The US is the largest tech market in the world and its wealth, market size and sophistication in this sector provides ample opportunity for UK tech businesses looking to expand.
The 2020 US budget prioritises investments in ‘Key Industries of the Future.’ These include artificial intelligence, quantum information, sciences, advanced communication networks and advanced manufacturing
This provides an opportunity for tech companies with a vision and product in these areas to put forward their solutions to a large pool of buyers.
The Rise of Artificial Intelligence (AI) for good
According to a recent study, adoption of AI technologies among US businesses increased from 48% to 72% from 2018 – 2019. The report attributed this rise to potentially being due to a shift in perception from US business leaders, of whom 93% said AI has a very or somewhat positive impact within their industry compared to 69% in 2018.
AI has also transformed the biopharma industry, spurred by a need for better patient engagement and experience. A benchmarking survey conducted by Deloitte between January and April 2018 found that 60% of biopharma companies currently use machine learning to analyse patient data, but 95% expect to use it in the coming years.
Deloitte also discovered that many biopharma companies are moving away from their traditional IT structures and looking to outsource SaaS providers. With the UK coming up third in the rankings for AI adoption and development, opportunities for collaboration are rife.
The Internet of Things
In 2014, a report by American think tank Pew Research, reported that the Internet of Things will thrive by 2025. Over 1000 experts were asked, “Will the Internet of Things have widespread and beneficial effects on the everyday lives of the public by 2025?” 83% of these experts answered “yes” and 17% answered “no.”
At the time the revenue generated by IoT in North America was around $2.3 billion. It is now estimated to be worth almost triple that amount at about $7 billion.
IoT devices in America are becoming integral to help combat the effects of urbanisation. In Las Vegas for example, IoT sensors are being used to manage congestion and combat environmental issues.
UK companies are also at the forefront of developing IoT solutions to benefit society. Looking at Smart Cities specifically, the consensus across the board is that more efficient transport infrastructure is a vital way to help alleviate climate change. ESIThoughtLab, canvassed the opinions of senior officials and found that Internet of things (IoT) data is the most popular form of smart city data now and will be even more so in the future. It is therefore clear the two countries’ attitudes towards tech for good align.
The areas mentioned are by no means the only sectors where tech companies in the UK can expand into the US. If you have a tech for good product that aims to have a positive impact on society, apply now to have the chance of participating in Tech 4 Good South West, a free intensive programme of export support offering companies advice and support to expand into US, Singapore and India.