According to recent market research, the growth and proliferation of AI technology is such that the AI market has doubled in size since 2021. It is expected to grow from around $2 billion in 2023 to almost $2 trillion in 2030.
In response, organisations are focussing governance efforts around the design, development and deployment of AI systems. IAPP and EY confirmed this trend in their 2023 Annual Privacy Governance Report, which revealed that AI governance had risen from the ninth to second most important strategic priority for privacy functions within 12 months. IAPP notes this is unsurprising given that 57% of privacy functions have acquired additional responsibility for AI governance. During the preparation of that report, IAPP found the AI-related responses to the 43-question survey were such that publishing a separate, dedicated report on organisational AI governance was appropriate.
The key findings of the inagural IAPP-EY Professionalising Organisational AI Governance Report include:
- 56% of respondents indicated they believe their organisation does not understand the benefits and risks of AI deployment.
- Furthermore, the rapidly evolving nature of AI is creating challenges for the 60% of respondents indicating that their organisation had already established a dedicated AI governance function or will likely do so in the next 12 months.
The report also reveals the areas in which organisations are adopting AI technology:
- Automated decision making = 7%
- Customer interactions = 9%
- Personalised experiences = 11%
- Data analysis = 33%
- process automation = 28%
- Other = 13%
The report further references previous IAPP-FTI research into the overlap in required skills between privacy management and AI governance functions.
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