UK business investment in new technologies such as quantum computing, blockchain and other distributed ledger technologies, and artificial intelligence (AI) is set to jump in the next five years.
The CBI and Accenture Tech Tracker survey indicates the proportion of firms seeking to invest in quantum computing is set to nearly triple (from 11 percent today to 32 percent in five years). Though still in its research phase it has the potential to speed up complex calculations – doing in just a few minutes what a computer would take thousands of years to do.
The report said the number of business respondents starting to invest in blockchain, and other distributed ledger technologies will double from 16 percent today to 35 percent.
A third of respondents are set to begin investing in artificial intelligence (AI).
Positively, 41 percent of respondents are supportive of the regulatory environment that underpins technology investment. However, majority of businesses surveyed are deeply concerned about continued political instability in the UK. Around half report that the country’s political environment is stifling innovation and undermining investment decisions.
Felicity Burch, CBI Director of Digital and Innovation, said: “AI, blockchain and quantum computing are all next on the investment horizon. These technologies will be used not only to improve customer experience and reduce costs but open up new frontiers of innovation, from drug discoveries to drone deliveries. As we move from research to reality, investment in quantum computing is set to leap threefold and could make possible experiments that are currently too costly and impractical.
“Ensuring data is secure, and that the teams developing it reflects modern society is firmly on the public radar, and it’s encouraging to see firms prioritising this. But with most firms surveyed planning to use AI in the next few years, businesses must do more to address unfair bias in data – this is one area where businesses will need to step up.
“While the UK’s regulatory framework is a strength, ongoing political uncertainty risks stifling innovation and undermining business investment in technology, jeopardising investments that could be worth billions of pounds. If firms are to continue developing the technology behind quantum computing, robotics and AI in the UK – ending political instability will go a long way to unlocking investment.”
Zahra Bahrololoumi, senior managing director and lead for Accenture Technology UK & Ireland said: “The rate of investment in emerging technologies is set to accelerate even further over the coming years as technologies such as AI and blockchain start to become more mainstream. Quantum computing is a little further off, however as we can see from the survey, UK businesses are getting excited about its potential and the investment demand is there.
“But greater investment doesn’t always equate to greater success. Tech adoption for tech’s sake often yields limited results or value. To make the most of their investment, businesses need to leverage technology, talent and be aligned with business objectives and outcomes. By adopting this approach, they can build an agile system to support the new tech that it needs to thrive not just now but also in the future.”
