
Market Analysis
A significant driver behind the growth of AI trust, risk and security management (AI TRISM) market is the escalating demand for ethical AI practices. Organizations are becoming acutely aware of the societal and ethical implications of AI applications, prompting a need for comprehensive frameworks that ensure responsible and fair AI deployment. AI TRISM solutions play a pivotal role in instilling trust by addressing ethical concerns, thereby fostering a positive perception of AI technologies. The regulatory landscape surrounding AI is rapidly evolving, with governments and industry bodies enacting stringent measures to govern AI deployment. Compliance with these regulations is imperative for businesses to operate ethically and avoid legal repercussions. AI TRISM solutions assist organizations in navigating this complex regulatory environment, ensuring that AI implementations adhere to the required standards, bolstering trust among stakeholders. With the proliferation of AI, the threat landscape for cybersecurity has expanded.
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Key Players Listed in this Report are:
- 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 & Other Players
AI Trust, Risk and Security Management (AI TRISM) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.8 Billion |
| Market Size by 2030 | US$ 6.02 Billion |
| CAGR | CAGR of 16.3% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regions/Country | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Market Dynamics Analysis
The AI trust, risk and security management (AI TRISM) market is experiencing dynamic shifts driven by a myriad of factors that collectively shape its landscape. One of the primary drivers propelling the growth of AI TRISM is the increasing reliance on artificial intelligence (AI) systems across various industries. As organizations integrate AI technologies into their operations to enhance efficiency and decision-making processes, the demand for robust trust, risk, and security management solutions becomes imperative. Furthermore, the escalating concerns surrounding data privacy and security breaches amplify the significance of AI TRISM solutions, prompting businesses to invest in cutting-edge technologies to safeguard sensitive information.
On the flip side, the AI trust, risk and security management (AI TRISM) market encounters restraints stemming from the complex nature of AI systems and their inherent vulnerabilities. As AI technologies become more sophisticated, so do the potential risks and challenges associated with their implementation. Ensuring the trustworthiness of AI algorithms and managing the risks associated with their use pose significant hurdles for businesses. The evolving regulatory landscape adds another layer of complexity to the AI TRISM market dynamics. Stricter data protection laws and regulations necessitate businesses to adhere to stringent compliance requirements, compelling them to invest in AI TRISMsolutions that align with these standards.
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AI Trust, Risk and Security Management (AI TRISM) Market Segmentation:
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
Key Regional Developments of AI Trust, Risk and Security Management (AI TRISM) Market
As a frontrunner in AI innovation, North America dominates the AI trust, risk and security management (AI TRISM) market. The region boasts a robust regulatory framework, including stringent data protection laws, which play a pivotal role in shaping trust and security standards. The presence of major tech hubs, coupled with a proactive approach toward AI governance, positions North America as a key driver for AI TRISM solutions. Europe follows closely, with a growing emphasis on ethical AI and responsible data governance. The European Union's General Data Protection Regulation (GDPR) has significantly influenced the development of AI TRISM solutions, as companies strive to comply with strict data protection standards. The Asia-Pacific region is experiencing rapid growth in AI adoption, leading to an increased focus on AI TRISM solutions.
Impact of Recession
The ongoing recession has undoubtedly reshaped the AI trust, risk and security management (AI TRISM) market, prompting organizations to reassess their strategies in the face of economic uncertainties. Despite the challenges posed by the ongoing recession, the AI TRISM market is witnessing a paradigm shift marked by adaptation and innovation. Companies are exploring agile approaches to AI implementation, leveraging technologies that enhance efficiency while minimizing costs. Additionally, the integration of advanced analytics and machine learning in risk and security management is gaining prominence, allowing businesses to proactively identify and mitigate potential risks.
Key Takeaway from AI Trust, Risk and Security Management (AI TRISM) Market Study
- The IT and Telecom sector stands at the forefront of AI TRISM adoption, leveraging artificial intelligence to enhance operational efficiency and secure sensitive data. The integration of AI in these industries facilitates proactive risk management, real-time threat detection, and the establishment of robust security frameworks. As businesses strive for digital transformation, the IT and Telecom segment emerges as a key driver in shaping the future of AI TRISM solutions.
- The On-Premise segment, within the AI trust, risk and security management (AI TRISM) market, provides organizations with the infrastructure needed to host and manage AI-driven security solutions locally. This approach not only enhances data control but also addresses concerns related to privacy and compliance. Organizations, particularly those dealing with sensitive information, find On-Premise solutions indispensable for meeting regulatory requirements and maintaining a higher degree of trust in their AI-based security systems.
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Recent Developments
- Portal26 has recently unveiled its latest innovations, namely the GenAI Visibility and the AI TRiSM SaaS platform. This announcement marks a significant step forward in the realm of artificial intelligence and security solutions. The GenAI Visibility platform, developed by Portal26, is designed to provide an advanced level of insight and transparency into the intricate world of artificial intelligence.
- Discern, a cutting-edge security startup, has recently launched an innovative AI-powered policy management platform, signaling a significant leap forward in the field of cybersecurity. The policy management platform developed by Discern leverages artificial intelligence to streamline and enhance the management of security policies.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. AI Trust, Risk and Security Management (AI TRISM) Market Segmentation, By Component
9. AI Trust, Risk and Security Management (AI TRISM) Market Segmentation, By Enterprise Size
10. AI Trust, Risk and Security Management (AI TRISM) Market Segmentation, By Deployment Mode
11. AI Trust, Risk and Security Management (AI TRISM) Market Segmentation, By Industry Vertical
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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