Analysing the impact AI has had: a research study found firms implementing AI were over 12% more productively efficient than those without AI. The evident success of AI has fuelled a growing appetite for more innovation with 39% of UK business leaders stating being at the forefront of pioneering new AI technologies as one of their key aims, up from 14% last year. These strides in AI in the UK mirror a global change as a case study from TechJury predicted the global AI market to be $61 billion by 2025, up from $2.1 billion in 2016.
The pivotal impact of AI to the UK’s economy has even influenced policymaking as highlighted by the findings in the 2018 House of Lords report: ‘AI in the UK: ready, willing and able?’ Furthermore, in this year alone, the UK government made a £121 million pledge to assist AI training at the graduate university level.
However, the 2018 House of Lords report also identified some key concerns with AI in the UK economy. Notably how firms focus on the rapid implementation of AI without a clear roadmap of how and where to use it. Therefore, many firms do not identify the parts of their business model that can be most productively improved by AI thus limiting its impact.