UK’s AI Sector Predicted to Reach £2.4T by 2027, Ranking Third Globally

The Global AI Ecosystem, a newly introduced open-source knowledge platform, forecasts the UK’s AI industry to surge from its current valuation of £1.36 trillion ($1.7 trillion) to £2.4 trillion ($3 trillion) by 2027. This growth trajectory positions the UK as Europe’s AI frontrunner and the third global powerhouse, trailing only the US and China.

Supported by AI Industry Analytics (AiiA) and Deep Knowledge Group, the Global AI Ecosystem serves as a collaborative space for AI enthusiasts and experts to share insights and knowledge.

AiiA’s recent report highlights the exponential growth of the UK’s AI sector. With nearly 9,000 companies in this domain, the UK’s AI valuation at £1.36 trillion significantly impacts its national GDP. The country hosts around 600 of the world’s 4,100 AI-focused investment funds.

Half a million AI specialists in the UK are propelling innovation, reinforcing the country’s global AI stature. This expertise not only boosts GDP but also offers resilience against joblessness.

The UK government’s emphasis on AI is evident in its policies and projects. Deputy PM Oliver Dowden recently labeled AI as the most transformative industrial revolution to date. With 280 active AI projects, the UK’s dedication to AI innovation is unmistakable.

Dmitry Kaminskiy, Founder of AiiA and General Partner of Deep Knowledge Group, commented:

“The UK remains a formidable and proactive AI leader globally, even amidst economic challenges. Having crossed the £1.3 trillion mark in 2023, it’s on track to achieve £2.4 trillion by 2027. AI is undeniably the catalyst for the UK’s DeepTech industry growth, positively influencing the nation’s comprehensive infrastructure.”

Major cities like London, Cambridge, Manchester, and Edinburgh are pivotal AI centers, promoting collaboration and resource accessibility. London, with its 5,000 AI firms, rivals entire nations in the AI domain, affirming its dominance in Europe.

AiiA’s assessment utilized AI algorithms to profile the global AI industry, encompassing 50,000 companies, 20,000 investors, 2,000 AI leaders, and 2,500 R&D centers. Their study offers the most detailed analysis of the Global AI Economy so far, projecting a worldwide AI economy surpassing £27.2 trillion ($34 trillion) by 2027.

Given the UK’s prominence in science, R&D, DeepTech, and AI governance, it’s well-positioned to harness AI as a cornerstone of technological advancement and economic prosperity.

(Image Credit: Global AI Ecosystem)

Related: UK government announces AI Safety Summit initiatives.

Write a Comment

Your email address will not be published. Required fields are marked *