Forecasts published by the newly established Global AI Ecosystem open-source information platform suggest that the UK’s AI industry is poised to surge from £1.36 trillion ($1.7 trillion) to £2.4 trillion ($3 trillion) by the year 2027. The results indicate that the UK is likely to uphold its position as Europe’s AI frontrunner and maintain third place in the worldwide AI competition behind the US and China.
The Global AI Ecosystem platform was designed with the help of AI Industry Analytics (AiiA) and Deep Knowledge Group. Crafted as a universally accessible venue for community engagement, collaboration, content distribution, and knowledge sharing, it has evolved into an essential center for AI aficionados and professionals.
AiiA, in its Global AI Economy Size Assessment report, executed pioneering research demonstrating the swift growth of the UK’s AI sector.
UK AI economy
With more than 8,900 enterprises functioning in the field, the valuation of the UK AI economy at £1.36 trillion highlights its significant impact on the national GDP. Around 4,100 investment funds focus on AI, with 600 of them located within the UK.
A strong workforce of 500,000 AI professionals based in the UK is propelling innovation, fortifying the country’s role in the international AI arena. This talented workforce not only boosts GDP expansion but also serves as a safeguard against unemployment.
The UK government’s proactive emphasis on its national AI initiative is a crucial driver of this exceptional progress. Last month, UK Deputy PM Oliver Dowden referred to AI as the most ‘extensive’ industrial transformation to date.
With 280 ongoing initiatives utilizing AI technology, the UK’s dedication to AI is unmistakable. AI is a key component of the nation’s industrial strategy, establishing the UK as one of the most forward-thinking countries in shaping its AI future.
Dmitry Kaminskiy, Founder of AI Industry Analytics (AiiA) and General Partner of Deep Knowledge Group, remarked:
“In spite of economic challenges and downturns, the UK stands as an indisputable, dynamic, and proactive leader in the global AI landscape, having exceeded £1.3 trillion in 2023 and projected to attain £2.4 trillion by 2027.
There is no doubt that AI is set to be the principal catalyst for economic advancement, further driving the overall evolution of the UK’s DeepTech sector, and generating a cumulative, systemic, positive effect on the complete breadth of the nation’s foundational infrastructure.”
Prominent cities such as London, Cambridge, Manchester, and Edinburgh have become leading AI centers, promoting cooperation and supplying access to critical resources. With nearly 5,000 AI firms in London alone, it competes with entire nations on the global AI front, reinforcing its leadership position in Europe.
AiiA’s assessment of the UK AI economy employed AI algorithms to chart the global AI landscape, profiling 50,000 firms, 20,000 investors, 2,000 AI pioneers, and 2,500 research & development centers. Building on previous analyses, it conducted the most extensive evaluation of the Global AI Economy thus far, projecting a global AI economy surpassing £27.2 trillion ($34 trillion) by 2027.
The UK’s status as a center for science, research & development, DeepTech, and AI governance positions it advantageously for harnessing AI as a fundamental driver of technological advancement and fostering economic growth.
(Image Credit: Global AI Ecosystem)
See also: UK government details plans for AI Safety Summit
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