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

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Green tech is becoming more important than ever to companies in the UK, and they’re spending big to get their hands on it, new research has found.

An Auxilion and HPE study of 100 IT decision-makers from UK enterprises with more than 250 employees found, 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 company’s sustainability efforts.

UK’s 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 survey’s 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 AI’s 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.”