UK artificial intelligence sector is booming

If you are operating in the tech and/or artificial intelligence sector and is looking to expand your business further, then UK might be for you. As Professor Stephen Hawking recently put it at a conference in Cambridge “Success in creating Artificial Intelligence (AI) could be the biggest event in the history of our civilisation. It will be either the best, or the worst thing, ever to happen to humanity. We do not yet know which.”

Regardless of the outcome this is taking place at rapid pace with leading experts now carrying out a major review on the development of AI in the UK. An impressive forecast by Accenture predicts this industry to add some £654 billion to the UK economy by 2035.[1] 

Britain has a competitive advantage in Artificial Intelligence, with some of the world’s most innovative AI companies based here and a rich ecosystem of investors, employers, developers and clients. It is a fast-growing area for research and commercial investment, including by major global digital companies. All this combined make the UK a brilliant hub to grow your business from.

Major governmental funding, means major industry opportunities in AI

The UK government has announced plans to boost the growth and support of Britain’s robotics and AI sector by investing some £93m over the next four years through its Industrial Strategy Challenge Fund. The plans will aim to capitalise on Britain’s existing strengths and support the development of new technologies. The government has said its AI investment over four years would be used to make industry and public services more productive by developing AI and robotics systems that could be deployed in the extreme environments that occur in offshore energy, nuclear energy, space and deep mining.[2]

The government has also confirmed that it would invest £38m in collaborative R&D programmes for driverless cars, as well as working with industry to develop next generation AI and control systems for the technology.  This is all very exciting news for the UK tech industry in the years to come.

Opportunities for Norwegian companies albeit Brexit fear

Research by London and Partners shows that the UK remains attractive to investors despite the vote to leave the EU, with UK tech firms receiving more venture capital investment than any European country post-referendum.

Since the EU referendum vote, a number of the world’s leading technology companies have demonstrated their long-term commitment to investing in London with Google putting forward a £1 billion investment plan for a new headquarters in King’s Cross, Facebook announcing an additional 500 jobs for London and Apple revealing its plans for new headquarters in Battersea. Snap Inc, the company behind messaging app Snapchat, also announced recently that it will established its international Headquarters in London.[3] The future is looking bright, and we have no doubt UK will continue to attract record levels of investment and remain the best place in the world to grow a business.

Get in contact with us to find out more and how we best can help you in the UK.

 

 

 

 

 

[1] https://www.accenture.com/lv-en/_acnmedia/PDF-33/Accenture-Why-AI-is-the-Future-of-Growth.pdf

[2] https://www.gov.uk/government/news/business-secretary-announces-industrial-strategy-challenge-fund-investments

[3] http://www.londonandpartners.com/media-centre/press-releases/2017/20170112-uk-tech-sector-leads-european-investment-in-2016

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