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UK AI Economy Valued at £1.36 Trillion, Projected to Reach £2.4 Trillion by 2027, Placing it Number 3 in Global AI Race
Wow, that’s a massive amount of artificial intelligence! The current value of the UK AI economy is estimated to be more than four times the market cap of the entire FTSE 250 index, which is often used to measure British domestic industry. It’s also not too far off from the £1.9tn market cap of the FTSE 100.
We received this email from Global AI Ecosystem, a unique and open-source AI knowledge platform created by Deep Knowledge Group and AI Industry Analytics, an analytical subsidiary of Deep Knowledge Group. It’s like that famous Marc Jacobs label meme, but for research. The attached report reveals that there are over 8,900 UK companies working in the field of AI.
Does the infographic above look familiar? It should. Deep Knowledge Group is an umbrella organization that includes Deep Knowledge Ventures, a venture capital fund based in Hong Kong. Its analytics arm has been mentioned in the press before as a co-author of reports that estimate the size of the UK blockchain industry. Their 2018 blockchain overview, produced in collaboration with the All-Party Parliamentary Group on Blockchain, identified 225 UK companies in the field and predicted that Britain will become a global hub for blockchain and next-generation digital crypto economy by 2022.
Deep Knowledge Analytics also uses the same formula for reports on FinTech, GovTech, and CreaTech, but AI seems to overshadow them all. Their 2023 report provides a comprehensive overview of the AI landscape. Here are just a few of the 8,900 UK AI ecosystem companies profiled in the report:
1st Direct Mail, a postal services company
A1 Clutches, the leading clutch repair and gearbox installer in the Midlands
Acoustic Energy, a manufacturer of hi-fi loudspeakers
American Infrastructure Group, an American infrastructure group
The Blockchain & Climate Institute, a non-profit think tank
Cambridge Analytica, a political data consultant that closed operations in 2018
CryptoNewsFR, the French-language sub-site of Marshall Islands-based web magazine Cryptonews
Clifford James Consultants, a market leader in motor vehicle diminution
Franking Machine Experts, a company with a broken website and outdated Twitter profile
Hermes Technologie, a manufacturer of sewer repair supplies based in Schwerte, Germany
As you can see, the variety of companies in the UK AI ecosystem is astounding. This includes public companies like Marks & Spencer, HSBC, Rolls-Royce, Tate & Lyle, BAE Systems, and Noble Corporation, whose involvement with AI may seem tangential. These stocks contribute to the estimated £1.36tn valuation mentioned in the headline, while the forecast of reaching £2.4tn by 2027 seems to be based on a upward trend analysis.
Dmitry Kaminskiy, the general partner of Deep Knowledge Group, is renowned for his work on the monetization of longevity. He has founded Longevity Capital and The Aging Analytics Agency, co-founded Longevity Bank, and is currently writing a series of SEO-optimized books on longevity. However, his sideline ventures, such as the 2017 ICO to build Humaniq, a blockchain microlender, have not been as successful.
Kaminskiy believes that developments in longevity will intersect with AI, crypto, and [blank]tech. It might be worth exploring the trade-off between how much Deep Knowledge Group’s work extends productive lives versus how much time we spend reading their research.
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