High Tech Sector News

AI’s Impact on UK Jobs In The Future #2

The CBI is calling on the government to establish a joint commission tasked with examining the impact of AI on people and jobs across all sectors of the UK economy.

Based on research it conducted into the way that technology is changing the way we live and work, the CBI said recently that it had identified three technologies - AI, Blockchain and the Internet of Things - that are set to move from the fringes to the mainstream within the next five years.

However, it also found, that only a third of businesses currently have the skills and capabilities needed to adopt AI technologies, and that more needs to be done to help prepare those companies for the future.

UK Tech Start-up Landscape - Autumn 2017

Not only has the decision to leave the European Union not dented London’s start-up scene, it seems to have actually widened its lead as Europe’s leading fundraising destination.

According to a report from CB Insights, U.K. start-ups attracted $3.02 billion in venture capital in the third quarter. That’s a bit below the peak reached in Q4 2016, when U.K. start-ups attracted $3.5 billion.  But it’s more than triple the amount raised one year ago, and the third straight quarter-over-quarter increase.  The positive results were driven by six companies that raised rounds larger than $100 million in the quarter. 

Oxford’s Tech Sector Moves Into Second Place Behind London

Oxford’s growing technology sector has helped it move into second place, behind London, in a table of UK cities ranked by total economic output.

According to the Q4 2017 UK Powerhouse report, Oxford’s output was valued at £498m and its economy £8.3bn, a rise of 2.2% in the 12 months to the end of June.

The report was produced by law firm Irwin Mitchell and the Centre for Economics and Business Research and estimates growth and job creation across 45 UK cities.

AI's Impact On UK Jobs In The Future

Up to around 30% of existing UK jobs could face automation over the next 15 years, but new AI-related technologies will also boost productivity and generate additional jobs elsewhere in the economy, according to new analysis by PwC in its latest UK Economic Outlook report. 

The study estimates that the UK (30%) has a lower proportion of existing jobs at potential high risk of automation than the US (38%) and Germany (35%), but more than Japan (21%).

AI and Cyber Security - Grave New World

The recent cyber attack on organisations around the world, including our very own NHS, has been in the minds of professionals for a long time yet nonetheless for many others has clearly been something of a wake-up call. In the near future, as artificial intelligence (AI) systems become more capable, we will begin to see more automated and increasingly sophisticated social engineering attacks. 

The rise of AI-enabled cyberattacks is expected to cause an explosion of network penetrations, personal data thefts, and an epidemic-level spread of intelligent computer viruses. Ironically, perhaps our best hope to defend against AI-enabled hacking is by using AI.  Yet this is very likely to lead to an AI arms race, the consequences of which potentially may be catastrophic in the long term, especially as big government actors join the cyber wars.

Artificial Intelligence Startups Are Booming In The UK

AI is more than a trend in investment activity. Uniquely, AI is a sub-sector of technology which is set for a development surge as technologies associated with AI advance and the reliance on AI products for businesses across all sectors to stay competitive grows.

This is already happening according to Forbes.  A Narrative Science survey found last year that 38% of enterprises are already using AI, growing to 62% by 2018. Forrester Research predicted a greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016. IDC estimated that the AI market will grow from $8 billion in 2016 to more than $47 billion in 2020.

2016 A Record Breaking Year for Europe’s Tech Startups

Europe is expected to hit $13.6 billion in tech investments in 2016, up from $12.6 billion in 2015, as newer technology hubs crop up outside traditional capital centres, according to a report produced by venture capital firm Atomico released at the Slush startup conference in Helsinki this week.

The report suggests Munich, Zurich, Lisbon, Madrid, and Copenhagen will be ones to watch over the coming years. Paris is starting to seriously challenge London and Berlin in terms of the number of VC-financed deals and deal volume.

The Internet of Things - Device Security and Data Privacy

The Internet of Things is connecting more devices every day.  Earlier this year, the Federal Trade Commission (FTC) in the US released a report which found that 25 billion objects are already connected online worldwide, gathering information using sensors and communicating with each other over the internet.

This number is growing quickly - Gartner has claimed that a ¼ billion connected vehicles will be on the roads by 2020 -  as electronics manufacturers look to capitalise on the commercial possibilities of IoT; the global value of the industry may well exceed £255bn a year by 2020.

Cognitive Systems - Skills Demand is Soaring

Demand for virtual reality experts and machine learning engineers with knowledge across data mining, statistical modelling, data analysis and natural language processing is on the rise. Closely tracking the now rapidly increasing enterprise adoption of these technologies.

While the concepts of machine learning aren’t new, adoption among businesses is becoming more pervasive. Consumers are accustomed to shopping recommendation engines that anticipate probable purchases, and they’re growing more dependent on driving optimization tools that use sensor data to suggest less congested traffic routes.

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