Data Processing

Department for Business, Energy and Industrial Strategy written question – answered on 7th March 2018.

Alert me about debates like this

Photo of Adam Afriyie Adam Afriyie Conservative, Windsor

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an estimate of the potential contribution of machine learning to UK GDP by 2020.

Photo of Sam Gyimah Sam Gyimah Minister of State (Business, Energy and Industrial Strategy) (Higher Education), Minister of State (Education)

Machine Learning is a significant technology within Artificial Intelligence (AI) more broadly.

One estimate published by PWC in 2017 proposed that AI could add £232bn to the UK economy by 2030 [1]. Analysis by Accenture predicts that AI alone could add an Additional £630bn to the economy by 2035 increasing the annual growth rate of GVA from 2.5 to 3.9% [2].

The Industrial Strategy sets Grand Challenges to put the UK in the vanguard of the industries of the future, ensuring that the UK takes advantage of major global changes, improving people’s lives and the country’s productivity. First among these is the AI and Data-driven Economy Grand Challenge.

[1]https://www.pwc.co.uk/press-room/press-releases/artificial-intelligence-could-add-232bn-to-UK-gdp.html

[2] https://newsroom.accenture.com/subjects/technology/artificial-intelligence-poised-to-double-annual-economic-growth-rate-in-12-developed-economies-and-boost-labor-productivity-by-up-to-40-percent-by-2035-according-to-new-research-by-accenture.htm

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.