Artificial intelligence (AI) could provide a 22 percent boost to the UK's GDP by 2030 according to new research from McKinsey and Quantumblack.
The research also revealed that British companies which fully incorporate AI tools into their organizations could increase their economic value by 120 percent by 2030.
However, organizations that are late to adopt AI or fail to do so all together, could lose around 20 percent of their cash flow compared to today.
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Despite the fact that the UK is ahead of the rest of Europe on McKinsey Global Institute's AI readiness index, it continues to fall behind the US and China.
A welcome boost
McKinsey and Quantumblack's research also suggests that increased AI adoption would be a “welcome boost” in the UK where productivity growth has been weak over the last decade.
Although AI adoption by UK firms has been slow, Britain remains a European leader for AI startup success.
Deepmind and Swiftkey, which were acquired by Google and Microsoft for $500m and $250m respectively, are some recent examples.
Chief operating officer at Quantumblack, Helen Mayhew explained how the UK can help close the AI adoption gap, saying:
“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.”