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The rapidly growing field of artificial intelligence (AI) has the potential to revolutionize many aspects of our lives.
With AI already in everything from self-driving cars to medical diagnostic tools, we take a look at how technology adoption is transforming the UK.
AI growth and adoption in the UK
- The UK AI market is worth over £16.9 billion and is expected to grow to £803.7 by 2035, according to the US International Trade Agency.
- The number of UK AI companies has grown by 688% over the past decade.
- About one in six organizations in the UK, or 432,000 in total, have at least one AI technology in place, according to government research.
- 68% of large enterprises, 34% of medium-sized enterprises and 15% of SMEs have at least one AI technology in place.
- Marks & Spencer reported an 80% reduction in warehouse accidents after a 10-week trial of computer vision technology.
- According to government data, the most commonly adopted AI solutions in the UK focus on:
– Data management and analytics (9%)
– Natural language processing and generation (8%)
– Machine learning (7%)
– AI hardware (5%)
– Computer vision and image processing and generation (5%).
- The IT and telecommunications sector has the highest AI adoption rate at 29.5%, followed closely by the legal sector at 29.2%. Hospitality, healthcare and retail have the lowest adoption rates at around 11.5%.
Economic and employment impact
- There are over 50,000 AI talent in the UK.
- AI contributed £3.7 billion to the economy in 2022.
- The UK has twice as many AI-based companies as any other European country.
- The largest estimated increase in net employment due to AI over the next 20 years is projected to be in the UK’s health and social services sector.
- Among the major regions of the UK, Greater London leads the AI skills market, with 2.2% of all job listings in the Greater Tokyo mentioning AI skills, followed by Northern Ireland (1.0%), South East (0.9%) %) follows it.
- London serves as a major hub for AI startups in the UK, home to around 80% of the country’s top 50 AI companies, including DeepMind, Adbrain and BenevolentAI, alongside prominent machine learning research groups at UCL, King’s and Imperial College. is based in .
- Job listings in all sectors that mention AI advertise salaries that are 20% higher than those that don’t.
- The government said about 7% of existing jobs in the UK could be displaced over the next five years, rising to about 18% in 10 years and about 30% in 20 years, which is about Equivalent to 2.2 million jobs.
AI language model
- A Forbes Advisor poll found that 85% of Britons recognize AI language models such as Chat GPT, Google Bard and Bing Chat.
- Since its introduction in November 2022, eight of the Russell Group’s 24 universities have officially banned the use of ChatGPT and other AI language models.
self-driving car
- Self-driving cars are expected to be on public roads in the UK by 2025, with £100m worth of government funding so far towards this goal.
- A Forbes Advisor survey found that 85% of those surveyed have concerns about AI technology in cars.
AI R&D
- The UK government ranked third in the 2021 Global AI Readiness Index, and first in Europe.
- Since 2014, the government has allocated over £2.3bn to various initiatives in the artificial intelligence (AI) sector.
- The UK government has committed almost £1 billion of government funding to AI research in its 2023 budget.
- The UK will invest £900m in cutting-edge supercomputers as part of its artificial intelligence strategy, including ensuring it can build its own ‘BritGPT’.
TRENDS, FORECASTS AND CONCERNS
- A Forbes Advisor survey found that 59% of Britons are concerned about the use of artificial intelligence.
- My main concerns are:
source:
Primary data from Forbes Advisor were obtained from a sample of 2,000 adults representative of the UK population. The study was commissioned by Forbes Advisors and conducted by market research firm Opinium. Data he collected in May 2023.
