New research by London & Partners has found that more than three-quarters (77%) of international business leaders in the AI sector believe that London is more supportive of AI development than other major AI hubs.
The findings were released as international delegates gather in the capital for London Tech Week, Europe's hottest tech event.
Almost half of respondents (45%) cited supportive government incentives and policies aligned with AI development as a main advantage of London, while 44% cited access to international markets and global business opportunities as another big advantage of being based in London.
Unsurprisingly, location is a top priority for international business leaders of AI companies, with nine in ten (90%) of those surveyed highlighting the importance of locating in a city that actively addresses factors such as data privacy and security (51%), and infrastructure and scalability (45%).
The good news for London is that it scores highly in both areas: 86% of respondents believe London will be effective in addressing data privacy and security in the next 12 months, and 83% are confident in London's infrastructure and scalability.
When asked why London will be effective in these areas next year, almost half of respondents (46%) said the capital has an established infrastructure and tech ecosystem that is conducive to AI innovation and growth, while 43% said it is because London has a diverse, highly skilled talent pool in AI.
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Additionally, 85% of decision-makers surveyed at international AI companies said they are very confident in the capital’s ability to attract and retain talent over the next 12 months.
AI is increasingly attracting global attention as London Tech Week approaches, and this year's event is expected to attract leading figures from technology, business and politics and spark important debate.
“London is a world-leading technology and talent centre and is rapidly becoming one of the most important centres for AI business globally,” said Mayor of London Sadiq Khan.
“Globally leading companies in the sector are investing in their international headquarters in the city of London. These AI hubs will bring together industry experts to innovate and collaborate, providing Londoners with a huge opportunity to access the jobs and opportunities of the future.”
“AI will play a key role in both our society and economy – and it is something that all policymakers must address to build a better, fairer London for everyone.”
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Janet Coyle CBE, managing director of Grow London at London & Partners, said: “This research shows that London is at the forefront of supporting the responsible development of AI. As the number one tech hub in Europe and number two in the world, we are already welcoming companies such as Microsoft AI, OpenAI and Google DeepMind, all of whom have chosen London as the location for their international headquarters.”
“This year's London Tech Week agenda will include the latest developments and announcements in AI, and with more businesses choosing London for its AI trust, it's clear the city has all the ingredients needed to support the development of AI technologies.”
Mike Matacora, Chief Operating Officer at CoreWeave, who recently announced its expansion into London, said: “We are excited to open our European headquarters in London as part of our broader expansion into continental Europe.
“London's focus on accelerating AI development, its vast talent pool, access to a world-leading financial sector and proximity to AI labs, developers and enterprise customers across the UK made London an easy strategic choice for CoreWeave.
“Launching in London will enable CoreWeave to capitalize on the significant demand for our AI infrastructure in the UK and across Europe.”
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