In recent years, many countries around the world have been substantially increasing their AI budgets to keep ahead of the competition and boost their technological, military, and economic prowess.
For instance, back in 2017, China had announced a plan to build a domestic AI industry worth around $150 billion over the next several years, and to become a leading AI power by the end of the decade.
Not to be outdone, the US – one of China’s key competitors on world stage – recently proposed a 30% boost to spending on AI and quantum computing, amounting to roughly $1.5 billion allocated to the former, and $699 million to the latter.
According to ABI Research, the US had recently overtaken China as the top destination for AI investments, and is currently expected to reach a 70% share thereof.
“The United States is reaping the rewards from its diversified AI investment strategy. Top AI start-ups in the United States come from various sectors, including self-driving cars, industrial manufacturing, robotics process automation, data analytics, and cyber-security,” said Lian Jye Su, Principal Analyst at ABI Research.
Unable to go toe-to-toe with the global superpowers in terms of investment, the UK is focusing on AI policy and maximising the potential benefits of its high AI readiness by harnessing the talent from its world-leading universities.
“Britain is already a leading authority in AI. We are home to some of the world’s finest academic institutions, landing record levels of investment to the sector, and attracting the best global tech talent. But we must not be complacent,” said British Digital Secretary Jeremy Wright.
To outcompete China, the UK and US are currently planning to extend their growing cooperation in the field of technological development to AI, thereby maintaining their global technological supremacy.