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Home > News > Industry News > AI to add £630bn to UK economy.....

AI to add £630bn to UK economy by 2035

  • Author:Ella Cai
  • Release on:2017-10-16
A report on AI, commissioned the Culture Secretary as part of the Government’s Industrial Strategy, has been published. It concludes that AI can generate £630 billion in value for the UK economy by 2035.
Recommendations include:

Recommendations include:

Skills: increasing the UK’s expert AI expertise through new initiatives including an industry-funded Masters programme in AI, and conversion courses to help a much broader range of people to apply AI;

Increasing uptake: helping organisations and workers understand how AI can boost their productivity and make better products and services, including public services;

Data: ensuring that people and organisations can be confident that use of data for AI is safe, secure and fair; making more data available from publicly-funded research;

Research: building on the UK’s strong record in cutting-edge AI research, with targeted proposals including making the Alan Turing Institute a national institute for AI

Examples cited of using AI to improve services are:

Health – Using the most advanced Artificial Intelligence, Your.MD has built the world’s first AI Personal Health Guide that provides users immediate trustworthy healthcare advice from the NHS to anyone with access to a mobile phone;

Banking – To help verify customer identity and increase security for HSBC customers, the bank has created an AI chatbot, Olivia, who can assist customers 24 hours a day, 365 days a year with their enquiries;

Education – With technology that records patterns of behaviour, including what learning style works for each student, CENTURY, an AI platform, is helping children learn and teachers provide more personalised education programmes, with feedback and suggestions to help fill knowledge gaps;

Legal services – AI is helping lawyers to do legal searches and to draft the best standard documents, the law firm Pinsent Masons has developed its own team of computer scientists and legal engineers to put AI into practical context for its lawyers;

Cars – Driverless cars are set to make the roads safer for pedestrians and car drivers alike, with companies like Oxbotica developing fully autonomous operating systems that diagnose vehicle issues and identify the best, most logical route on the move.

AI is also being deployed in a variety of different ways to assist businesses and consumers such as:

* protecting consumers and shoppers against spam and bank fraud
* computer vision that monitors CCTV to improve safety
* managing and monitoring supply chains to reduce loss and waste
* improving electricity grid management to save costs and reduce CO2 emissions
* using data to provide personal shopping recommendations

Co-author of the report, Professor Dame Wendy Hall, Regius Professor of Computer Science at the University of Southampton, says:

“I was very honoured to be asked to co-chair this review at a time when AI is set to make major changes to the way we live and work. AI has been around for a very long time as a concept and this latest surge of technological development is likely to see automation continue to escalate and accelerate in every walk of life. Now is the time for us all – scientists, researchers, entrepreneurs and the government – to come together and address the issues about how AI is going to impact society and seek ways to ensure that we’re able to deliver the great breakthroughs the technology has the potential to deliver.”