Currently, EU companies spend less on innovative industries such as artificial intelligence than Asia and the US.
In 2016, private investment in AI in Europe stood at €2.4-3.2 billion, compared to €6.5-9.7 billion in Asia and €12.1-18.6 billion in North America.
A declaration of cooperation on artificial intelligence signed by European countries in April 2018, aims to change that trend. The declaration stated that the EU would increase investment in AI research and innovation in both the public and private sectors by the end of 2020.
That should see €1.5 billion for the period 2018-2020 under the Horizon research and innovation programme, plus €20 billion of combined public and private investment.
However, to establish a solid base for AI in the future, more investment will be needed after 2020. Consequently, €20 billion per year of combined public and private investment will be set aside and €1 billion annually through Horizon Europe and the Digital Europe Programme.