UK businesses that adopt AI earn over £9m more per year in revenue, new study finds

Digital marketing experts have found that businesses which use artificial intelligence (AI) as part of their key service offering make an average of 152 per cent more revenue per annum, than businesses that don’t.

Digital marketing agency Embryo carried out an in-depth analysis comparing the financial performance and growth trends of 3,715 UK AI-focused companies across 53 different sectors, against 5,418,323 companies in the same sectors that do not use AI.

The report revealed an exponential growth of 12.2 per cent for businesses that adopt AI as part of their core offering, compared to the 6.5 per cent estimated growth rate across those that don’t. The data was collected from Data City, a platform used by the UK government for collecting comprehensive data on businesses across the nation.

Embryo’s Chief Innovation Officer, James Welch, commented: “The UK is seeing a transformative shift in the number of businesses adopting AI into their core business functions. We all see this, but in 2024 this is going to increase greatly.

“Business owners are becoming increasingly more aware of AI’s capabilities and its game-changing potential to accelerate growth and boost revenue efficiently. As more companies become educated on the benefits, the data we have found suggests that this trend will gain even more momentum in years to come. That momentum will not be linear.”

With the number of businesses choosing to adopt AI increasing by an estimated year-on-year growth rate of 12.2 per cent (and expected to dramatically increase), they are “exponentially outpacing” those that do not.

This shows that as AI becomes more accessible, businesses are seizing the opportunity to integrate the efficiency of AI into their core business functions, helping to enhance their overall performance, and competitive advantage and leading to rapid growth.

Of the industries considered, the ‘data analysis’ industry emerged as the leader, accounting for 41 per cent of the share of the total 3,715 UK AI companies surveyed. This was closely followed by ‘machine learning’ with 31 per cent.

James added: “The automation of routine tasks, advanced data analytics, and machine learning algorithms allow companies to make informed decisions, streamline processes, and significantly increase their revenue streams. 

“2024 and the next few years will see AI seep into more areas of business, and will almost certainly become useful in areas we have not yet even contemplated.”

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