Government publishes report into the economic impact of 15 emerging technologies
The report, published today by the Government Office for Science (GO-Science) and Department for Science, Innovation and Technology (DSIT), aims to understand the possible economic impact of 15 emerging technologies by 2035, including the UK’s 5 critical technologies.
This research was conducted by PwC in 2023, under the 2022 to 2024 Sunak Conservative government.
The 15 technologies
- Artificial Intelligence (AI) / Machine Learning (ML)
- Synthetic Biology/Engineering Biology
- Therapeutics
- Augmented Reality (AR) / Virtual Reality (VR) / Extended Reality (ER)
- Future Telecoms
- Digital Twins
- Advanced Sensing
- Semiconductors
- Future Computing
- Robotics and Autonomous Systems
- Autonomous Vehicles
- Advanced Materials
- Quantum Technology
- Agritech
- Photonics
Key findings & estimations
Businesses will invest approximately £76 billion in 15 emerging technologies from 2023 to 2028, with the largest future investments potentially in AI and Machine Learning, Synthetic/ Engineering Biology, Augmented Reality, Therapeutics, and Robotics and autonomous systems
The increased productivity from the adoption of emerging technologies will contribute approximately 8.4% to real GDP by the year 2035
There is significant uncertainty involved in predicting the uptake of emerging technologies, with estimates regarding their contribution in the form of enhanced productivity ranging from a 11.9% to 2.65% boost in real GDP
The impacts of adopting emerging technologies depend on both the investment magnitude and the sector’s significance in adopting the technology
A significant portion of this cumulative growth across all technologies is expected to come from 3 emerging technologies: Artificial Intelligence / Machine Learning, Synthetic Biology / Engineering Biology technologies and Therapeutics. PwC project that these 3 technologies will contribute to a 5.50% increase in real GDP by 2035, which is an additional £146.5 billion to the UK’s real GDP
The adoption of AI/ML technologies alone is projected to contribute to a 2.98% overall increase in the UK’s real GDP by the year 2035, which is equivalent to £79.3 billion
You can read the full report by clicking here.
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Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
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Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
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Rory Daniels
Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
- Email:
- [email protected]
- LinkedIn:
- https://www.linkedin.com/in/rorydaniels28/
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These include blockchain, smart contracts, digital assets, augmented / virtual / mixed / extended reality, spatial computing, haptics and holograms.
Activity took the form of roundtables, workshops, panel discussions, networking sessions, tech demos, Summits, thought leadership pieces, policy recommendations, and a report (to be launched in 2025).
Get in touch below to find out more about techUK's future plans in this space.
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Get in touch
Rory Daniels
Rory Daniels
Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
- Email:
- [email protected]
- LinkedIn:
- https://www.linkedin.com/in/rorydaniels28/
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