Green tech is now a billion-pound market for UK firms

Date:
Fri, 10 May 2024 09:56:19 +0000

Description:
British firms are using artificial intelligence and other green tech to help them reach sustainability goals.

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A recent study conducted by IT service provider Auxilion and Hewlett Packard Enterprise has revealed just how important green tech is to companies in the UK.

According to the study of 100 IT decision-makers from UK enterprises with
more than 250 employees, organizations are now collectively spending an average of 917,540 annually on green technologies.

Furthermore, four in five (79%) reported that sustainability has become a priority for their company, with even more (84%) expressing pride in their companys sustainability efforts. UKs green tech sector is worth 1bn

When probed about why they are prioritizing sustainability, more than seven
in 10 said that it is key to business growth (75%), key to attracting and retaining talent (76%) or is a key differentiator when choosing a vendor (72%).

In order to make progress toward their sustainability goals, the majority of the surveys respondents were hopeful about artificial intelligence. Nine in
10 (87%) have either invested or will invest in AI in the next 12-24 months.

This trend signifies a projected annual spend of 1.03 million on AI sustainability solutions, with three in four (76%) ITDMs recognizing AIs significant role in helping companies to achieve sustainability targets.

Auxilion CTO Donal Sullivan commented: What the report and survey data highlights is a direct link between sustainability and business growth, which is something the industry has been debating for some time.

Sullivan added: We expect to see this investment by UK enterprises in green technology increase over time, as well as the role of AI in enabling organisations to deliver on their sustainability targets. More from TechRadar Pro These are the best AI tools and best AI writers Check out our list of the best green web hosting providers IT modernization is being driven by AI, security, and sustainability



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Link to news story: https://www.techradar.com/pro/green-tech-is-now-a-billion-pound-market-for-uk- firms


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