The growing focus of regulatory bodies on promoting responsible and trustworthy AI systems also aligns with the growing demand for AI TRISM solutions. The growing demand for secure and reliable AI applications across industries is presenting the need for AI TRISM to mitigate risks and ensure compliance. For instance, in June 2023, according to Grand View, Resistant AI, which specialises in protecting financial institutions from fraud and money laundering, raised USD 11 million for its AI security solutions. The funding would reflect the growing demand for AI-powered security solutions, notably in the financial services industry.

Growth created through collaboration

Analysts found that a collaboration between AI TRISM providers and other technology companies is creating market growth opportunities. This collaboration serves to expand the AI TRISM ecosystem, fostering a more comprehensive and integrated range of solutions. By working together, AI TRISM providers and tech companies can incorporate elements such as data security platforms, explainable AI tools, and monitoring systems with existing AI TRISM frameworks. Moreover, such collaborations help address specific industry needs related to AI implementation and development. Various sectors, such as healthcare, finance, and manufacturing, face unique challenges in terms of AI solutions related to trust, risk, and security. Through collaboration, tech companies can tailor AI TRISM solutions to meet the distinct requirements of each industry, providing specialised and effective tools.

Generative AI foundation models

Moreover, the emergence of generative AI foundation models has created a unique set of challenges, including the need for advanced tools to manage the nuances of data exchange and processing between users and organisations. Addressing these challenges presents a growing opportunity for AI TRISM developers to collaborate with policymakers. The growing need for AI TRISM solutions creates a promising avenue for developers to innovate and create tools that address specific challenges in data management, privacy assurance, and content filtering within the context of generative AI foundation models.

Based on component, the solution segment led the market with a revenue share of 70.7% in 2023. The rising need to automate the software development process and gauge the trustworthiness of underdeveloped ML models is anticipated to drive the segment’s growth.

Market trend highlights

• Based on type, the explainability segment accounted for the largest revenue share in 2023. Healthcare providers and practitioners are adopting explainable AI models to understand the decision-making processes of diagnostic algorithms, treatment recommendation systems, and patient outcome predictions.

• Based on application, the governance & compliance segment accounted for the largest revenue share in 2023. The growing public awareness about AI's societal impact is prompting consumers to advocate for ethical and responsible AI practices.

• Based on end-use, the IT & telecommunication segment accounted for the largest revenue share in 2023. IT & telecom companies are aggressively adopting AI TRISM solutions as part of the efforts to mitigate potential AI-related risks, secure their data, and ensure adequate privacy protection.

• North America dominated the market and accounted for a 32.6% share in 2023. A fraction of North American companies has already implemented responsible AI practices, and multiple other companies are planning to scale responsible AI frameworks by 2025.