Artificial Intelligence is set to transform the face of UK business, according to a new study.

A CBI survey of 160 businesses in association with IBM revealed that while many UK companies are leading the way on technological developments, with growing numbers planning to invest in Artificial Intelligence (AI), the risk of the digital gap widening for many other firms is all too real.

The survey found:

• 49 per cent of businesses believe AI will fundamentally transform their industry/market.

• 21 per cent have invested in AI during the past 12 months

• 42 per cent plan to invest in AI over the next five years

Businesses also believe AI can lead to greater efficiency (78 per cent) and profits (68 per cent) and benefits to consumers (71 per cent).

CBI deputy director-general Josh Hardie said innovation in business was essential for advanced economies such as the UK.

"It is the chief driver of sustainable economic growth and a major source of productivity gains," he said.

"It also pulls in overseas investment, supporting thousands of jobs across the country.

"British businesses are directing resources into new technology, with cloud, mobile and security investments forming the UK's digital backbone.

"But a major shift is on the horizon as Artificial Intelligence gains momentum with half of firms believing their industry will be completely transformed by it in the years to come.

"The digital gap risks becoming a chasm with Artificial Intelligence set to transform the face of UK businesses.

"Innovation by its very nature is global and when we look outwards, it is clear the world stands on the brink of technology-driven change, a change that will arguably be bigger than Brexit.

"New business models, digitally enabled trade and automation will pose real and tangible challenges to how we do business.

New innovations, like AI, will transform the relationship between businesses, citizens and government."

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