UK government invests the third most in AI business, global data reveals

Recent reports suggest AI investments are predicted to approach $200 billion globally by 2025, with countries competing to enjoy the benefits artificial intelligence has on productivity and the economy.

Which countries have invested the most in AI between 2019 to 2023? AI statistics from AIPRM compared the investment of each country with the United States, who are currently leading the way for AI investment.

Key findings: 

• The United States invests the most in AI, with a total of £261,350 million spent in the last five years.

• The United Kingdom comes third with a total of £20,317 million investment in AI over the past five years. When assessed against GDP, their spending is one-third less compared to U.S investment per thousand dollars of GDP.

• When looking at the investment relative to the country’s overall economic output (GDP), Singapore is leading in AI spending, with $15.01 for every thousand dollars of GDP –  16% more than the U.S investment (per thousand $GDP).

Top 10 countries with the most AI investment (2019 – 2023)

(Source: AIPRM via OECD and World Bank)

AI statistics from AIPRM, has found that the United States is the country investing the most in AI, with £261,350 million spent in the last five years. They have invested £54,010 million in 2023 alone, a 65.94% increase from that of 2019.

China places second with £105,531 million spent on AI between 2019 to 2023, around 60% less than the United States. The country’s investment in AI has been slowing down since 2019, totalling £11,986 million in 2023, about a third less than their spending in 2019.

In third place is the United Kingdom with a £20,317 million investment across the same period, almost 13 times less than the US by comparison.

The other tech giant country in Asia, India, ranks fourth place with a £12,844 million investment in AI in the last five years. The country exceeds Germany, who ranks fifth by nearly  13% (£1,469 million).

The country with the most significant growth in AI investment in the past five years is Sweden – an astonishing 2310%!

Top 10 countries outpacing the U.S in AI investment relative to GDP

When AI investment statistics are judged against the country’s GDP (Gross Domestic Product), Singapore comes out on top. Despite placing tenth in terms of the amount of money spent, their investment over the past 5 years is equivalent to 1.5% of its current GDP (in 2022). When compared to the U.S, their rate of AI investment is outpacing the U.S by 16% per thousand $GDP.

This is followed closely by Sweden whose investment in AI is over 14 dollars per thousand $ GDP – equivalent to 1.4%. They are also the only other nation investing more than the U.S in AI in relative wealth terms (over 9%).

The United States is investing $12.90 per thousand $GDP (1.29%), followed by Estonia who is investing $10.89 per thousand $ GDP (1.089%).

Coming in fifth place is the UK. Between 2019 and 2023, the UK’s level of AI investment stands at 64.46%, meaning nearly a third less spending compared to U.S investment per thousand $GDP.

Featured Photo by Mohamed Nohassi on Unsplash.