Home Business NewsBusiness Almost nine in ten UK businesses to invest in artificial intelligence by 2020

Almost nine in ten UK businesses to invest in artificial intelligence by 2020

by LLB Reporter
20th Nov 17 9:33 am

85 per cent of UK organisations plan to invest in artificial intelligence and the internet of things in the next three years

Eighty-five per cent of senior executives plan to invest in artificial intelligence (AI) and the internet of things (IoT) by 2020, according to a new survey of UK digital leaders by Deloitte.

The findings come from the first edition of a new regular report from Deloitte, the Digital Disruption Index.  The index will track investment in digital technologies and create a detailed picture of their impact on the largest and most influential business and public sector bodies.  The first edition includes responses from 51 organisations with a combined market value of £229bn. 

Over half of survey respondents expect that by 2020, they will invest more than £10 million in digital technologies and ways of working – such as AI, cloud, robotics, blockchain, analytics, the IoT, and virtual and augmented reality.  Seventy-three per cent say they will invest in robotics, 63 per cent in augmented and virtual reality, 62 per cent in wearables, 54 per cent in biometrics (such as voice and finger recognition), and 43 per cent in blockchain.*

This year alone, 30 per cent of UK organisations will invest more than £10 million in these technologies.  But when compared with corporate IT budgets this represents a rather modest amount of investment.  According to separate Deloitte research, the majority of IT functions have budgets of over £20 million, while a quarter of corporate IT functions spend more than £75 million annually.

As a likely consequence, at this stage only nine per cent of executives believe that UK companies are world leading at exploring and implementing digital technologies and ways of working.

Paul Thompson, UK digital transformation leader at Deloitte, explains: “The first edition of the index shows that 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.”

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