Globally, patent filings in the AI industry have increased by nearly 2000% in the past decade, and are projected to exceed 300,000 by 2026, indicating high growth and competitiveness in the sector.
While the UK is seen as being well placed to capitalise on this growth and become a leading force in AI innovation, the report suggests that more needs to be done to close the gap between the UK and those countries leading in AI innovation.
China and the US continue to dominate, with over three-quarters of the global AI patent filings. However, despite the UK filing only 1.39% of global AI patents, that puts it close to Germany (1.63%) and a long way ahead of filings in France (0.79%).
In terms of AI innovation in which the UK has true global specialisms the report highlights secure communications and image analysis and enhancement.
The report from Source Advisors calls on the UK government to have its own intellectual property strategy to support growth in the sector, complemented by a strong legal and regulatory framework, which it says will be crucial if the UK truly wants to become a global leader.
While the report accepts that R&D tax relief, grant funding and private investment are all crucial to driving growth, there also needs to be careful consideration given to the importance of intellectual property awareness, protection and commercialisation.
