The future of AI: are you ready for the European revolution?
Artificial intelligence isn’t a new term. However, despite our nation’s familiarity with the concept, the UK and the rest of Europe has been notably lagging behind the US and China when it comes to AI.
European businesses have been slow in the adoption of big data architecture and advanced machine learning. AI tools such as language processing, cognitive agents and smart workflows are used few and far between, and certainly haven’t seen broad enterprise deployment as they have in the US. In fact, according to McKinsey, less than half of European firms have adopted one AI technology, and those that have are mainly still in the pilot stage.
But things are about to change.
The European AI revolution
To date, the biggest barrier to full AI-adoption has been skills-based. Companies have lacked the necessary skills to use AI tools in everyday work and to create new AI applications and services.
However, the tech skills gap between the US and Europe is rapidly closing, with countries such as the UK and Sweden creating homegrown tech talent that’s turning heads. Even better, we’re developing a notable edge in AI areas such as B2B and advanced robotics; turning Europe into an innovation hub of its own, rather than a mere competitor to the US.
Consequently, the future of AI in the UK and Europe looks incredibly bright.
The future of AI for business use
According to Microsoft, every company in the UK will be an AI company within the next five years, using the technology to develop new business models, products, skills and services. In particular, the UK looks set to lead this revolution in the following sectors:
Marketing and media
A quarter of business-function AI startups are focusing on marketing tools, including data analysis, customer segmentation, personalisation and advertising. Accordingly, marketing and media if a growing AI sector in the UK, attracting investment, attention and customers.
From accessing and protecting data to responding to CCTV alarms and autonomous vehicles, AI is being developed to help businesses become safer and more secure. As businesses become prone to more cyber threats and attacks, AI could soon become the must-have superhero.
Significant time and money are set to be saved with the development and introduction of AI data collection, processing and analysis in the financial sector, who is ready to move beyond RPA and into the future.
Human resource departments are set to benefit from significant time and resource savings, with the introduction of AI that measures and improves mental wellbeing, optimises employee potential and tracks pay disparity and equality.
Product development and manufacturing
Finally, product development is being enhanced and accelerated with AI functionality that assists engineers with visualisation, design and production scheduling. Such AI tools are expected to be hugely popular as businesses race to become first to market with new product releases.
It doesn’t end there either. By enhancing productivity, increasing innovation and being at the forefront of new AI technology across all industries, the European AI revolution has the potential to contribute €3.6 trillion in combined economic output while creating as many new AI jobs as jobs that are changed.
Do we have what it takes?
Do the tech and IT businesses in the UK have what it takes to make the UK a leading AI-hub? The current war for talent we’re seeing would certainly suggest so, with businesses across the country using our specialist AI resourcing consultants to secure the very best talent for their AI tech vacancies.
What do you think? Join the conversation on social media.