New research from McKinsey and Quantumblack suggests UK businesses adopting AI could see their value increase by 120 percent within a decade.
AI overall could provide a 22 percent GDP boost worth millions to the UK economy, according to the research.
However, the report warns that firms which do not integrate AI into their day-to-day business risk around 20 percent of their cash flow today.
In separate research last year, McKinsey wrote:
“By 2030, the average simulation shows that some 70 percent of companies might have adopted at least one type of AI technology but that less than half will have fully absorbed the five categories [computer vision, natural language, virtual assistants, robotic process automation, and advanced machine learning].”
The UK is well-positioned to take advantage of AI and is the highest ranking country in Europe on McKinsey Global Institute’s AI Readiness Index. However, the country falls behind the US and China.
Productivity growth in the UK has been weak over the past decade. McKinsey and Quantumblack believe that adopting AI would provide a “welcome boost”.
The UK has become a hotspot for AI with global interest in companies such as DeepMind and Swiftkey. With leading universities, the UK also helps to fill the global skill shortage in artificial intelligence roles.
Helen Mayhew, COO at Quantumblack, said: “We need to be proactive in both the development and diffusion of AI technologies to stop the gap widening.
“The UK is well-positioned to take advantage of these opportunities, and so the potential rewards for businesses and society more broadly are significant.”
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