New projections released by the Global AI Ecosystem suggest that the UK is set to remain Europe’s AI leader and secure third place in the global AI race behind the US and China.
The Global AI Economy Size Assessment report conducted groundbreaking research showcasing the rapid expansion of the UK’s AI industry and its place in the global AI race.
It indicates that the UK’s AI sector is set to skyrocket from £1.36tr to £2.4tr by 2027.
The Global AI Ecosystem platform is developed with support from AI Industry Analytics (AiiA) and Deep Knowledge Group.
Designed as a universally accessible space for community interaction, collaboration, content sharing, and knowledge exchange, it has become a vital hub for AI enthusiasts and professionals.
How the UK is driving innovation in its AI space
With over 8,900 companies operating in the sector, the UK AI economy’s valuation of £1.36tr underscores its substantial contribution to the national GDP.
Approximately 4,100 investment funds are dedicated to AI, with 600 of them based in the UK.
A robust workforce of 500,000 UK-based AI specialists is driving innovation, solidifying the nation’s position in the global AI race.
This skilled workforce not only bolsters GDP growth but also acts as a safety net against unemployment.
The UK Government’s active prioritisation of its national AI agenda is a significant factor in this remarkable growth. Last month, UK Deputy PM, Oliver Dowden, called AI “the most extensive industrial revolution yet.”
How these investments will make the UK Europe’s leader in the global AI race
Dmitry Kaminskiy, Founder of AI Industry Analytics (AiiA) and General Partner of Deep Knowledge Group, said: “Despite an economic downturn and other challenges, the UK stands as a dynamic and proactive leader in the global AI race.
“There is no question that AI is poised to be the major driver for economic growth, fuelling the further development of the entire UK DeepTech industry, and creating a cumulative, systemic, positive impact on the full scope of the nation’s integral infrastructure.”
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 European leadership status.
The UK’s position as a hub for science, R&D, DeepTech, and AI governance places it in good stead for leveraging AI as a core engine of technological progress and driving economic growth in the global AI race.
