CBI Economics analyses the AI economy and highlights why its governance will be key to supporting growth
Key takeaways
- The UK AI industry could contribute more to the economy than the country’s travel agents, as those firms measured contribute around £9bn in GVA each year.
- AI firms support just over 120,000 full-time equivalent (FTE) employees across the UK, 0.5% of total jobs across the UK economy.
- These firms are currently attracting more investment than the net zero economy.
Whether you look on Artificial Intelligence (AI) with hope or fear, for your business, your job or for society, CBI Economics has teamed up with The Data City to bring you the facts about the significance it already has for the UK economy.
Putting a finger on the economic impact of the AI industry isn’t easy. It’s difficult to map these companies onto traditional Standard Industrial Classification (SIC) codes. So we’ve used our proprietary in-house model to estimate the economic contributions of AI companies that fall within The Data City’s definition of the industry.
This states the industry is made up of companies working with AI in areas such as: data analysis, enabling platforms, image processing, machine learning, natural language processing, blockchain, greentech, life sciences, industry 4.0 and automation, systems optimisation and signal processing.
Although we cover the value derived from the jobs these AI specialists create, the supply chain they support and the demand they fuel, we
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