The UK AI economy is projected to be worth £2.4 trillion by 2027 – making it the world’s third most valuable AI market.
According to a new study, described as the most comprehensive mapping of the AI industry in the country, the AI sector is currently valued at £1.36 trillion.
Furthermore it found that there are 500k AI specialists working in the UK, which AI Industry Analytics (AiiA) said indicated a “robust workforce driving innovation, showcasing the UK’s ability to develop, retain and attract a massive cohort of AI talent.”
“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,” said Dmitry Kaminskiy, Founder of AI Industry Analytics (AiiA) and General Partner of Deep Knowledge Group.
“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 cumulative, systemic, positive impact on the full scope of the nation’s integral infrastructure.”
The study profiled 8,900 companies, 70 public corporations, 300 AI Hubs, 4,100 investors, 280 government projects and 500,000 AI specialists.
It’s been released as part of UK AI Ecosystem, a first-of-its-kind open-source AI knowledge platform, which has launched today.
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.”
While London is leading the country, Manchester was highlighted as a leading AI hub.
That’s despite a study released earlier this week by Peninsula Group finding that almost three quarters of UK employers haven’t yet incorporated AI into the workplace.