The AI Adoption in UK Businesses Assured Growth in FY 2024

The recent surveys on AI highlight that companies preparing for AI disruption are feeling more optimistic about their expectations in 2024. 

As per the survey by Startups.co.uk, only 2% of UK companies expecting high levels of AI disruption express optimism about their growth prospects for the year ahead. On the other hand, 32% of the businesses expect no AI disruption shows a negative outlook for their future.

It is believed that AI technologies will lead to business success in 2024!

Emphasizing on AI Investment

The survey highlights that there will be more focus on AI investment. Nearly 14% of the business respondents believe that the top priority is to involve AI with their businesses in 2024. It will help them expand the business as it can provide competitiveness in the market. It can form a growing trend in businesses.

Besides having potential benefits of AI, some businesses are cautious regarding full dependency on AI tools. The reason for their alertness is due to a lack of familiarity with the AI tool. It has slowed down the adoption rate.

Industries are far behind in Digitalization

There are some industries like hospitality and food production, which have low interest in AI investments. They do not consider AI as the priority to invest in. These sectors do not embrace digitalization due to which AI investments rank lower.

On the contrary, tech and finance are some industries that focus more on AI investment and adoption in 2024. Nearly one-fifth of organizations in these sectors consider AI as the main focus for the coming year. It is followed by other important requirements like financial backing and workforce expansion.

Industry Focus on AI Investment in 2024:

– Healthcare and Life Sciences: 15%

– Creative Arts and Media: 12%

– Manufacturing and Engineering: 15%

– Finance and Fintech: 20%

– Leisure: 0%

– Hospitality and Tourism: 9%

– E-commerce and Retail: 15%

– Education: 0%

– Agriculture and Food Production: 5%

– Technology and Software: 23%

– Construction: 0%

– Energy and Sustainability: 13%

– Professional Services: 15%

AI Investment least in Construction, Leisure, and Education

There are almost no investments in these sectors. 57% of firms in education and Leisure believe that AI will not disrupt their current operations in 2024. It is the highest percentage across all industries analyzed. Digitalization is far behind in these streams due to financial stability and different income streams.

AI presents the chance for businesses to address significant challenges. It holds the key to surpassing the issues that companies are facing today.

Potential in Hospitality and Tourism

Amongst 9% of the firms in Hospitality and Tourism have shown potential in AI investments. With the involvement of AI, there are enhancements of speed and accuracy. The work is automated, which leads to perfection. Hence, the service errors caused by labor shortages are prevented.

Educational startup YouMakr.ai’s recognition as a top startup for 2024 suggests that generative AI will play an important role in enhancing the personalized experience in education. It shows how AI can enhance education and has the potential to improve the standards of the sector.

Summary 

With the use of AI technologies UK companies can face the challenges and opportunities in 2024 with compliance and optimism. The AI compliance sectors are more optimistic about their growth in 2024.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.