AI for Services 2022 Report launched

Artificial Intelligence (AI) and other data technologies are set to impact almost every sector of the economy, bringing significant opportunities for UK businesses.

Across the accountancy, insurance and legal sectors, AI and data have the potential to transform the way businesses interact with customers, deliver better and more personal products and services, and bring systemic benefits such as better allocation of capital, better corporate governance and wider and improved access to services.

The AI for Services 2022 Report provides:

• up-to-date insights into the impact of advanced and disruptive technologies including AI and advanced learning, Internet of Things, and Big Data, advanced cloud computing technology, robots and robotic process automation, and blockchains
• an investment landscape for early stage data technologies for the accountancy, insurance and legal tech ventures in the UK
•  an overview of the UK’s positioning globally, in the context of technological capability, capacity and adoption
• insights into strengths and weaknesses – and actionable steps that can be taken to ensure the service sectors can take to reap the maximum benefit from technological advances

The full version of the report is available here.

Key findings

• Covid 19 spurred changes in working patterns, and the effects of this continue to be felt within the service sectors.
• Skills availability and leadership commitment remain key challenges in advanced technology adoption by the service sectors.
• Cybersecurity, fears of data breaches, regulatory and compliance issues still prevent adoption of new technologies.
• Technologies, and potential applications, may still not have been proved to be commercially viable. It remains to be seen whether all potential use cases will have a place in their respective sectors.

While studies and reports exist on artificial intelligence and novel technologies in each of the services sectors, the AI for Services 2022 Report is an in-depth study evaluating the size of the opportunity for the UK high value services sectors as a whole and reconciling learnings on the use and adoption of AI and Data across those sectors. It also considers the impact that Covid has in accelerating changes in working patterns across the service sectors.

By considering a wider perspective, this report is designed to help support better decision making by policy makers, support organisations, incumbent firms and innovators alike and drive positive change. 

This report was commissioned by AI for Services with funding from Innovate UK. We would like to thank all contributors of the report and especially London Economics for gathering, analysing the information, and preparing the report. 

AI for Services is a joint initiative between Innovate UK KTN and Innovate UK and part of the Next Generation Services Industrial Strategy Challenge Fund programme. The network already counts more than 1,400 leading businesses, researchers, firms and investors coming together to support the transformation of the UK services sectors and its global leadership position and demonstrate the opportunity and benefits of undertaking research and development. It also acts as a network of networks to share learnings, discuss common challenges and further encourage innovation transfer. For more information and to join, click here.