Information Technology
AI Model Risk Management Market worth $10.5 billion by 2029- Exclusive Report by MarketsandMarkets™
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Model management software ensures the efficient deployment and operation of AI and machine learning models within organizations. It provides comprehensive audit trails and documentation to demonstrate compliance and support regulatory audits. Moreover, the software helps manage model lifecycle processes such as development, versioning, and documentation, ensuring that models are up-to-date and perform reliably. It facilitates robust validation and testing to detect and mitigate biases, ensuring that models adhere to regulatory standards and ethical guidelines. Additionally, model management software supports continuous monitoring and performance tracking, allowing for prompt detection of model drift and other issues.
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Managed services are expected to experience significant growth due to several key factors. Firstly, the growing complexity of regulations requires specialized knowledge, making managed services attractive to companies. Secondly, with the increasing adoption of cloud-based services, as businesses shift their IT infrastructure to cloud-based solutions, they face complexities in managing and optimizing these environments effectively. Lastly, Managed services have advanced tools and technologies that help identify, assess, and reduce risks more effectively. By providing top-notch solutions, the companies keep up with the latest developments.
Several key factors contribute to North America having the largest market size in model risk management. The region has large financial institutions and tech companies investing heavily in advanced technologies, including AI and machine learning models. The AI Model Risk Management Market across North America is driven by a high level of technological infrastructure and expertise, facilitating the integration of advanced AI model risk management tools. Moreover, North America boasts a highly mature market with significant investments in AI technology. Organizations across various sectors, including finance, healthcare, and retail, extensively leverage AI.
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Some major players in the AI Model Risk Management Market include Microsoft(US), IBM(US), SAS Institute (US), AWS (US) , H2O.ai (US), Google (US), LogicGate (US), LogicManager (US), C3 AI (US) , MathWorks (US), Alteryx (US), DataBricks (US), Robust Intelligence (US), CIMCON Software (US), Empowered Systems (UK), Mitratech (US), Yields.io ( Belgium ), MeticStream (US), iManage (US), UpGuard (US), Apparity (US), AuditBoard (US), NAVEX Global (US), Scrut Automation ( India ), DataTron (US), Krista (US), Fairly AI ( Canada ), ModelOp (US), Armilla AI ( Canada ), Crowe (US), and ValidMind (US).
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