With the 2019 edition of the ICC Cricket World Cup well and truly under way in England and Wales, the United Kingdom isn’t taking it easy this summer. Up next on the agenda is technology. And lots of it. The London Tech Week (LTW) kicks off on Monday, the 10th of June, and will showcase the very best of the newest technology and innovation. The LTW 2019 will host events, showcases and panel discussions on various facets of technology, including artificial intelligence (AI), blockchain, cybersecurity, 5G, startups and more.
It is important to note that the UK and India have very close economic ties. The UK and India have been top five investors in each other’s economies since 2010, according to official figures. Indian companies based in the UK now have a combined turnover ranging between £46 billion to £48b billion year on year, up from £14 billion only four years ago, as of numbers released in April 2019.
As things stand, United Kingdom has more companies in the tech sector valued at more than $250 million, than any other EU country, according to the numbers by the Department for Digital, Culture, Media and Sport (DCMS). There is expectation that of these, as many as 54 companies have the potential to become $1 billion companies.
According to the AI in UK Artificial Intelligence Industry Landscape Overview Q3 2018 released by the All-Party Parliamentary Group On Artificial Intelligence (APPG AI), there are more than 1000 AI companies in the UK as well as 35 tech hubs and research institutes. According to consultancy firm Accenture, AI can potentially boost productivity by up to 25% by the year 2035, and thereby adding as much as £620 billion ($814 billion) more to the UK economy.
News18 will be a part of the London Tech Week 2019, with all the updates from ground zero, on the new, the innovative and the exciting bits from the world of technology beyond consumer gadgets.