The Latin America, Middle East and Africa AI Trust, Risk And Security Management Market would witness market growth of 22.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA AI Trust, Risk And Security Management Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $174.3 million by 2031. The Argentina market is showcasing a CAGR of 23.6% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 22.6% during (2024 - 2031).
As per the International Trade administration (ITA), AI continued to mature in Brazil and exceeded US$1 billion in spending in 2023, representing a 33% increase year-over-year. Spending on Intelligent Process Automation (IPA) exceeded US$214 million in 2023, marking an increase of about 17% from the previous year. Furthermore, in 2023, spending on infrastructure as a service (IaaS) plus platform as a service (PaaS) exceeded US$4.5 billion, growing 41% from 2022.
The applications of AI trust, risk and security management are diverse and encompass various industries and domains, reflecting the critical need to safeguard AI-driven systems and applications from cybersecurity threats and ethical concerns. For example, the financial services sector utilizes AI trust, risk and security management solutions for fraud detection and prevention. Advanced AI algorithms analyze transactional data, user behavior, and historical patterns to identify abnormal activities indicative of fraudulent behavior, such as unauthorized access, account takeover, and payment fraud.
The UAE invests heavily in developing modern infrastructure to support smart city initiatives. According to the United Arab Emirates Ministry of Economy, the Smart Cities & Artificial Intelligence Plan (2018-2022) is a project in smart cities for managing infrastructure using Information & Internet of Things Technology. The National Smart Mobility Strategy of the United Arab Emirates, also known as the National Artificial Intelligence Strategy 2031, endeavors to establish the UAE as a frontrunner in artificial intelligence internationally by 2031. AI-driven security management solutions are critical in protecting citizen data, enforcing privacy controls, and maintaining trust in smart city initiatives. Hence, the increasing number of smart cities and the growing adoption of AI in the region's healthcare sector are driving the market's growth.
Free Valuable Insights: The Worldwide AI Trust, Risk and Security Management Market is Projected to reach USD 8.2 Billion by 2031, at a CAGR of 20.3%
Based on Deployment Mode, the market is segmented into On-premise, and Cloud. Based on Component, the market is segmented into Solution, and Services. Based on Application, the market is segmented into Governance & Compliance, Bias Detection & Mitigation, Security & Anomaly Detection, and Privacy Management. Based on Type, the market is segmented into Explainability, ModelOps, Data Anomaly Detection, Data Protection, and AI Application Security. Based on Enterprise Size, the market is segmented into Large Enterprise, and Small & Medium Enterprise. Based on End-use, the market is segmented into Telecom & IT, Government, Healthcare, BFSI, Media & Entertainment, Manufacturing, Retail & eCommerce, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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