The UK artificial intelligence market is valued at more than $21 billion, the third-largest AI market in the world behind the US and China. In addition, according to the International Trade Administration's United Kingdom Artificial Intelligence Market 2023 report, the UK's AI market value will grow to more than $1 trillion by 2035.

To continue its progress in the AI sector, the UK government has announced a funding boost of 118 million British pounds (approximately 150 million US dollars) for AI skills. The money will directly support postgraduate research centers, 15 scholarships for international students, as well as efforts—such as the Backing Invisible Geniuses initiative, which identifies and nurtures high school talents in the International Science Olympiads—to encourage students to pursue careers in AI via AI- and data-focused courses.

The country is endeavoring to further its momentum by naming 12 new UK Research and Innovation Centres for doctoral training in AI development and application. The government has also created the AI Futures Grant to assist emerging AI researchers and engineers worldwide in relocating to the UK.

Ultimately, the funding (and all the resultant programs) aims to maximize AI's potential and establish the UK as a global hub for AI expertise.