United Kingdom Artificial Intelligence Market Insights Forecasts to 2033

• The U.K. Artificial Intelligence Market Size was valued at USD 5.96 Billion in 2023.
• The Market is Growing at a CAGR of 28.16% from 2023 to 2033
• The UK Artificial Intelligence Market Size is Expected to Reach USD 71.22 Billion by 2033

The U.K. Artificial Intelligence Market is Anticipated to Reach USD 71.22 Billion by 2033, growing at a CAGR of 28.16% from 2023 to 2033.

Market Overview

Artificial intelligence (AI) is the technology that makes it possible for computers and other devices to mimic human autonomy, imaginative thinking, problem-solving, acquiring knowledge, and interpretation. AI is the foundation of innovation in contemporary computing, bringing benefit to both people and companies. Optical character recognition (OCR) is one application of AI that transforms unstructured content into structured data that is ready for business use and provides insightful information by extracting text and data from photos and documents. Building computers that can carry out tasks that normally require human intelligence is the goal of artificial intelligence (AI), a broad field of computer science. Though there are many different approaches to the multidisciplinary science of artificial intelligence (AI), developments in machine learning and deep learning in particular are completely changing almost every industry.

Report Coverage

This research report categorizes the market for the UK artificial intelligence market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United Kingdom artificial intelligence market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the U.K. artificial intelligence market.

Driving Factors

The necessity to be competitive in an increasingly digital market is driving a rapid digital transformation of businesses throughout the United Kingdom. The adoption of AI is being fueled in large part by the rapid digital transformation of UK firms, which is a response to the need for enterprises to remain competitive in an increasingly tech-driven environment. Even more, the UK government has made significant investments in AI research and development after realizing the strategic significance of AI. The goal of programs like the National AI Strategy is to position the UK as a leader in AI technology worldwide.

Restraining Factors

High implementation and upfront expenses are major barrier to the AI market, keeping some businesses from utilizing AI to its full potential.

Market Segmentation

The UK artificial intelligence market share is classified into offering and technology.

• The software segment is expected to hold the greatest market share through the forecast period.     

The U.K. artificial intelligence market is segmented by offering into hardware, software, and services. Among these, the software segment is expected to hold the greatest market share through the forecast period. AI software's adaptability to a wide range of applications and sectors places it at the forefront of AI acceptance, supporting the creation and widespread application of artificial intelligence (AI) technology.

• The deep learning segment is anticipated to hold a significant share of the United Kingdom artificial intelligence market during the forecast period.       

Based on the technology, the UK artificial intelligence market is divided into deep learning, machine learning, NLP, machine vision, and generative AI. Among these, the deep learning segment is anticipated to hold a significant share of the United Kingdom artificial intelligence market during the forecast period. Due to its ability to solve the problems associated with enormous amounts of data, deep learning presents attractive investment prospects. The adoption of AI technology will also be greatly aided by growing R&D expenditures from major businesses.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the U.K. artificial intelligence market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Graphcore
• Thought Machine
• Cera
• Gousto
• Quantexa
• Patsnap
• Huma
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2024, the UK-based AI chip manufacturer Graphcore Ltd., which was aiming to challenge Nvidia Corp., was bought by SoftBank Group Corp., a major player in Japanese technology.

Market Segment

This study forecasts revenue at the UK, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom Artificial Intelligence Market based on the below-mentioned segments:

United Kingdom Artificial Intelligence Market, By Offering

• Hardware
• Software
• Services

United Kingdom Artificial Intelligence Market, By Technology

• Deep Learning
• Machine Learning
• NLP
• Machine Vision
• Generative AI