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AI – What are we learning in 2021? Trend and Numbers.

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:

  1. Cement Brits position as a science superpower, simplifying data used by researchers and developers of AI and other cutting-edge technologies.
  2. Build on the unprecedented and lifesaving use of data to tackle the COVID-19 pandemic.
  3. Secure the UK’s status as a global hub for the free and responsible flow of personal data – complementing our ambitious agenda for new trade deals and data partnerships with some of the world’s fastest-growing economies.
  4. Reinforce the responsibility of businesses to keep personal information safe, while empowering them to grow and innovate.

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.

Everything you must know about Innovation Funds in the UK.

Did you know that between 2020 and 2021, UKRI has funded £3.1 billion in Grants, of which £885 million was funded through Innovate UK – for companies conducting Research and Innovation? Funds are currently available for organizations that wish to tackle key challenges in their respective fields (Science, Engineering & Software) to devise viable and … …

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9 December 2021

R&D Tax Relief Budget Summary – November 2021

Last month, the budget saw several future changes for the current UK R&D tax relief schemes. Any company that is currently claiming or intending to claim should consider the upcoming changes as they could have a significant impact on whether you are eligible and/or the amounts you would receive.   Hosting and Cloud Computing The … …

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29 November 2021

28 September 2021

AI – What are we learning in 2021? Trend and Numbers.

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 … …

Read More

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