As we prepare to celebrate the first birthday of ChatGPT, new analysis of Companies House data by B2B PR and communications company, Definition shows a big surge in the number Artificial Intelligence (AI) companies incorporated in the UK.
In the period January 1st to October 31st 2023, a total of 1,109 companies featuring either ‘AI’ or ‘Artificial Intelligence’ in their name were registered. This is more than triple the figure for the same period last year, and more than seven times the figure for 2019.
“While, of course, these figures do not capture the complete population of UK-based AI companies, they act as a useful barometer of AI-related entrepreneurial activity. This marks an exciting time for the UK business landscape, as experts predict an emerging generation of AI startups,” commented Matthew Robinson, Senior PR and Digital Strategist at Definition.
Judging by the primary Standard Industrial Classification (SIC) codes of the newly incorporated companies in 2023 so far, more than half (57 percent) are centered around software and tech development, services or consultancy, suggesting a growing demand for specialised AI expertise.
Another notable finding from the research is that the incorporation of new AI companies spiked in February 2023, coinciding with ChatGPT’s milestone of attracting 100 million unique monthly users. Nonetheless, the month of August 2023 experienced the highest number of incorporations, with 145 new companies.
Despite the recent flurry in entrepreneurial activity, the oldest active company featuring ‘Artificial Intelligence’ in its name, ‘Artificial Intelligence Solutions Limited’, was established in 1987, highlighting the long-standing presence of AI companies in the UK.
“This wave of businesses adding ‘AI’ to their names echoes the turn of the millennium when ‘computer’ and ‘internet’ were the go-to additions for companies,” noted Robinson. “Back then, it signalled the transformative power of those technologies. Now, as ‘AI’ becomes a common fixture in startup names, it’s telling a similar story. However, it’s crucial to remember the lessons from the dotcom bubble. Will AI follow a similar trajectory? Only time will tell.”
Companies House is the official register of companies in the United Kingdom, overseeing the documentation and statutory requirements for businesses operating within the UK.
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