UK’s AI ecosystem to hit £2.4T by 2027, third in global race - Artificial Intelligence - NewsUK’s AI ecosystem to hit £2.4T by 2027, third in global race - Artificial Intelligence - News

UK’s ai Sector Projected to Reach £2.4 Trillion by 2027: A Global ai Ecosystem Report

A new report released by the Global ai Ecosystem platform, an open-source knowledge platform developed with support from artificial intelligence in Industry Association (AiiA) and Deep Knowledge Ventures, indicates a significant growth in the UK’s ai sector. The projections suggest that the value of the UK’s ai industry will skyrocket from £1.36 trillion ($1.7 trillion) to £2.4 trillion ($3 trillion) by 2027, making the UK the third largest ai economy globally after the US and China.

UK’s Robust ai Industry: A Vital Hub for ai Enthusiasts and Professionals

The Global ai Economy Size Assessment report by AiiA showcases the rapid expansion of the UK’s ai industry. The sector boasts over 8,900 companies, and approximately £1.36 trillion investment underscores its substantial contribution to the national GDP. Around 4,100 dedicated investment funds, with 600 of them based in the UK, fuel this growth.

A Skilled Workforce Driving Innovation and Economic Growth

The UK’s ai sector is driven by a robust workforce of 500,000 ai specialists. Their expertise not only bolsters GDP growth but also acts as a safety net against unemployment. With the UK government’s active prioritisation of its national ai agenda, the UK is set to remain Europe’s ai leader and secure third place in the global ai race.

London: A Leading Global ai Hub

Major UK cities like London, Cambridge, Manchester, and Edinburgh have emerged as leading ai hubs, fostering collaboration and providing access to essential resources. With nearly 5,000 ai companies in London alone, it competes with entire countries on the global ai stage and solidifies its contact leadership status.

Comprehensive Assessment of Global ai Economy

AiiA’s estimation of the UK ai economy size used ai algorithms to map the global ai industry, profiling 50,000 companies, 20,000 investors, 2,000 ai leaders, and 2,500 R&D hubs. Building upon previous reports, it conducted the most comprehensive assessment of the Global ai Economy to date, projecting a global ai economy exceeding £27.2 trillion ($34 trillion) by 2027.

The UK: A Hub for ai, Science, R&D, and Governance

The UK’s position as a hub for science, research & development (R&D), DeepTech, and ai governance places it in an advantageous position to leverage ai as a core engine of technological progress and driving economic growth.

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By Kevin Don

Hi, I'm Kevin and I'm passionate about AI technology. I'm amazed by what AI can accomplish and excited about the future with all the new ideas emerging. I'll keep you updated daily on all the latest news about AI technology.