Question to the Department for Business, Innovation, Science and Trade:

To ask the Secretary of State for Business, Innovation, Science and Trade, what methodology underlies the estimate that the UK AI assurance market could be worth £6.5 billion by 2035; and how many of the 524 firms counted in the 2024 market study are specialised assurance providers.

The £6.5 billion figure comes from the 2024 Frontier Economics study of the AI assurance market, commissioned by DSIT. It projects gross value added to 2035 by assuming supply keeps growing at the rate seen over the past five years, with current market barriers persisting. Growth in the number of firms and in average employment is modelled separately for each supplier type, starting from a 2024 baseline of £1.01 billion. This gives £6.53 billion by 2035. The study stresses that this is illustrative rather than a precise forecast.

Of the 524 firms identified, 84 are specialised assurance providers.