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UK AI sector worth £72bn – the biggest in Europe

London Tech Week AI
Image credit: Seb Higgins Photography / London Tech Week

The UK’s AI sector has been valued at $92bn (£72.3bn), larger than any other country in Europe, according to new data.

The ‘UK Tech in the Age of AI’ report from Tech Nation found that in the first quarter of 2024, 16% of all UK VC investment went to AI startups.

According to the report, the UK is home to more than 1,800 VC-backed AI startups, with 20 unicorns including Synthesia, Wayve and Stability AI.

The data put the UK at the top of Europe for AI investments and fourth globally behind the US, China and Israel.

“We are witnessing another landmark achievement for UK tech and another milestone in our remarkable growth story,” said Carolyn Dawson, CEO of Founders Forum Group and Tech Nation.

“We now have the opportunity to lead the responsible development of AI on a global scale.”

The report also included a survey of UK tech professionals. The survey found that 69% of respondents felt AI is having a positive impact on them and will positively benefit the UK economy within five years.

The report, released in partnership with Tesco, was published alongside London Tech Week.

“The increased use of technology, including AI, offers exciting new opportunities for our business and for society as a whole,” said Robert Armstrong, director of data science at Tesco.

“We look forward to collaborating with partners across the tech sector to drive efficiencies, improve customer experiences, and harness the most exciting opportunities in this new era.”

Read more: Businesses are embracing AI more than general public, research suggests

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