UK AI Economy Valued at £1.36 Trillion, Projected to Reach £2.4 Trillion by 2027, Placing it Number 3 in Global AI Race

LONDON, UNITED KINGDOM, September 7, 2023/EINPresswire.com/ -- The AI economy in the UK is currently valued at £1.36 trillion ($1.7 trillion), and projected to reach £2.4 trillion ($3 trillion) by 2027, according to new findings released as part of UK AI Ecosystem, a first-of-its-kind open-source AI knowledge platform launched today, placing the UK in third place in the global AI race.

Developed by Global AI Ecosystem with the support of AI Industry Analytics (AiiA) and Deep Knowledge Group, the platform is designed as a universally accessible environment for community interaction, collaboration, content and knowledge sharing across the UK AI ecosystem.

According to new research conducted by AiiA as part of its Global AI Economy Size Assessment report, the UK's AI industry is in a state of rapid expansion, with over 8,900 companies operating in the sector. The UK AI economy's valuation of GBP 1.36 trillion underscores its substantial contribution to the national GDP, with around 4100 investment funds focused on AI (600 of them based in the UK) fueling financial confidence in the field.

The presence of 500000 UK-based AI specialists also indicates a robust workforce driving innovation, showcasing the UK’s ability to develop, retain and attract a massive cohort of AI talent. This large AI labour force serves not only to boost GDP, but also act as a strong safety net against rising unemployment.

In addition, the government is actively prioritising its national AI agenda, with 280 ongoing projects leveraging AI technology. This should come as no surprise, with the UK having named AI as one of the major pillars of its national industrial strategy, pursuing this agenda on many levels, ultimately giving the UK one of the most proactive national AI strategy in the world.

“𝘋𝘦𝘴𝘱𝘪𝘵𝘦 𝘢𝘯 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘥𝘰𝘸𝘯𝘵𝘶𝘳𝘯 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘤𝘩𝘢𝘭𝘭𝘦𝘯𝘨𝘦𝘴, 𝘵𝘩𝘦 𝘜𝘒 𝘴𝘵𝘢𝘯𝘥𝘴 𝘢𝘴 𝘢𝘯 𝘶𝘯𝘥𝘰𝘶𝘣𝘵𝘢𝘣𝘭𝘦, 𝘥𝘺𝘯𝘢𝘮𝘪𝘤 𝘢𝘯𝘥 𝘱𝘳𝘰𝘢𝘤𝘵𝘪𝘷𝘦 𝘭𝘦𝘢𝘥𝘦𝘳 𝘪𝘯 𝘵𝘩𝘦 𝘨𝘭𝘰𝘣𝘢𝘭 𝘈𝘐 𝘢𝘳𝘦𝘯𝘢, 𝘩𝘢𝘷𝘪𝘯𝘨 𝘴𝘶𝘳𝘱𝘢𝘴𝘴𝘦𝘥 £1.3 𝘵𝘳𝘪𝘭𝘭𝘪𝘰𝘯 𝘪𝘯 2023 𝘢𝘯𝘥 𝘱𝘳𝘰𝘫𝘦𝘤𝘵𝘦𝘥 𝘵𝘰 𝘳𝘦𝘢𝘤𝘩 £2.4 𝘵𝘳𝘪𝘭𝘭𝘪𝘰𝘯 𝘣𝘺 2027. 𝘛𝘩𝘦𝘳𝘦 𝘪𝘴 𝘯𝘰 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯 𝘵𝘩𝘢𝘵 𝘈𝘐 𝘪𝘴 𝘱𝘰𝘪𝘴𝘦𝘥 𝘵𝘰 𝘣𝘦 𝘵𝘩𝘦 𝘮𝘢𝘫𝘰𝘳 𝘥𝘳𝘪𝘷𝘦𝘳 𝘧𝘰𝘳 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘨𝘳𝘰𝘸𝘵𝘩, 𝘧𝘶𝘦𝘭𝘪𝘯𝘨 𝘵𝘩𝘦 𝘧𝘶𝘳𝘵𝘩𝘦𝘳 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘦𝘯𝘵𝘪𝘳𝘦 𝘜𝘒 𝘋𝘦𝘦𝘱𝘛𝘦𝘤𝘩 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘺, 𝘢𝘯𝘥 𝘤𝘳𝘦𝘢𝘵𝘪𝘯𝘨 𝘤𝘶𝘮𝘶𝘭𝘢𝘵𝘪𝘷𝘦, 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤, 𝘱𝘰𝘴𝘪𝘵𝘪𝘷𝘦 𝘪𝘮𝘱𝘢𝘤𝘵 𝘰𝘯 𝘵𝘩𝘦 𝘧𝘶𝘭𝘭 𝘴𝘤𝘰𝘱𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘯𝘢𝘵𝘪𝘰𝘯'𝘴 𝘪𝘯𝘵𝘦𝘨𝘳𝘢𝘭 𝘪𝘯𝘧𝘳𝘢𝘴𝘵𝘳𝘶𝘤𝘵𝘶𝘳𝘦.” said, Dmitry Kaminskiy, Founder of AI Industry Analytics (AiiA) and General Partner of Deep Knowledge Group.

The UK's AI industry has seen phenomenal growth and innovation, solidifying its position as a global leader. Major cities like London, Cambridge, Manchester, and Edinburgh have emerged as leading AI hubs, thanks to their dynamic ecosystems that foster collaboration and offer access to a plethora of required resources.

London has been recognized for some time by many as the AI capital of Europe, but now with nearly 5000 AI companies present in the city alone, it can easily compete with many other entire countries active on the global AI stage.

The platform was developed with the support of AI Industry Analytics (AiiA), is an end-to-end specialized solution for AI industry market intelligence and strategic insights, combining the power of deep analytics and industry monitoring with machine learning algorithms and advanced techniques to provide unparalleled recommendations in real time. As a subsidiary of Deep Knowledge Group, AiiA uses sophisticated approaches for mapping, comprehensive analysis and long-term forecasting of all domains within the AI industry, including science, technology, investment, finance and policy.

To develop its UK AI Economy Size estimates in particular, AiiA utilized AI algorithms to map the entire Global AI Industry, profiling 50,000 companies, 20,000 investors, 2,000 AI leaders, 2,500 R&D hubs by adapting, retuning and building upon techniques and analytical frameworks previously developed by Deep Knowledge Analytics for their landmark 2018 and 2021 UK AI Industry reports.

Building upon these past releases, AiiA conducted the most comprehensive assessment of the Global AI Economy to date, projecting the global AI economy to surpass USD 34 trillion by 2027, up from USD 20 trillion in 2023. AiiA’s methodology is robustly holistic, deriving directly from their first-ever mapping of the entire global AI industry ecosystem, encompassing not just revenue and turnover but also assessment of estimated total value of global AI assets, applying an exhaustive approach to data gathering and interpretation, offering a broader evaluation through a wider range of parameters, larger volumes of data, and a more profound level of analysis.

The UK’s status as a major epicentre of science, R&D and DeepTech on the one hand, and policy, ethics and governance on the other, puts it in an unprecedentedly positive and well-equipped position to leverage AI industrialization as the core synergetic engine of technological progress and economic growth for the United Kingdom.

For enquiries and further details, please contact: 𝐦𝐞𝐝𝐢𝐚@𝐚𝐢-𝐞𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦.𝐨𝐫𝐠

𝐀𝐛𝐨𝐮𝐭 𝐀𝐈 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 (𝐀𝐢𝐢𝐀)
AI Industry Analytics is an end-to-end specialized solution for AI industry market intelligence and strategic insights, combining the power of deep analytics and industry monitoring with machine learning algorithms and advanced techniques to provide unparalleled recommendations in real time. As a subsidiary of Deep Knowledge Group, AiiA uses sophisticated approaches for mapping, comprehensive analysis and long-term forecasting of all domains within the AI industry, including science, technology, investment, finance and policy.

𝐀𝐛𝐨𝐮𝐭 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐈 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦
Global AI Ecosystem is an innovative, open-access, and non-profit platform designed to foster knowledge and collaboration within the AI Industry. Providing access to advanced analytics, open-source libraries, interactive mindmaps, and community building infrastructure, its aim is to promote efficient cooperation and discussion among a variety of stakeholders, including companies, investors, non-profits, academic labs, R&D hubs, governmental bodies, and policy makers.

𝐀𝐛𝐨𝐮𝐭 𝐃𝐞𝐞𝐩 𝐊𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞 𝐆𝐫𝐨𝐮𝐩
Deep Knowledge Group is a data-driven consortium of commercial and non-profit organizations active on many fronts in the realm of DeepTech and Frontier Technologies (AI, Longevity, BioTech, Pharma, FinTech, GovTech, SpaceTech, FemTech, Data Science, InvestTech), ranging from scientific research to investment, entrepreneurship, analytics, consulting, media, philanthropy and more.

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