UK Artificial Intelligence (AI) Statistics And Trends In 2024 – Forbes Advisor UK

The rapidly growing field of artificial intelligence (AI) has the potential to revolutionise many aspects of our lives. 

With AI already powering everything from self-driving cars to medical diagnosis tools, we look at how uptake of the technology is changing the UK.

AI growth and adoption in the UK

• The UK AI market is worth more than £16.8 billion, according to the US International Trade Administration, and is expected to grow to £801.6 billion by 2035.¹
• The number of UK AI companies has increased by over 600% over the last 10 years.²
• Around one in six UK organisations, totaling 432,000, have embraced at least one AI technology – according to government research.³
• 68% of large companies, 33% of medium-sized companies, and 15% of small companies have incorporated at least one AI technology.³
• Following a 10-week trial of computer vision technology, Marks & Spencer reported an 80% reduction in warehouse accidents.⁴
• Government data⁵ shows the most commonly adopted AI solutions in the UK focus on:

– data management and analysis (9%)

– natural language processing and generation (8%)

– machine learning (7%) 

– AI hardware (5%)

– computer vision and image processing and generation (5%).

• The IT and telecommunications sector has the highest AI adoption rate at 29.5%, closely followed by the legal sector at 29.2% The hospitality, health, and retail sectors have the lowest adoption rates, at around 11.5%.

Impact on economy and jobs

• The UK has an AI workforce of over 50,000.⁶
• AI contributed £3.7 billion to the economy in 2022.⁶
• Britain has twice the number of AI-based companies than any European nation.⁶
• The largest estimated net job gains from AI over the next 20 years are predicted to be in the UK’s health and social care sector.⁷
• Of the UK’s main regions, Greater London leads way in AI-focused companies, being home to 1,387 AI businesses as of June 2023.⁸
• London serves as the primary hub for AI startups in the UK, hosting companies including: DeepMind, Adbrain, and BenevolentAI, alongside prominent machine learning research groups at UCL, Kings, and Imperial College.

• Job listings across all sectors which mention AI advertise salaries 20% higher than those which don’t.

• The government estimates around 7% of existing UK jobs could be displaced over the next five years, rising to around 18% after 10 years and nearly 30% after 20 years – equivalent to around 2.2 million jobs.⁷

AI language models

• A Forbes Advisor poll found that 85% of Brits are aware of AI language models such as Chat GPT, Google Bard and Bing Chat.
• Since its introduction in November 2022, eight out of the 24 Russell Group universities have formally banned the use of ChatGPT and other AI language models.

Self-driving vehicles

• Self-driving vehicles are projected to be on UK roads by 2025, with £100 million worth of government funding committed to the goal to date.
• Forbes Advisor research found 85% of those polled had reservations about AI technology in cars.

AI research & development

• The UK government was ranked third in the 2023 global AI Readiness Index, and first in Western Europe. ⁹
• Since 2014, the government has allocated over £2.3 billion to various initiatives in the field of Artificial Intelligence (AI).¹⁰
• In the 2023 budget, the UK government committed almost £1 billion of government funding towards AI research.¹¹
• The UK plans to invest £900m in a cutting-edge supercomputer as part of an artificial intelligence strategy that includes ensuring the country can build its own ‘BritGPT’.¹²

Trends, outlook and concerns

• Forbes Advisor research found 59% of Brits have concerns about the use of artificial intelligence. 
• The main concerns were as follows:

Sources:

Primary data from Forbes Advisor  was taken from a sample of 2,000 adults, representative of the UK population. It was commissioned by Forbes Advisor and conducted by market research company Opinium. Data was collected in May 2023.

1. https://www.trade.gov/market-intelligence/united-kingdom-artificial-intelligence-market-0#:~:text=The%20UK’s%20AI%20market%20is,the%20UK%20economy%20by%202035.
2. https://www.great.gov.uk/campaign-site/uk-na-innovation/sectors/artificial-intelligence/
3. https://www.gov.uk/government/publications/ai-activity-in-uk-businesses/ai-activity-in-uk-businesses-executive-summary
4. https://www.shrm.org/resourcesandtools/hr-topics/global-hr/pages/uk-ai-safety.aspx
5. https://www.gov.uk/government/publications/ai-activity-in-uk-businesses/ai-activity-in-uk-businesses-executive-summary
6. https://www.gov.uk/government/news/uk-unveils-world-leading-approach-to-innovation-in-first-artificial-intelligence-white-paper-to-turbocharge-growth
7. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1023590/impact-of-ai-on-jobs.pdf
8. https://thedatacity.com/blog/the-uks-top-artificial-intelligence-ai-hotspots/
9. https://oxfordinsights.com/ai-readiness/ai-readiness-index/
10. https://www.gov.uk/government/publications/national-ai-strategy/national-ai-strategy-html-version
11. https://www.gov.uk/government/news/government-commits-up-to-35-billion-to-future-of-tech-and-science
12. https://www.theguardian.com/technology/2023/mar/15/uk-to-invest-900m-in-supercomputer-in-bid-to-build-own-britgpt