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UK AI sector worth £72 billion – the largest in Europe

The UK AI sector has reached a valuation of $92 billion (£72.3 billion), making it the largest in Europe according to Tech Nation’s new ‘UK Tech in the Age of AI’ report. This remarkable rating underlines Britain’s leading position in AI innovation and investment.

Investment Highlights:

  • In the first quarter of 2024, AI startups attracted 16% of all UK venture capital (VC) investments.
  • The UK hosts over 1,800 VC-backed AI startups, including 20 unicorns such as Synthesia, Wayve, and Stability AI.
  • Globally, the UK ranks fourth in AI investments, following the US, China, and Israel.

Industry Insights: Carolyn Dawson, CEO of Founders Forum Group and Tech Nation, remarked, “We are witnessing another landmark achievement for UK tech and another milestone in our remarkable growth story. We now have the opportunity to lead the responsible development of AI on a global scale.”

Survey Findings: The report also surveyed UK tech professionals, revealing:

  • 69% believe AI positively impacts their work.
  • A majority anticipate AI will benefit the UK economy within the next five years.

Corporate Collaborations:

The report, released in partnership with Tesco during London Tech Week, highlights the practical applications of AI in business. Robert Armstrong, Tesco’s Director of Data Science, commented: “The increasing use of technology, including AI, offers exciting new opportunities for our business and society. We look forward to working with partners across the technology sector to increase efficiencies, improve customer experiences and capture the most exciting opportunities in this new era.”

Conclusion:
The British AI sector is not only the largest in Europe, but also a major player on the world stage. With continued investment and innovation, Britain is poised to lead the way in responsible AI development, driving economic growth and technological progress.

Read More:Artificial Intelligence and the Future of Singapore’s Foreign Workforce
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