Last Updated on: 22nd November 2023, 05:23 am
It’s estimated that the AI market in the UK could add £737 billion to the economy by 2035, with 15% of UK businesses already using some form of AI in their daily operations.
As part of an AI Sector Deal worth around £1 billion, the UK government is investing heavily to support the sector, resulting in jobs being created and existing workers being up-skilled.
Labor expenditures were averaged at £24,400 per small business, £1.7 million per medium business, and £3.1 million per large business in 2020. This is expected to grow between roughly 11.7% – 17.5% over the next 10 years.
Financial, retail, healthcare, and manufacturing sectors are expected to benefit from this investment.
Banks such as HSBC and Barclays have trained staff on using conversational AI platforms for customer service. Organisations are also using machine learning algorithms to analyse customer behaviour and develop more personalised services.
Many businesses are beginning to realise the benefits that AI technology can provide, such as improved customer service through chatbots and increased efficiency in day-to-day operations.
Data from Google trends shows that interest in jobs related to AI hit a peak in December 2022 with no signs of slowing down. With salaries of £60-£70k per year available on Indeed for AI software developer and AI engineer roles, AI jobs are becoming increasingly attractive.
Marketing firm Neural Edge, an award-winning firm recognized for its use of AI for data analysis, believes AI will become mainstream in 2023.
Ben Barnes, Director of Neural Edge notes, “Many of our clients are already interested in using AI for marketing, logistics and customer service. We are seeing a shift from larger companies investing in AI to smaller, less established firms as the technology becomes more accessible. It saves time, improves accuracy, helps with mass data collection and analysis, which is essential for online success.”
Businesses will increasingly turn to AI as a competitive advantage and as a means of improving profitability as the UK’s digital economy grows. By 2025 it’s expected that 22.7% of UK businesses will have adopted AI in some form, making it essential for workers to up-skill and remain competitive in the job market.
Recent initiatives from both the government and private organisations are paving the way for a wave of digital transformation across many industries, with AI set to become increasingly prevalent in the UK workplace over the next decade.