The size of the artificial intelligence market in the UK is expected to grow at an annual growth rate of + 36% between 2019 and 2025
As it was certainly pushed by the limitations of a forced pandemic that accelerated digital transformation around the world.
The CB insight Report “Artificial intelligence in number 2021” and the Tech Nation said that the AI funding reaches a ‘record-breaking £32.76bn in Q2 21’. AI Unicorns are mainly cybersecurity and AI processors companies, followed by finance, insurance, and retail.
The US leads as an AI hub, attracting 41% of the deals, China with 19%.
But, what about the UK?
In Q2 21’, UK edged out Japan in third place to become a top 5 AI Hub. The UK’s AI start-up ecosystem has grown 600% over the last ten years, jumping from just 180 firms to 1,300 by the start of 2021.
Artificial intelligence is one of the most significant emerging trends in the UK, a market that is currently worth around £15.6 billion and staggering figures are expected for the next few years. Furthermore, UK AI start-ups also employ almost 30,000 people and have attracted $3.4 billion (£2.41bn) worth of investments last year.
What is the impact of artificial intelligence on British society? What should we expect in the short term?
From this year’s PwC research, based on 1 million individuals in the world who already work in the field of AI, more artificial intelligence translates into creating better customer experiences, improve decision making, innovate products and services, achieve cost-saving and operate more efficiently.
And even the British government feels the need to implement an innovative plan for its people.
The UK launches data reform to boost innovation, economic growth and protect the public
Now that UK has left the EU, the government wants to create a pro-growth and trusted data regime that unleashes data’s power across the economy and society, for the benefit of British citizens and British businesses.
The reforms outlined in this consultation will:
The use of algorithmic or automated decision-making is likely to increase substantially in the coming years. The Government wants organizations to feel confident that their AI-powered services are a force for good and will not inadvertently harm consumers.
“Our new data regime will cement our status as a science superpower by removing unnecessary burdens and boosting innovation and growth right across the UK”– Minister for the Cabinet Office Lord Frost, 9 Sept 2021.
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