UK AI market grows 600% over 10 years

The UK is now home to more than 1,300 AI companies, up from just 180 in 2011.

According to data from Tech Nation, the growth platform for UK tech businesses, this represents a 600 per cent increase in AI companies over the 10-year period.

Gerad Grech, chief executive at Tech Nation, said that the UK is now a central hub for AI technology.

“Last year alone, UK AI saw a 17 per cent increase in VC investment, more than any other country,” Grech said. “At this pivotal time, we must work to support and accelerate these businesses as they continue to shape our future; from transforming financial processes to tackling climate change and revolutionising modern healthcare.”

He added: “The AI Council’s recently released AI roadmap is a step in the right direction to unlocking the full potential of UK AI, which has the power not only to boost our own economy by 10 per cent by 2030, but also to transform societies around the world.”

Tech Nation said that AI companies are scaling across all regions of the UK, with half of Britain’s top 10 scaling AI companies located outside of London. The UK’s major AI hubs include Cambridge and Edinburgh.

"These fantastic figures show the UK is rapidly becoming an AI superpower, with government support playing a critical role,” said Oliver Dowden, digital secretary, commenting on the Tech Nation study. “We have committed £1 billion through our AI Sector Deal to drive even more growth, create new jobs and use the power of tech to tackle some of the world's biggest challenges."

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