85% of UK businesses to invest in artificial intelligence by 2020
UK companies are increasingly looking to disruptive technology as a means of staying on the top of their game, with nearly nine out of ten plotting investments in artificial intelligence and Internet of Things technology by 2020.
Deloitte report a smoking gun on UK AI investment
Research from Deloitte found that more than half of UK businesses plan to invest £10m in digital by 2020. This data is especially important in light of the fact only 10% of respondents saw the UK as a leader in the space.
The report, comprised of 51 organisations with a combined market value of £229bn, saw 73% say they will invest in robotics, 63% in AR and VR, 62% in wearables, 54% in biometrics and 43% in blockchain.
Despite attracting the most, current investment in AI remains low, with only a fifth of respondents saying they have invested in the sector. Of this fifth, only a third claimed they will spend more than £1m in 2017.
77% of respondents expect AI to disrupt their industries. Under half expect their workforce to shrink amid the adoption of AI. Just 8% think AI will directly fill human roles.
Paul Thompson, UK digital transformation leader at Deloitte, said: “Few UK businesses are successfully exploiting digital technologies and ways of working. Strategies are not coherent, investment levels are modest and the relevant skills are in short supply. As a result, the UK isn’t living up to its digital potential.”