AI 'could rocket UK firms' revenues to $18 billion by 2021'

AI will increase global business revenues by $1.1 trillion (860 billion) in the next four years, while UK companies will see their revenues increase by 900% up to $18 billion (14 billion), as they realise the benefits artificial intelligence tools have on the entire organisation.

These are the findings of a study by IDC (commissioned by Salesforce), which highlighted that AI will end up creating more than 17,200 new roles by 2021, rather than reducing job availability as feared by some. The research firm also explained up to two million jobs worldwide loosely related to AI will be generated and although they won't be specifically created to help implement AI tech, they will crossover into the sector.

Salesforce explained rather than automation replacing human employees as is commonly thought, it will actually provide bigger opportunities, boosting workforce productivity by allowing businesses to automate simple tasks, while humans can concentrate on innovation.

Some of the applications contributing towards increased revenues include predictive sales lead scoring and service chatbots to personalise marketing campaigns, making experiences more relevant, that will result in greater sales.

"AI is impacting all sectors of the economy and every business. For the CRM marketthe fastest-growing category in enterprise softwarethe impact of AI will be profound, ushering in new levels of productivity for employees and empowering companies to drive even better experiences for their customers," said Keith Block, vice chairman, president and COO, Salesforce.

"For companies embracing AI, it's critical that they create new workforce development programs to ensure employees are prepared for this next wave of innovation."

Clare Hopping
Freelance writer

Clare is the founder of Blue Cactus Digital, a digital marketing company that helps ethical and sustainability-focused businesses grow their customer base.

Prior to becoming a marketer, Clare was a journalist, working at a range of mobile device-focused outlets including Know Your Mobile before moving into freelance life.

As a freelance writer, she drew on her expertise in mobility to write features and guides for ITPro, as well as regularly writing news stories on a wide range of topics.